Data / Crowdfunding / California / Substack Inc.
Substack Inc.: crowdfunding raise on Wefunder Portal LLC, $50,000 to $5,000,000 (2023)
Substack Inc., a corporation in San Francisco, CA, filed a Form C with the SEC on April 6, 2023 to raise $50,000 to $5,000,000 in preferred stock through Wefunder Portal LLC. The offering closed on April 30, 2023. In its most recent fiscal year it reported $-5,167,975 in revenue and a net loss of $22,876,537, with 76 employees.
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- Website
- substack.com
- Funding portal
- Wefunder Portal LLC
- Address
- 111 Sutter St 7th Floor, San Francisco, CA 94104
- Legal form
- Corporation
- Jurisdiction
- DE
- Incorporated
- November 28, 2017
- SEC CIK
- 0001783191
Offering terms
From the offering filed April 6, 2023.
- Security
- Preferred Stock
- Price
- $26.29
- Target
- $50,000
- Maximum
- $5,000,000
- Deadline
- April 30, 2023
- Portal compensation
- 3.75% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the Issuer in connection with the offering.
Financials
From the Form C-U filed May 18, 2023.
| Most recent fiscal year | Prior fiscal year | Source | |
|---|---|---|---|
| Revenue | $-5,167,975 | $1,454,052 | sec.gov |
| Cost of goods sold | $1,399,728 | $414,868 | sec.gov |
| Net income | $-22,876,537 | $-2,320,785 | sec.gov |
| Taxes paid | $0 | $0 | sec.gov |
| Total assets | $62,667,814 | $16,467,233 | sec.gov |
| Cash | $55,386,969 | $15,279,360 | sec.gov |
| Accounts receivable | $-54,165 | $-2,136 | sec.gov |
| Short-term debt | $6,635,026 | $2,695,391 | sec.gov |
| Long-term debt | $0 | $0 | sec.gov |
Filings
| Filed | Filing | Target | Maximum | Deadline | Note | Source |
|---|---|---|---|---|---|---|
| May 18, 2023 | Progress update | $50,000 | $5,000,000 | April 28, 2023 | The final number is $4,520,842.00 in investments. | sec.gov |
| April 6, 2023 | Offering | $50,000 | $5,000,000 | April 30, 2023 | sec.gov |
Also on SpecStream
Updated May 18, 2023. Read from SEC EDGAR. Public domain (U.S. government work). Financials are as each company reported them in its Form C, unaudited unless the filing says otherwise. Websites are the ones the companies declared to the SEC. Free to reuse with credit to SpecStream under CC BY 4.0. Spot a wrong value? Write to [email protected] with the link to this page.