Three Ex-Goldman Bankers Get Eisler Backing for Their Substack Rival
(Bloomberg) -- Three former Goldman Sachs Group Inc. bankers have secured the backing of Edward Eisler for a media startup that looks to challenge blogging platforms like WordPress and Substack Inc.
Traders Alfred Mallol and Majid Sebti, as well as software engineer Joan Cots have raised $5 million in early funding for Excerp, according to a statement Wednesday. Among the backers of the friends-and-family round is hedge fund manager Eisler, another ex-Goldman executive.
The trio founded the London-based company -- which has more than 20 employees -- in December 2020 after working on the technology over the pandemic. The platform will house online written content and help creators to grow and monetize their audiences.
“It's very difficult for bloggers and written content creators to scale and reach their audiences,” co-founder and Chief Executive Officer Mallol said in the statement, promising Excerp would “modernize the experience for creators and consumers.”
Newletter startup Substack has drawn attention this year after its model of helping writers publish email newsletters -- and earning money by taking a 10% cut from those who charge their subscribers -- drew big-name journalists including Vox co-founder Matthew Yglesias and tech writer Casey Newton.
©2021 Bloomberg L.P.
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