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 OnlyFans generated $1.3B in revenue in 2023 (up 20% YoY).</li><li>Post-COVID growth has decelerated to 17-20% YoY in 2022-23 compared with Canva at $2B in 2023 revenue (growing 50% YoY) and Chime at $1.3B (growing 30% YoY).</li><li>OnlyFans has built the biggest and most trusted brand in their space—the Coinbase of amateur porn—backed by bank-grade KYC/AML to verify creator identities, moderation of all content and direct messages, and information sharing with law enforcement.</li></ul>

Sacra estimates that OnlyFans generated $1.3B in revenue in 2023 (up 20% YoY).Post-COVID growth has decelerated to 17-20% YoY in 2022-23 compared with Canva at $2B in 2023 revenue (growing 50% YoY) and Chime at $1.3B (growing 30% YoY).OnlyFans has built the biggest and most trusted brand in their space—the Coinbase of amateur porn—backed by bank-grade KYC/AML to verify creator identities, moderation of all content and direct messages, and information sharing with law enforcement.

<ul><li>Circle’s community platform rode the tailwind of offline groups going online during COVID, reaching a Sacra-estimated $21M in annual recurring revenue (ARR) in May 2024, up 75% year-over-year.</li><li>Sacra estimates that Circle hit $21M in annual recurring revenue (ARR) in May 2024, up 75% from ~$12M in May 2023, valued at $250M at a 12x forward revenue multiple.</li><li>Across the creator economy, platforms are going all-in-one, converting integrations into native SKUs to grow average revenue per user (ARPU) as Circle has done with courses (Thinkific), paid events (Eventbrite), and payments (Gumroad).</li></ul>

Circle’s community platform rode the tailwind of offline groups going online during COVID, reaching a Sacra-estimated $21M in annual recurring revenue (ARR) in May 2024, up 75% year-over-year.Sacra estimates that Circle hit $21M in annual recurring revenue (ARR) in May 2024, up 75% from ~$12M in May 2023, valued at $250M at a 12x forward revenue multiple.Across the creator economy, platforms are going all-in-one, converting integrations into native SKUs to grow average revenue per user (ARPU) as Circle has done with courses (Thinkific), paid events (Eventbrite), and payments (Gumroad).

<ul><li>Stan hit $27M annual recurring revenue (ARR) in March 2024, growing ~20% month-over-month every month in Q1'24 from $15M ARR at the end of 2023.</li><li>Stan found product-market fit with the education-focused creator segment—not professionals that sell $10,000+ courses on Kajabi & Thinkific (TSX: THNCF)—but the rapidly growing population of ~10,000 follower spirituality teachers, passive income gurus and social media coaches hanging out and monetizing their followings on Instagram and TikTok.</li><li>Word of mouth and referral on high engagement and high growth social platforms has Stan's growth accelerating as its revenue has scaled, mimicking the hypergrowth of link-in-bio startups like Linktree (40M+ users) but monetizing harder at the premium price point of $29/mo.</li></ul>

Stan hit $27M annual recurring revenue (ARR) in March 2024, growing ~20% month-over-month every month in Q1'24 from $15M ARR at the end of 2023.Stan found product-market fit with the education-focused creator segment—not professionals that sell $10,000+ courses on Kajabi & Thinkific (TSX: THNCF)—but the rapidly growing population of ~10,000 follower spirituality teachers, passive income gurus and social media coaches hanging out and monetizing their followings on Instagram and TikTok.Word of mouth and referral on high engagement and high growth social platforms has Stan's growth accelerating as its revenue has scaled, mimicking the hypergrowth of link-in-bio startups like Linktree (40M+ users) but monetizing harder at the premium price point of $29/mo.

<ul><li>Stan has been growing ~20% month-over-month every month in Q1'24 with high velocity even as revenue continues to scale.</li><li>Our customers generate more than 50% of their income on Stan by selling digital downloads.</li><li>13% churn means that we are going to turn over our entire user base over the year.</li></ul>

Stan has been growing ~20% month-over-month every month in Q1'24 with high velocity even as revenue continues to scale.Our customers generate more than 50% of their income on Stan by selling digital downloads.13% churn means that we are going to turn over our entire user base over the year.

Vitalii Dodonov, CTO Of Stan, On Building A creator-aligned store-in-bio

<ul><li>Launched by ex-Morning Brewers (acquired by Business Insider for $75M) in November 2021, Beehiiv built for the emerging trend of business gurus launching newsletter brands like Shaan Puri’s Milk Road (sold for $10M after 12 months with 250K subs) and LeQwane Lynch’s The Alerts Daily (sold to Overtime with 35K subs).</li><li>Sacra estimates that Beehiiv is at $13M in annualized revenue as of April, up 450% year-over-year (for a 17x multiple on their $224M valuation per their current Wefunder round) with 70% of revenue coming from subscription SaaS and 30% coming from ads via Ad Network, which they launched in Q3’23.</li><li>Beehiiv’s current growth momentum puts them on a potential trajectory to pass Substack and ConvertKit in revenue in 2026, pushing both Substack and ConvertKit to innovate by hybridizing their business models across subscription SaaS and ads and deepening their creator & sponsor networks.</li></ul>

Launched by ex-Morning Brewers (acquired by Business Insider for $75M) in November 2021, Beehiiv built for the emerging trend of business gurus launching newsletter brands like Shaan Puri’s Milk Road (sold for $10M after 12 months with 250K subs) and LeQwane Lynch’s The Alerts Daily (sold to Overtime with 35K subs).Sacra estimates that Beehiiv is at $13M in annualized revenue as of April, up 450% year-over-year (for a 17x multiple on their $224M valuation per their current Wefunder round) with 70% of revenue coming from subscription SaaS and 30% coming from ads via Ad Network, which they launched in Q3’23.Beehiiv’s current growth momentum puts them on a potential trajectory to pass Substack and ConvertKit in revenue in 2026, pushing both Substack and ConvertKit to innovate by hybridizing their business models across subscription SaaS and ads and deepening their creator & sponsor networks.

Beehiiv Vs. ConvertKit Vs. Substack Vs. Mailchimp

United States

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

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OnlyFans At $1.3B/yr

TL;DR: Sacra estimates that OnlyFans generated $1.3B in revenue in 2023 (up 20% YoY). While it’s now the biggest and most trusted brand in the...

Sacra

Circle At $21M ARR

TL;DR: Circle’s community platform rode the tailwind of offline groups going online during COVID, reaching a Sacra-estimated $21M in annual...

Sacra

Stan: From $15M To $27M ARR In 3 Months

TL;DR: Stan hit $27M annual recurring revenue (ARR) in March 2024, growing ~20% month-over-month every month in Q1'24 from $15M ARR at the end of...

Sacra

Vitalii Dodonov, CTO Of Stan, On Building A creator-aligned store-in-bio

Spirituality coaches, passive income gurus, social media coaches, and more use Stan—it feels like an eclectic bunch. How do you talk about and...

Sacra

Beehiiv Vs. ConvertKit Vs. Substack Vs. Mailchimp

TL;DR: Sacra estimates Beehiiv’s annualized revenue at $13M, up 450% year-over-year. In the creator economy, what was once a battle of the business...

Sacra

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