News Summary

Substack, a leading newsletter platform co-founded by Canadian Chris Best, has raised a $100 million USD Series C funding round to enhance tools for independent creators. The company, also founded by Hamish McKenzie and Waterloo alum Jairaj Sethi, is now valued at $1.1 billion USD. The funding, led by BOND and The Chernin Group, will be used to improve Substack’s app and publisher tools. Despite its success with over 5 million paid subscribers, Substack has faced controversies regarding content moderation. The company prioritizes growth over immediate profitability.