Substack is seeking to raise $65 million in investments as it has seen its platform gain popularity and its newsletters gain traction.
Investor Andreessen Horowitz is the head of this $65 million round of venture capital funding that could raise the company’s value to $650 million, Axios reported.
Substack is a medium that allows writers to create their own newsletters and content and get directly paid for it by their audience.
“When readers pay writers directly, writers can focus on doing the work they care about most. A few hundred paid subscribers can support a livelihood. A few thousand makes it lucrative,” Substack says on its website.
Substack has had issues in the past with who it pays and its content moderation policies, according to Axios.
The platform was founded in 2017 and has gained popularity with many professional journalists and others as people pay directly for an emailed newsletter from the author.
“We believe that writers, bloggers, thinkers, and creatives of every background should be able to pursue their curiosity, generating income directly from their own audiences and on their own terms,” Substack says.
The Hill has reached out to Substack for comment.