Crowdonomics
WatchlistPortfolio
All companies
Substack logo

Substack

Unknown

Substack Inc.

Media & Entertainment · Founded 2017

Visit website

Subscription network for independent writer and creators

Post-money valuation ⓘ
$593.0M
As of Apr 2023 · from Reg CF Offering (2023) · pre-money + amount raised, not a traded price
Total raised
$91,895,862
Crowd $4.5M · Private $87.4M · 4 rounds since 2019
Latest share price
$26.2871
Reg CF · Preferred Stock · Mar 2023 offering price

Financials

FY2021–FY2022 · from SEC filings · hover any figure for its source
$1.5M
−$2.3M
2021
−$5.2M
−$22.9M
2022
RevenueNet income — beside revenue when positive, below the line when a loss
Metric
FY2021 audited*
FY2022 audited*
Income statement
Revenue
$1,454,052
-$5,167,975
Cost of goods sold
$414,868
$1,399,728
Gross margin
71%
—
Net income
-$2,320,785
-$22,876,537
Taxes paid
$0
$0
Balance sheet
Cash
$15,279,360
$55,386,969
Accounts receivable
-$2,136
-$54,165
Total assets
$16,467,233
$62,667,814
Short-term debt
$2,695,391
$6,635,026
Long-term debt
$0
$0
Total liabilities
$2,695,391
$6,635,026
Other
Headcount
—
76

Figures as reported by the issuer in the filing shown on hover. Each year’s pill shows the assurance level of its filed statements — audited, reviewed (CPA review, less than an audit), or unaudited, as the filing’s own report or certification states it. A dashed pill marked * is inferred instead: the SEC minimum for an offering that size, which the issuer may have exceeded. No pill means we couldn’t tell. Headcount is the filing’s point-in-time count, not a year-end average. Manually corrected figures are marked “Corrected”.

Valuation over rounds

Pre-money — the valuation set before each round’s money came in
$585.0M
pre-money
Reg CF · Preferred · Mar 2023

Blue bars are the pre-money valuation the company stated for a priced round.

Fundraising history

Rule 506(c) · Equity · May 2023Closed
Raised $3.3MInvestors 1
Reg CF · Preferred Stock · Mar 2023Closedvia WeFunder
Raised $4.5M / $5MInvestors 6,923Post-money $593M
Rule 506(b) · Equity · Apr 2021Closed
Raised $65MInvestors 33
Rule 506(b) · Equity · Jul 2019Closed
Raised $19.1MInvestors 32

Team

2 people
Chris BestFounder
Co-founder and CEO
Hamish McKenzie
Chief Writing Officer

Names and titles as disclosed on SEC Form C. Bios and photos come from the platform campaign page and may be out of date.

Reg CF annual-report compliance

Delinquent

Filed 0 of 3 annual reports (FY2023–FY2025)

Missing: 2023, 2024, 2025

6,923 investors
holder-count proxy

Reg CF issuers must file a Form C-AR each year until a Rule 202(b) termination trigger is met.

SEC filings

  • Form DMay 31, 20230001947761-23-000002
    EDGAR
  • Form C-UMay 18, 20230001670254-23-000567
    EDGAR
  • Form CApr 6, 20230001670254-23-000297
    EDGAR
  • Form DJun 30, 20210001783191-21-000004
    EDGAR
  • Form DJul 23, 20190001783191-19-000001
    EDGAR
Source: ManualCIK 0001783191Share price $26.2871

About this data. Figures are compiled from public sources — SEC EDGAR filings (Form C, C-AR, 1-A, 1-K) and funding-platform pages — and may be delayed, incomplete, or restated by the issuer. Financial statements are as reported by the issuer; each year is labeled with its assurance level (audited / reviewed / unaudited). A valuation cap is the conversion ceiling of a SAFE or convertible note, not an agreed company valuation; post-money figures are computed as pre-money plus amount raised and are not a traded price. Crowdonomics is not a broker-dealer, funding portal, or investment adviser; nothing here is investment advice or an offer to sell securities. Verify all figures against the linked EDGAR filings.