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 that Passes reached a $9.5M annualized net revenue run rate in February 2024, up from $3.6M at the end of 2023.</li><li>Passes raised $40M in Series A funding led by Bond Capital, with participation from Abstract Ventures, Crossbeam Ventures, Skims cofounders Emma and Jens Grede, and others in February 2024.</li><li>Passes acquired Fanhouse in 2023, incorporating a former safe-for-work membership competitor.</li></ul>

Sacra estimates that Passes reached a $9.5M annualized net revenue run rate in February 2024, up from $3.6M at the end of 2023.Passes raised $40M in Series A funding led by Bond Capital, with participation from Abstract Ventures, Crossbeam Ventures, Skims cofounders Emma and Jens Grede, and others in February 2024.Passes acquired Fanhouse in 2023, incorporating a former safe-for-work membership competitor.

<ul><li>Sacra estimates that Stan hit $40M in annual recurring revenue in April 2026, up from $35M at the end of 2025.</li><li>Stan reached profitability at approximately 40% EBITDA margins, remaining capital-light with its $5M seed from Forerunner (2022) as its sole round of institutional funding.</li><li>Whop's marketplace model - which aggregates demand across creator products rather than requiring creators to bring their own traffic - surpassed Stan in revenue scale in 2025 and is growing roughly 10x faster.</li></ul>

Sacra estimates that Stan hit $40M in annual recurring revenue in April 2026, up from $35M at the end of 2025.Stan reached profitability at approximately 40% EBITDA margins, remaining capital-light with its $5M seed from Forerunner (2022) as its sole round of institutional funding.Whop's marketplace model - which aggregates demand across creator products rather than requiring creators to bring their own traffic - surpassed Stan in revenue scale in 2025 and is growing roughly 10x faster.

<ul><li>Sacra estimates that Linktree generated $55.5M in revenue in 2024, up 50% year-over-year from $37M in 2023.</li><li>Linktree has raised a total of $165.7M from 3 rounds of fundraising.</li><li>As of April 2025, Linktree reported 70M+ users.</li></ul>

Sacra estimates that Linktree generated $55.5M in revenue in 2024, up 50% year-over-year from $37M in 2023.Linktree has raised a total of $165.7M from 3 rounds of fundraising.As of April 2025, Linktree reported 70M+ users.

<ul><li>Sacra estimates that Circle hit $68M in annual recurring revenue (ARR) in May 2026, up from $55M at the end of 2025 and up ~80% year-over-year.</li><li>Circle generates revenue through subscription plans for its all-in-one community platform, with pricing ranging from $49-$399+ per month.</li><li>Circle offers a 14-day free trial, allowing potential customers to experience the platform&#39;s full functionality before committing to a paid plan.</li></ul>

Sacra estimates that Circle hit $68M in annual recurring revenue (ARR) in May 2026, up from $55M at the end of 2025 and up ~80% year-over-year.Circle generates revenue through subscription plans for its all-in-one community platform, with pricing ranging from $49-$399+ per month.Circle offers a 14-day free trial, allowing potential customers to experience the platform&#39;s full functionality before committing to a paid plan.

<ul><li>Sacra estimates that Fanvue hit $200M in ARR in May 2026, up from $100M at the end of 2025.</li><li>Fanvue operates a two-sided marketplace with a B2B2C go-to-market strategy, where they provide infrastructure for creators (businesses) who then serve their fans (consumers).</li><li>Fanvue is capitalizing on the emerging AI creator economy by positioning itself as the leading platform for entirely AI-generated influencers.</li></ul>

Sacra estimates that Fanvue hit $200M in ARR in May 2026, up from $100M at the end of 2025.Fanvue operates a two-sided marketplace with a B2B2C go-to-market strategy, where they provide infrastructure for creators (businesses) who then serve their fans (consumers).Fanvue is capitalizing on the emerging AI creator economy by positioning itself as the leading platform for entirely AI-generated influencers.

United States

Mobile website builder for creators to sell products, collect tips, and manage fans

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Beacons (BEACONS US)

Primer: Passes - 12 Oct 2026

Marketplace for creators to sell risqué content, livestreams, and direct messages without nudity

Sacra

Primer: Stan - 17 Aug 2026

Storefront tool for creators to sell downloads, courses, and bookings from link-in-bio

Sacra

Primer: Linktree - 10 Aug 2026

Website builder for creators to share links and monetize audiences from social platforms

Sacra

Primer: Circle - 16 Jul 2026

Community software for creators to sell memberships, courses, and events to audiences

Sacra

Primer: Fanvue - 31 May 2026

Subscription-based platform for creators to monetize content and engage with fans

Sacra

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