A few weeks ago, we hosted a discussion thread in which we asked writers what features they’d like to see in Substack. We got hundreds of responses, asking for everything from image captions to a mobile app. We were energized by the discussion, and just a little intimidated. To build something great, we have to stay focused and say no to a lot – there’s no way around that. But on top of that, we’re a team of just three people –
My suggestion is that the three of you use this $15 million to buy some shoes.
Well this is great for you and reassuring validation for Substack. But I'm starting to develop an allergic reaction to VC-backed media companies. I'm willing to be proven wrong on my fear that the desire for growth will blind you to maintaining the alignment of incentives. But that is the fear. Can you write about you're thinking about making this a *sustainable* as well as profitable business? Can you keep showing us that you have the alignment of the readers and writers front and center, and not your next round of funding or potential exits?
Congratulations--I am in line with Bill Bishop that it's obvious the worth you are creating and thus, foolish for an SV company such as a16z not to see it; but, I am both nervous and excited to have this much SV cash supporting my pub's foundation. Please keep being the realiable team of dudes and a dog whose balance sheet leans more toward principles than principals.
Congratulations! From the perspective of you guys as founders, it's a HUGE accomplishment to be recognized in this way, and hats off for all of your hard work on building this really,really good product that "just works" for content producers. I've recommended Substack to at least three other people so far as a way to write newsletters, and am excited about the growth of the community.
From the perspective of a paid newsletter writer (and, as such, stakeholder in the company's success), however, this gives me enormous cause for concern, knowing what Silicon Valley in general and venture capital specifically tend to do to content businesses over time (Tumblr, Digg, Reddit, etc.).
I believe you guys strongly believe in no ads/no algos ethos, but I'm not sure that the pressures of the VC money will allow you to continue to act that way in the long term - of course I'm always optimistic! I realize there's nothing you can specifically say to assuage some of these very vague concerns (yet), but I did want to voice them initially as something that immediately came to mind upon reading the announcement.
I'm hopeful that all my fears will be baseless and that the money will allow you to continue to grow your team and keep building up the product (and give the three of you some breathing room! :).
So happy to be part of this journey :)
Y'all, I spoke with your CEO some time ago about our Asian American newsletter that has since gone defunct, though it may have had life had Substack been around when we started it :) I'm so glad for your success and hoping for the best for the future.
Very well done guys! Competing in this media environment is brutal and access to capital is a must if the company is to survive long term. It's a fantastic product you've built and a first rate community. Big congrats.
More money is better than less money. Congratulations and hope the new guy works out.
This is huge, I'm so thrilled for y'all, you have a wonderful product and delighted you folks have the accelerant!
Congratulations! I really enjoy using Substack for my newsletter (and just started the paid option for people) — looking forward to seeing what comes next!
Congrats y'all! (I'm from Georgia :) Seriously, this is wonderful news and it's nice to see that kind of money going to help a company that's doing something as worthwhile as what you guys are building. Excited to see what the future holds.
I totally love the dog. What is his or her name?
Great news congrats and please checkout my newsletter https://trendslates.substack.com where I cover commerce daily from Amazon to Zulily.
This is huge! Such a big win and confirmation for the power of editorial newsletters.
Congratulations! I know that taking VC investment always has pros and cons. But, it gives me confidence that the funding will provide you with a lot more runway to continue to develop and grow Substack. It makes me feel great about choosing you for my newsletter!
What is the money going to be used for?