Current valuation seems around 30x multiple for estimated $20-25M 2022 revenue. I have no doubt Substack will continue to grow for next 4-5 yrs and then it may plateau like any other parallel business like Reddit, Patreon etc..,
In current broader market conditions, this is a nutty valuation coming with at least 4-5 yrs of no liquidity and requires a significant amount of investment to make any meaningful return( if at all) at exit. I’d rather put money in public markets compared to this investment for the sake of liquidity and more reasonable valuations .
Current valuation seems around 30x multiple for estimated $20-25M 2022 revenue. I have no doubt Substack will continue to grow for next 4-5 yrs and then it may plateau like any other parallel business like Reddit, Patreon etc..,
In current broader market conditions, this is a nutty valuation coming with at least 4-5 yrs of no liquidity and requires a significant amount of investment to make any meaningful return( if at all) at exit. I’d rather put money in public markets compared to this investment for the sake of liquidity and more reasonable valuations .