Maybe Substack can really grow without venture dollars.

Substack, publication The platform, known for its newsletter service, announced this week that it had passed the 2 million paid subscription mark. Given our historical data on Substack’s paid subscriber growth, the number caught our attention.

Substack’s simple business model allows for a company to generate a few general transaction volume and revenue estimates.

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First, a little context: Substack’s first known outside capital came in January 2018 through the Y Combinator startup accelerator. The company raised $2 million in seed funding in April of the same year. From there, the startup’s fundraising sped up quickly, with Andreessen Horowitz leading Substack’s $15.3 million Series A in mid-2019 and a $65 million Series B in March 2021.

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