Substack cuts 13 jobs to avoid raising more venture captial

The newsletter platform Substack laid off 13 employees today, mostly in HR and writer support roles.
Co-founder and CEO Chris Best informed the company after holding meetings with the affected employees, which also included founders Hamish Mackenzie and Jairaj Sethi. That’s probably a better way to deliver the news than some other companies’ approaches (cough, Coinbase), but the news is still rough for a company that raised $65 million from Andreessen Horowitz (a16z) just last year. Even then, we were skeptical about how the company managed to earn a $650 million valuation so soon.

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