Substack

Substack opened a community round on Wefunder at a $585 million pre-money valuation. It passed its $2 million goal within hours and extended to the $5 million maximum the rules allow.

The logic was not that Substack needed the money. It was that the writers and readers who made the platform worth something should be able to hold a piece of it — which is the argument this whole site is about, made by a company that did not have to make it.