Substack takes a different tack to raise more capital

It turns out that if you have an active customer audience invested in the long-term viability and success of your platform, you can crowdfund a venture-sized extension round.
Substack, a venture-backed subscription media platform popular with writers and known for its email service, has collected more than $5 million in pledges for an extension to its Series B from its community and the internet at large. The sum pales compared to how much it raised in its early-2021 funding round worth $65 million, but it’s still real money and capital for a startup that reportedly shelved its Series C

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