Investor Due Diligence Report
by Eric Newcomer
Where technology and venture capital intersect: A deeply reported newsletter on the inner workings of the startup industry. Helmed by Eric Newcomer with writing from Madeline Renbarger, Tom Dotan & Jonathan Weber.
104K
4.4K paid
~0%
Subscriber count is a platform estimate
Insufficient data
29 of 30 days needed
Pricing
$19/mo
$199/yr annual option
$69K
4.4K paid subs
$48K/mo – $90K/mo(±30%)
0.4
47.1
0.05%
(comments + likes) / subscribers
~2x per week
2.2 posts/week
68/100
Consistent (~3.6d avg)
| Newsletter | Subscribers | Weekly Growth | Price | Platform |
|---|---|---|---|---|
| Founding Journey | 240K | N/A | $50/mo | substack |
| a16z speedrun | 202K | +4.0% | Free | substack |
| Refactoring | 173K | N/A | $15/mo | substack |
| Clouded Judgement | 87K | N/A | Free | substack |
| Month | Subscribers | Est. Revenue | Change |
|---|---|---|---|
| Feb 2026 | 103.8K | $68,681.2 | — |
| Mar 2026 | 104.5K | $69,179.68 | ~0% |
| Apr 2026 | 104K | $68,852.55 | ~0% |
| May 2026 | 104K | $68,852.55 | ~0% |
Platform Dependency
Operates on custom domain (www.newcomer.co)
Publishing Consistency
Variable publishing frequency
Key Person
Single-author publication — key-person dependency
Audience Concentration
Consistent engagement across posts
Subscriber threshold
104K subscribers — above the 2K category median for first paid tier
Has paid tier
Active paid subscription offering
Peer monetization
100% of 55 similar-size peers in Business have paid tiers
Pricing position
$19/mo vs $7/mo category median (1519 newsletters)
| Date | Monthly | Annual |
|---|---|---|
| Jan 2026 | $19 | $199 |
Disclaimer: This report is generated automatically based on publicly available data and proprietary estimation models. Estimated subscriber counts are derived from engagement patterns and should be verified through direct disclosure. Revenue estimates are based on known pricing and estimated paid subscriber counts. This report is for informational purposes only and should not be the sole basis for investment decisions.
Score based on available components only.
| Component | Score | Weight |
|---|---|---|
| Engagement Rate | 40/100 | 30% |
| Paid Subscriber Ratio | 100/100 | 25% |
| Publishing Consistency | 60/100 | 10% |
| Secret Strategist |
| 78K |
| +0.7% |
| Free |
| substack |
Revenue Model
Active paid subscription tier