Substack Inc.
Other Technology · San Francisco, California
Substack Inc. is a other technology company based in San Francisco, California, incorporated in 2017. It has reported $87.4 million raised across 3 Form D filings with the SEC, most recently in 2023.
| Date | Round | Amount | Raised to date | Lead investor | Source |
|---|---|---|---|---|---|
| 2023-05-31 | — | $3.3M | $87.4M | SEC Form D | |
| 2021-06-30 | — | $65.0M | $84.1M | SEC Form D | |
| 2019-07-23 | — | $19.1M | $19.1M | SEC Form D |
SEC rows are Form D filings, where the amount is what was actually sold and amendments update a round rather than adding one. Press rows are split between company-issued releases or wires and editorial or third-party coverage. The total is therefore a floor: a round nobody reported is a round we cannot see. A buyout or control change appears in the timeline but is never added to the total: that money goes to shareholders, not into the company.
Form D is the notice a company files with the SEC when it sells securities without registering them. It reports the amount sold, not a valuation. Figures here are what the filing says. Where a filing is silent, the field is left blank rather than estimated. “Total raised” adds press-reported rounds that never appear in a filing, so it is a floor rather than an audited sum: press amounts are the figures the company announced, and a round nobody reported is a round we cannot see.