Substack is opening up a community fundraising round, allowing writers on its newsletter platform to invest in the company.
Substack, the newsletter platform, will open up a community fundraising round on Tuesday, allowing writers on the platform to invest in the company.Substack tried to raise money last year, but scrapped its plans amid a harsh financing environment. Instead, it has pushed more aggressively to become self-sustaining through new revenue streams and cost-cutting measures.
Bishop is joined by other Substack authors, such as Ted Gioia, Heather Havrilesky, Polina Pompliano, Anthony Pompliano, and Kmele Foster. Non-Substack writers are also allowed to participate in the round, but Substack will prioritize investments from its own writers, a spokesperson confirmed.: The founders said they tried to explore how they could help writers invest alongside institutional investors when Substack last raised money in March 2021, but it ultimately proved "too complex," given how hard it was to include people in the round who were not already accredited investors.
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