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Substack raises new funds to continue fueling the newsletter boom

Substack, a three-person San Francisco startup that lets users create newsletters and charge their readers, has raised $15.3 million in new funding from Andreessen Horowitz and Y Combinator.

Why it matters: Email newsletters have become the new blogs: Everyone's getting their own and readers are subscribing so they can keep up with their favorite writers and thinkers. The boom in newsletters also comes at a time when the media industry is grappling with figuring out better business models than advertising, with some independent writers opting to build their own small enterprises.

Go deeper: We’re at Peak Newsletter, and I Feel Fine