Substack Increvenue, valuation & funding
San Francisco, CaliforniaFounded 2020CEO Jacob Schonberger
Substack Inc revenue
Substack Inc's annual revenue was $45M in December 2024 (source not recorded), the most recent figure on record.
All 4 revenue readings, with sources
| As of | Revenue | Source |
|---|---|---|
| Dec 2021 | $12MEST. | Sacra estimate |
| Dec 2022 | $19MEST. | Sacra estimate |
| Jun 2023 | $29MEST. | Sacra estimate |
| Dec 2024 | $45M | – |
– source not recorded
Substack Inc valuation
Substack Inc is privately held, so there is no Substack Inc stock to buy. Investors valued it at $1.1B in its July 2025 Series C.
Substack Inc funding rounds & investors
Substack Inc has raised $117.3M across three rounds since 2019. The latest was a $100M Series C in July 2025.
| Date | Round | Raised | Valuation | Source |
|---|---|---|---|---|
| Jul 2025 | Series C | $100M | $1.1B | TechCrunch |
| Mar 2023 | Series B | $2M | – | TechCrunch |
| Jul 2019 | Series A | $15.3M | – | TechCrunch |
| Total raised | $117.3M |
Substack Inc competitors
Substack Inc competes most directly with Intuit Mailchimp, Beehiiv, Kit, Ghost and 1 other.
| Company | Revenue | Funding | Employees | Customers | Founded |
|---|---|---|---|---|---|
 Intuit Mailchimp | $180.1M | – | 1,637 | 140M | 2001 |
| Substack Inc | $45M | $117.3M | 2,564 | 500K | 2020 |
 Beehiiv | $30M | $49.7M | 142 | 20K | 2021 |
 Kit | $15.8M | $2.5M | 144 | – | 2013 |
 Ghost | $10.4M | $7.4M | 104 | 20.4K | 2013 |
 Buttondown | $180K | – | 6 | 250 | 2008 |
Substack Inc CEO, founders & employees
Jacob Schonberger founded Substack Inc in 2020 and runs it as CEO. Substack Inc has 2,564 employees (November 2025, LinkedIn), up from 1,462 a year earlier.
- Jacob SchonbergerFounder & CEO
All 8 headcount readings, with sources
| As of | Employees | Source |
|---|---|---|
| Nov 2025 | 2,564 | |
| Dec 2024 | 1,462 | |
| Oct 2024 | 1,309 | |
| Oct 2024 | 1,308 | |
| Dec 2023 | 958 | |
| Dec 2023 | 50 | – |
| Dec 2022 | 558 | |
| Apr 2021 | 1 | – |
Substack Inc FAQ
What is Substack Inc's revenue?
Substack Inc's annual revenue was $45M in December 2024 (source not recorded). No later figure is on record.
What is Substack Inc's valuation?
Investors valued Substack Inc at $1.1B in its July 2025 Series C, according to TechCrunch.
How much funding has Substack Inc raised?
Substack Inc has raised $117.3M across three funding rounds. The latest was a $100M Series C in July 2025.
Is Substack Inc publicly traded?
No. Substack Inc is a private company, so its shares aren't traded on a stock exchange.
How many employees does Substack Inc have?
Substack Inc has 2,564 employees as of November 2025, according to LinkedIn.
Who is the CEO of Substack Inc?
Jacob Schonberger is the CEO of Substack Inc and founded the company in 2020.
Who founded Substack Inc?
Jacob Schonberger founded Substack Inc in 2020.
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How this page is sourced
9 from public sources · 3 estimates. Founder figures link to the second they were said; public figures name their source; estimates are marked EST. and say whose they are. Not financial advice.
Updated Oct 14, 2026Data disclaimerReport a correctionClaim this profileRun Substack Inc? Join the podcast