Substack, a US-based newsletter publishing platform backed by over-the-top media company Chernin Group, has received $15.3m in a series A round led by Andreessen Horowitz.
Y Combinator also took part in the round. Andrew Chen, a general partner at Andreessen Horowitz, has joined the company’s board of directors as part of the round.
Substack has developed a publishing platform that helps writers and content creators turn their newsletters into a paid subscription business.
The company will use the series A capital for product development, to grow its headcount and bolster its userbase. It will also invest in infrastructure such as meetups and fellowships.
Substack, a graduate from Y Combinator’s 2018 accelerator program, said it had previously raised $2.2m in seed funding.
Chernin Group, Fifty Years, Zhen Fund, Garage Capital and private investors Emmett Shear and Justin Waldron all took part in a $2m seed round in May 2018, according to Axios. It is unclear who provided the remaining $200,000.