Feudal does not rise to power by force; the peasants willfully relinquish their freedom (to own land) to the feudal for better immediate and short-lived economics.(FreeFormer)
Feudalism, also known as the feudal system, was a combination of various customs and systems that flourished in medieval Europe from the 9th to 15th centuries. Broadly defined, it was a way of structuring society around relationships derived from the holding of land in exchange for service or labour.[1]
Karl Marx also uses the term in the 19th century in his analysis of society’s economic and political development, describing feudalism (or more usually feudal society or the feudal mode of production) as the order coming before capitalism. For Marx, what defined feudalism was the power of the ruling class (the aristocracy) in their control of arable land, leading to a class society based upon the exploitation of the peasants who farm these lands, typically under serfdom and principally by means of labour, produce and money rents.[57] He deemed feudalism a ‘democracy of unfreedom’, juxtaposing the oppression of feudal subjects with a holistic integration of political and economic life of the sort lacking under industrial capitalism.[58]
The term “democracy of unfreedom” refers to Karl Marx’s critique of feudalism, where he argues that while feudalism integrates political and economic life, it ultimately restricts true freedom and autonomy. This concept contrasts with modern democratic ideals that emphasize individual liberty and self-determination. [2]
Substack
Two guys came up with an idea to make a portal for writers to ease their journey through digital publishing and monetization. Wonderful, noble and so on.
Enter the Feudals
Substack - Funding and Investors
Last updated: August 3, 2026
Substack’s Funding Rounds
Substack has raised a total of $190M over 6 funding rounds: 2 Seed, 3 Early-Stage and 1 Late-Stage rounds. Substack’s largest funding round so far was a Series C round for $100M in Jul 2025.
Here is the list of all funding rounds of Substack:
| Date of Funding | Funding Amount | Round Name | Post-Money Valuation | Revenue Multiple | Lead Investors | Other Investors |
|---|---|---|---|---|---|---|
| Jul 17, 2025 | $100M | Series C | $1.1B | - | Bond Capital, TCG Ventures | Andreessen Horowitz, Jens Grede, Rich Paul |
| May 30, 2023 | $3.29M | Series B | $585M | - | - | - |
| Mar 30, 2021 | $65M | Series B | $650M | - | Andrew Chen | - |
| Jul 17, 2019 | $19.1M | Series A | - | - | Andreessen Horowitz | Y Combinator |
| May 01, 2018 | $2M | Seed | - | - | Zhen Fund, Garage Capital, Fifty Years | Emmett Shear, Justin Waldron, TCG Ventures |
| Feb 08, 2018 | $125K | Seed | - | - | - | Y Combinator |
You do not need to be a finance expert to see how wrong these numbers are:
- Substack is worth very little, its wealth is that of the writers and producers, they are the gold of its business, the management and the operations can easily be replaced by other firms or even do-it-yourself! This explains the current exodus [4]
- What Andreessen Horowitz, TCG Ventures and Bond Capital do is to hugely over-inflate the price of this venture so that it would be almost impossible for others to enter this market unless the contenders have deep pockets as they do, hence the feudalism!
The peasants gave up their land to the feudal for temporary economic relief, as the writers share their copyrights with Substack in return for inbound revenues not grasping the future tyranny that befalls them and their people when no one else have the financial power to support the writers since the Andreessen Horowitz and others will block any other investors and or ventures to enter into the same vertical market!
- When a writer signs up for Substack, he will diminish the chance of future free writers and future similar ventures:
Feudal does not promote the peasant, feudal has to promote the thug since that thug will be protector of their monopoly:
Revealed: How Substack makes money from hosting Nazi newsletters [5]
The global publishing platform Substack is generating revenue from newsletters that promote virulent Nazi ideology, white supremacy and antisemitism, a Guardian investigation has found.
Among them are newsletters that openly promote racist ideology. One, called NatSocToday, which has 2,800 subscribers, charges $80 – about £60 – for an annual subscription, though most of its posts are available for free.
Substack Has a Nazi Problem [6]
The newsletter platform’s lax content moderation creates an opening for white nationalists eager to get their message out.
At least 16 of the newsletters that I reviewed have overt Nazi symbols, including the swastika and the sonnenrad, in their logos or in prominent graphics. Andkon’s Reich Press, for example, calls itself “a National Socialist newsletter”; its logo shows Nazi banners on Berlin’s Brandenburg Gate, and one recent post features a racist caricature of a Chinese person. A Substack called White-Papers, bearing the tagline “Your pro-White policy destination,” is one of several that openly promote the “Great Replacement” conspiracy theory that inspired deadly mass shootings at a Pittsburgh, Pennsylvania, synagogue; two Christchurch, New Zealand, mosques; an El Paso, Texas, Walmart; and a Buffalo, New York, supermarket. ( Jonathan M. Katz)
[5] Revealed: How Substack makes money from hosting Nazi newsletters | Substack | The Guardian