Today I received an email from one of my favourite media tech products – Substack. They’ve raised another $15.3mil in a Series A funding round.
I’m pleased, because this means that there’s still room to grow in the media industry. That there are still spaces for writers to thrive.
In their email, Substack writes, “We know that Silicon Valley venture capital and the media have often not mixed well, but we are committed to getting this right.
“We have a business model that works and that aligns our incentives with the writer’s.”
Their product is free to use, no matter how large your audience. But when you charge for subscriptions, Substack takes a percentage. (Unlike other platforms that collect a subscription fee and give you a percentage – if you know, you know.)
If you decide to leave the platform, you keep your audience.
And this part makes me hopeful: “We will never build ad tech into Substack, and we know that the media can’t be saved by algorithm.”
I’m excited to see Substack grow!