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Co-founders Chris Best and Hamish McKenzie. Photo: Substack

Substack, a San Francisco-based startup that provides users with tools to publish paid (or free) subscription newsletters, has raised $2 million in seed funding.

Why it matters: The media industry has been scrambling to figure out how to pay for journalism and content, and a growing number of organizations believe subscriptions can be a solution.

Substack is betting on two content business elements: newsletters and subscriptions.

  • “Newsletters are a really good way to deliver content in a pattern,” co-founder and CEO Chris Best tells Axios. Readers can get through the entire email and be done, they come to the readers instead of the other way around, and are not dependent on algorithms to arrive. “And it’s also perhaps one of the last remaining platforms Facebook can’t touch,” added co-founder Hamish McKenzie.
  • Best and McKenzie say they and third co-founder Jairaj Sethi were inspired by successful paid newsletters like Ben Thompson’s Stratechery, whose readers are happy to pay for a consistent stream of content they find unique and valuable. “They’re paying for a trusted relationship or a trusted voice that they follow,” said Best, adding that curating content can be just as valuable to readers as producing original reporting.

But, but, but: Even though more readers are willing to pay for news, there's no guarantee that small newsletter writers will be able to build an audience and getting it to pay for content.

Substack says it’s not planning to integrate advertising features to its newsletter service, but does think about written content beyond news emails. For example, journalist Matt Taibbi is publishing his book, “The Business Secrets of Drug Dealing: Adventures of the Unidentified Black Male,” in the form of a newsletter via Substack.

Investors: The Chernin Group, Fifty Years, Zhen Fund, Garage Capital, Twitch CEO Emmett Shear, and Zynga co-founder Justin Waldron. It participated in Y Combinator's accelerator earlier this year.

Note: Axios contributor Bill Bishop is a Substack customer and early investor but had no involvement with this story. The story has been updated to add Substack's third co-founder and Bishop as an investor.

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Ohio special election win cements Jim Clyburn’s kingmaker status

Jim Clyburn. Photo by Tasos Katopodis/Getty Images

Rep. Jim Clyburn is cementing his Biden-era kingmaker status with Shontel Brown's win in Ohio,  showing progressives he has a finger on the pulse of Democratic Party politics in a way they must acknowledge.

Driving the news: "I was going to stay right here in South Carolina minding my business until I got called stupid,” Clyburn told Axios in an interview Wednesday.

Manhattan, Westchester prosecutors request evidence from Cuomo investigation

Gov. Cuomo during a press conference in New York City on Aug. 2. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

The district attorneys for Manhattan and Westchester County on Wednesday requested evidence related to New York Attorney General Letitia James' investigation into sexual harassment allegations against Gov. Andrew Cuomo (D), according to a letter obtained by NBC News.

Why it matters: The district attorneys are investigating if alleged conduct highlighted in an independent report published by James' office that occurred in their jurisdictions was criminal in nature.

Scoop: Buzzy media startup Puck launches in beta

Puck.news

Puck, a splashy new digital media company, is coming out of stealth mode, Axios has learned. The company debuted its landing page, puck.news, on Wednesday, and will officially launch its website in September.

Why it matters: The company has been quietly building a roster of top talent, but hadn't confirmed its branding or exact business plans up until now.