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Illustration: Annelise Capossela/Axios

Substack is raising $65 million in new venture capital funding that would value the company at around $650 million, Axios has learned. Existing investor Andreessen Horowitz is leading the round.

Why it matters: Substack, which provides a platform on which writers can publish paid email newsletters and keep most of the revenue, has seen its popularity soar.

  • Many of Substack's best-known writers are professional journalists who sought to become their own bosses, while others are simply seeking an outlet for their expertise.

Complications: Some of Substack's practices have become controversial, including who it chooses to pay directly and its relatively loose content moderation policies.

  • It also could have tough competition from Big Tech companies like Twitter and Facebook, plus rival online publishers like Medium.

Andreessen Horowitz declined comment, while Substack hasn't yet responded to Axios' inquiries.

Go deeper: Newsletters are growing up

Go deeper

Dan Primack, author of Pro Rata
30 mins ago - Economy & Business

IPO market holds firm amid stock market tumult

Illustration: Aïda Amer/Axios

The IPO market is doing its best Alfred E. Neuman impression so far this week, refusing to entertain everyone else's worries.

The big picture: Both the Dow and S&P 500 fell nearly 2% yesterday, as investors tried to measure the fallout of Chinese construction giant Evergrande defaulting on its $300 billion in liabilities.

2 hours ago - World

Sudanese government says it put down coup attempt

Prime Minister Abdullah Hamdok (L) and Sovereign Council Chief Gen. Abdel Fattah al-Burhan. Photo: Ashraf Shazly/AFP via Getty

The Sudanese government announced on Tuesday morning that its military and security services had foiled an attempted coup from within the country’s armed forces.

Why it matters: The apparent coup attempt comes with Sudan’s transitional government — in which power is shared between civilians and generals — facing crises on several fronts two years after dictator Omar al-Bashir was toppled in a popular uprising.

2 hours ago - Health

Johnson & Johnson says booster shot increases efficacy of COVID vaccine

Syringes and a vial of the Johnson and Johnson COVID-19 vaccine in French Polynesia on Sept. 8. Photo: Jerome Brouillet/AFP via Getty Images

Johnson & Johnson said in a press release Tuesday a global study showed that the protection offered by its coronavirus vaccine was strengthened by a booster shot.

Why it matters: While J&J has not formally applied for authorization to offer booster shots to the general public, it said it has shared the results of the study with the Food and Drug Administration and plans to share it with the World Health Organization and other health regulators.

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