Substack raised $100 million in Series C funding, increasing its valuation to over $1.1 billion. The funding will focus on developing better tools for creators and expanding support for its ecosystem of writers. The company aims to enhance its app further. Additionally, Substack is considering introducing advertisements, similar to beehiiv's Ad Network, which would represent a shift from its traditional positioning as a newsletter platform to a more comprehensive social network.
Substack raised $100 million in Series C funding, valuing the company at over $1.1 billion. The funds will be used to invest in better tools for creators, expand support for its ecosystem of writers, and 'double down' on its app.
Substack also hinted at potentially introducing ads, possibly similar to beehiiv's Ad Network. If so, it would mark a shift from its original positioning, but wouldn't be surprising given how much the platform has evolved from a newsletter platform to more of a social network.
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