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Substack

Consumer Services · San Francisco, United States · Founded 2017

Makes it simple for a writer to start a subscription publication

Valuation $1–2.5B
Revenue $10–50M
Headcount 2–5k
Unlock exact values This page shows ranges. Dealroom has the exact numbers for Substack and the history behind them.
Power Law Unicorn$1–10B valuation tier Colt$25–100M revenue
Knowledge graph
Market map Creator Economy companies Market map Next-gen social media startups

Talent graph

Substack's talent

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Employees mapped 3,867 incl. 14 AI specialists
Founders Hidden — book a demo/100 quality score
Key operators 8 quality Hidden — book a demo/100
Potential founders Hidden — book a demo likely future founders
Startup mafia 6 alumni-founded startups
Talent movements Hidden — book a demo in · Hidden — book a demo out past 12 months

Source: Dealroom Talent Intelligence.

Investors

25 investors on Substack's cap table

Sourced from Dealroom's funding history. Investor profile links are shown where available.

Seed 15 investors entered at this stage
Wei Guo
Fifty Years
The Chernin Group
Emmett Shear
Justin Waldron
Naval Ravikant
Haroon Mokhtarzada
Mark Pincus
Brad Flora
Omeed Malik
Y Combinator
VentureSouq
UpHonest Capital
ZhenFund
FundersClub
Series A 1 investor entered at this stage
Andreessen Horowitz
Series B+ 9 investors entered at this stage
Wefunder
Bond
Audrey Gelman
TRITON FUNDS
General Catalyst
Jens Grede
Azeem Azhar
Rich Paul
Bill Bishop

Ownership

Who owns Substack

Estimated cap table from Dealroom's shareholder data — share of equity by holder. Stakes as last recorded by Dealroom (2026). Percentages are indicative.

30% Founders

Some investors are hidden on this public profile. See the full cap table on Dealroom →

Substack mafia

Startups founded by Substack alumni

Former Substack employees who went on to start their own companies. Sorted by Dealroom signal score.

Reveal HealthTechEst. 2023
Salim AfsharUnited States
Signal score89
Substrate LabEst. 2023
Rob CheungUnited States
Signal score85
ChronicleEst. 2021
Tejas GawandeUnited States
Signal score84
PassionfrootEst. 2021
Jennifer PhanGermany
Signal score76
PlaycoEst. 2020
Justin WaldronUnited States
Signal score66
LexEst. 2023
Nathan BaschezUnited States
Signal score55

Book a demo to explore the full alumni network →

Global footprint

Where Substack has talent and traffic

Workforce by country
69 countries with
team presence
🇺🇸 United States45.8%
🇬🇧 United Kingdom11.2%
🇮🇳 India9%
🇳🇬 Nigeria4.1%
🇨🇦 Canada4.1%
Top 5 of 69 shown
Web traffic by country
170M monthly visits
across markets
🇺🇸 United States54.3%
🇬🇧 United Kingdom8%
🇨🇦 Canada5%
🇮🇳 India3.3%
🇦🇺 Australia2.7%
Top 5 markets shown

Market sentiment

What the market is saying about Substack

An AI-synthesized read of the highest-engagement posts about Substack on X over the past 7 days. We rank by likes & retweets, ignore corporate channels, and surface the themes that broke out from real people.

Reading the room on X — pulling top posts and synthesizing themes…

Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour

See Substack on the full Dealroom platform

Live deal flow, founder pedigree, hiring signals, revenue trajectory, and the full cap table.

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