Substack's new fundraising pitch

Venture capitalists wouldn't give the company the terms it wanted. Its writers might

“a bag of money next to a laptop, cartoon style” / DALL-E

Today, let’s talk about Substack’s latest idea for raising money — and how we should think of the company’s planned community round in relation to its larger ambitions. (See my ethics disclosure about Substack.)

When last we talked about the finances of the platform that hosts Platformer, it was al…