Sources: Substack dropped efforts to raise money, after talks to raise $75M-$100M at a $750M-$1B valuation, during which the company said 2021 revenue was ~$9M (Benjamin Mullin/New York Times)

Benjamin Mullin / New York Times:

Sources: Substack dropped efforts to raise money, after talks to raise $75M-$100M at a $750M-$1B valuation, during which the company said 2021 revenue was ~$9M  —  Amid an industrywide downturn, venture investors are preaching austerity and halting new deals, particularly for companies that have spent aggressively on growth.

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