You heard it here first that Substack was trying to raise a substantial new round of funding.

Today, Substack announced that it had raised $100 million at a $1.1 billion valuation in a round led by BOND and TCG. The New York Times had the story.

I told you that Substack’s growing mobile application and the prospect that Substack might someday dip its toe into sponsorships were two reasons that investors were excited about what started off as a mere subscription newsletter business.

This afternoon, I jumped on a Substack Live with Substack co-founders Chris Best and Hamish McKenzie to talk about their app strategy and Substack’s approach to advertising. We also chatted about the company’s view on artificial intelligence and the anti-Trump political mood on its network.

Give it a listen.

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