On July 17, 2025, media platform Substack announced the completion of a $100 million Series C funding round led by investors at BOND and The Chernin Group, with participation from Andreessen Horowitz and other investors. Wilson Sonsini Goodrich & Rosati advised Substack on the transaction.

Substack will use the additional capital to enhance tools, expand reach, and provide more comprehensive support for the writers and creators within Substack’s ecosystem.

The Wilson Sonsini team that advised Substack includes Mark Baudler, Jocqui Kaup, Lianna Whittleton, Kyle Canchola, Sunny Kumar, Jun Hyung Lee, Laura Odujinrin, and Joseph Auer.

For more information, please see Substack's post. Additional coverage can be found on Reuters, TechCrunch, and Axios.