Substack has raised a $100 million Series C funding round, the company announced, which will be used to fund the growth of the platform, including support for creators.  The round was led by BOND and The Chernin Group, with participation from Andreessen Horowitz, Rich Paul, CEO and founder of Klutch Sports Group, and Jens Grede, CEO and co-founder of SKIMS.

Substack said it will "invest in better tools, broader reach, and deeper support for the writers and creators driving Substack’s ecosystem."  Other plans for the new funds include expanding use of the Substack app, which it sees as a healthier alternative to other media apps: "An escape from the doomscroll, and a place to take back your mind."

Substack made a big impact in the comics world when it first launched in 2021, signing high profile deals with creators including James Tynion IV, Jonathan Hickman, Scott Snyder, Saladin Ahmed, and Molly Knox Ostertag (see "Leave for Substack").  Some of those Substack-first comics eventually make their way to print (see “New Brian K. Vaughan”), along with other comics-related content (see "Fall 2024 D&Q").

Whether the additional funding will lead to a new wave of cash flowing into the comics business is not clear from the announcement, but at the very least, the new funding is an endorsement of the model and belief in its ability to continue to grow.