And that doesn't take into account that Substack is doubling every 6 months So Substack is 2 doublings or 12 months away of growth from bringing it's multiple to the industry standard, that might be an aggressive evaluation but it doesn't seem insane.

[0] https://www.statista.com/statistics/1243565/substack-paid-su...

* Not to mention most VC deals are sweeter than a pure purchase (in terms of being protected from a down round etc.. *