Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates Back Market generated $495M in revenue in 2025, up from $415M in 2024, as the company reached global EBITDA break-even for the first time.</li><li>Back Market reached a $5.7 billion valuation in January 2022.</li><li>Back Market has made a major strategic push into repair services and physical retail.</li></ul>

Sacra estimates Back Market generated $495M in revenue in 2025, up from $415M in 2024, as the company reached global EBITDA break-even for the first time.Back Market reached a $5.7 billion valuation in January 2022.Back Market has made a major strategic push into repair services and physical retail.

<ul><li>Sacra estimates Swappie generated $265M of revenue in 2025, up 2% year-over-year from $259M in revenue in 2024.</li><li>Swappie has raised a total of $171M (€149M) across multiple funding rounds since its founding in 2016.</li><li>Swappie&#39;s offering includes a trade-in program where customers can sell their old devices, as well as add-on services like extended warranties.</li></ul>

Sacra estimates Swappie generated $265M of revenue in 2025, up 2% year-over-year from $259M in revenue in 2024.Swappie has raised a total of $171M (€149M) across multiple funding rounds since its founding in 2016.Swappie&#39;s offering includes a trade-in program where customers can sell their old devices, as well as add-on services like extended warranties.

<ul><li>Sacra estimates Mirakl hit $218M in annual recurring revenue (ARR) in 2025, up 23% year-over-year from $177M in 2024, reaccelerating from 15% growth the prior year and marking the company&#39;s first full year of group-wide profitability.</li><li>Gross merchandise value (GMV) processed through Mirakl-powered marketplaces reached $14.6–15B in 2025, up 31% year-over-year from $11.2B in 2024, roughly four times faster than overall e-commerce growth.</li><li>Mirakl reached a valuation of $3.5 billion in September 2021 following a $555 million Series E funding round led by Silver Lake.</li></ul>

Sacra estimates Mirakl hit $218M in annual recurring revenue (ARR) in 2025, up 23% year-over-year from $177M in 2024, reaccelerating from 15% growth the prior year and marking the company&#39;s first full year of group-wide profitability.Gross merchandise value (GMV) processed through Mirakl-powered marketplaces reached $14.6–15B in 2025, up 31% year-over-year from $11.2B in 2024, roughly four times faster than overall e-commerce growth.Mirakl reached a valuation of $3.5 billion in September 2021 following a $555 million Series E funding round led by Silver Lake.

<ul><li>ManoMano doubled gross sales to €1.2B in 2020, driven by COVID lockdowns that accelerated the penetration of ecommerce and grew demand for DIY and outdoor home projects.</li><li>ManoMano's GMV declined to €1.0B in 2024, down ~20% over two years from €1.243B in 2022 and €1.141B in 2023.</li><li>In June 2025, co-founder Philippe de Chanville stated ManoMano expects to reach group profitability "in the next months/quarters."</li></ul>

ManoMano doubled gross sales to €1.2B in 2020, driven by COVID lockdowns that accelerated the penetration of ecommerce and grew demand for DIY and outdoor home projects.ManoMano's GMV declined to €1.0B in 2024, down ~20% over two years from €1.243B in 2022 and €1.141B in 2023.In June 2025, co-founder Philippe de Chanville stated ManoMano expects to reach group profitability "in the next months/quarters."

<ul><li>Depop was acquired by Etsy for $1.625 billion in cash in June 2021, representing a significant premium for the Gen Z-focused fashion resale marketplace.</li><li>The company shifted from a seller-fee model to a buyer-fee structure in 2024, eliminating the 10% commission that sellers previously paid.</li><li>Depop introduced Outfits, an in‑app styling and collaging tool that lets users assemble shoppable looks from live marketplace inventory.</li></ul>

Depop was acquired by Etsy for $1.625 billion in cash in June 2021, representing a significant premium for the Gen Z-focused fashion resale marketplace.The company shifted from a seller-fee model to a buyer-fee structure in 2024, eliminating the 10% commission that sellers previously paid.Depop introduced Outfits, an in‑app styling and collaging tool that lets users assemble shoppable looks from live marketplace inventory.

France

Marketplace for refurbished electronics connecting consumers with vetted professional refurbishers

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Back Market (MARKET FR)

Primer: Back Market - 09 Jul 2026

Marketplace for refurbished electronics connecting consumers with vetted professional refurbishers

Sacra

Primer: Swappie - 31 Jul 2026

Marketplace for buying, refurbishing, and reselling iPhones across Europe

Sacra

Primer: Mirakl - 15 Jul 2026

Software for retailers to launch and monetize third-party online marketplaces

Sacra

Primer: ManoMano - 04 Feb 2026

Online marketplace for DIY, home improvement, and gardening products across Europe

Sacra

Primer: Depop - 11 Jan 2026

Marketplace app for buying and selling secondhand fashion among Gen Z users

Sacra

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