Substack stopped fundraising efforts for a round of $75 million to $100 million, the New York Times reported Thursday. Axios reports: The round could have valued the newsletter publication platform between $750 million and $1 billion. But the abandoned plans come amid the market’s cooling and layoffs among other tech firms. NYT reported that Substack told investors its 2021 revenue was about $9 million. That means its potential valuation of $1 billion would have been 100x its revenue. Substack touted in November that it has more than 1 million paid subscriptions and that its top 10 writers collectively generate $20 million in annual revenue. But only a fraction of that contributes to Substack’s bottom line.
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