Also, I want to +1 doing the math on their business. I see so much surprise/outrage when companies pivot. But all of us here are savvy enough to see this pivot

Also, I want to +1 doing the math on their business. I see so much surprise/outrage when companies pivot. But all of us here are savvy enough to see this pivot coming from miles away. If they are venture backed, then you're right, $12M ARR is not high enough. So that implies they will make a significant pivot down the road. So don't get too attached to this version of Substack--it's temporary. And IMO, that's totally fine. It just means you need to be ready to pivot along with them (and/or have a plan B business).