★ Substack Raised Another $100 Million, Which, I Bet, Is Headed for the Same Toilet Their First $100 Million Went Down

Daring Fireball
By John GruberAug 3, 2025, 7:23 pm644 ptsTrendingTop
One last post on my recent Substack kick. Yesterday I linked to Ana Marie Cox’s scathing analysis of Substack’s financials. She published that on June 23, and wrote about Substack’s $100 million funding round, with a $1 billion valuation, in the future tense. Substack indeed closed that round in mid July,…

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