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Substack raises $2 million to prove newsletters can help media

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.