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Substack raises more money, but is that a good thing? Axios reported on Tuesday that Substack is raising another $65 million in venture financing, which will give the newsletter-publishing platform a theoretical market value of $650 million. That’s more than ten times what it was reportedly worth when it raised its first $15-million round of financing in 2019, which like the latest round was led by Silicon Valley investment firm Andreessen Horowitz. In a blog post, the company said that it is going to use the money to expand its program of giving writers and journalists advances (which have to be earned back from their subscription revenues) in order to allow them to quit their jobs and join the platform, as well as more fellowships, grants, mentorship programs, and other resources. The company said it also wants to invest in initiatives to support local news, in “an effort to kickstart the development of a news ecosystem that thrives on direct support from readers.� ....