Explaining a16z's Investment in Substack

One reason this is personally interesting to me is that I sense a comparable network happening here at Substack, where a huge amount of the value created is flowing to the creators. Now, it's true Substack authors don't participate in the enterprise value of Substack, Inc, but theoretically that could be part of the package through more traditional... See more

Substack identified a business model (subscriptions) that aligns reader, writer, and company incentives.

Chris Best, Hamish McKenzie, and Jairaj Sethi started Substack in 2017, but their history dates back years before. Chris co-founded the anonymous posting app Kik during his third year at the University of Waterloo (2010). He spent the better part of eight years at the company where he met his soon-to-be co-founders. When Chris left Kik in early 201

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