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 Substack hit $45M in annualized revenue in July 2025, up from $37M in 2024 and $30M in 2023, as paid subscriptions grew to 5M by March 2025 with approximately $450M in writer gross revenue.</li><li>Substack was valued at $1.1B following its $100M Series C round led by BOND and The Chernin Group in July 2025, reaching unicorn status.</li><li>Substack is gradually growing from a tool that allows writers to set up and monetize their own email newsletters to a network for both readers (to discover and engage with new writers) and writers (to get recommended by other writers, access infrastructure and resources, and better monetize).</li></ul>

Sacra estimates that Substack hit $45M in annualized revenue in July 2025, up from $37M in 2024 and $30M in 2023, as paid subscriptions grew to 5M by March 2025 with approximately $450M in writer gross revenue.Substack was valued at $1.1B following its $100M Series C round led by BOND and The Chernin Group in July 2025, reaching unicorn status.Substack is gradually growing from a tool that allows writers to set up and monetize their own email newsletters to a network for both readers (to discover and engage with new writers) and writers (to get recommended by other writers, access infrastructure and resources, and better monetize).

<ul><li>Sacra estimates that Patreon generated $179M in revenue in 2025, up from 28% year-over-year from $140M in 2024.</li><li>Patreon is valued at $4 billion following its $155 million Series F round in April 2021, led by Tiger Global Management.</li><li>The blended take rate has increased from approximately 7% in 2020 to an estimated 8.5% currently, with most creators likely on the 8% plan.</li></ul>

Sacra estimates that Patreon generated $179M in revenue in 2025, up from 28% year-over-year from $140M in 2024.Patreon is valued at $4 billion following its $155 million Series F round in April 2021, led by Tiger Global Management.The blended take rate has increased from approximately 7% in 2020 to an estimated 8.5% currently, with most creators likely on the 8% plan.

<ul><li>Sacra estimates Whop reached <a href="https://sacra.com/research/whop-revenue-growth-valuation/" target="_blank" rel="noopener noreferrer">$142M annualized revenue in October 2025, up 255% YoY and up from $56M at the end of 2024</a>, raising $50M last July at an $800M valuation for a 28.6x multiple on $28M revenue at the time—compared to ecommerce platform Shopify (NYSE: SHOP) at $10.7B TTM revenue, growing 20% YoY, valued at $192B for a 17.9x multiple, digital storefront <a href="https://sacra.com/c/stan/" target="_blank" rel="noopener noreferrer">Stan </a> at <a href="https://sacra.com/research/stan-revenue-growth-valuation" target="_blank" rel="noopener noreferrer">$28.3M in annual recurring revenue at the end of 2024, up 93% YoY</a>, and livestream shopping platform Whatnot at $359M revenue in 2024, up 102% YoY, valued at $5B for a 13.9x multiple.</li><li>The creator market continues to split between mainstream platforms like <a href="https://sacra.com/c/patreon" target="_blank" rel="noopener noreferrer">Patreon</a>, <a href="https://sacra.com/c/linktree" target="_blank" rel="noopener noreferrer">Linktree </a> &amp; <a href="https://sacra.com/c/circle-so" target="_blank" rel="noopener noreferrer">Circle</a>, built on <a href="https://sacra.com/c/stripe" target="_blank" rel="noopener noreferrer">Stripe </a> &amp; PayPal, that optimize for SFW creators and increasingly see B2B-style adoption, versus shadow market platforms for high-risk, high-chargeback merchants like <a href="https://sacra.com/c/whop" target="_blank" rel="noopener noreferrer">Whop</a>, which orchestrate multiple payment providers to improve authorization rates and effectively “platform” creators who would otherwise struggle to find a place to sell online.</li><li>With the <a href="https://sacra.com/c/whop" target="_blank" rel="noopener noreferrer">Whop App Store </a> (launched June 2025), <a href="https://sacra.com/c/whop" target="_blank" rel="noopener noreferrer">Whop </a> can serve the diverse set of grey-market use cases compared to the adult-verticalized <a href="https://sacra.com/c/onlyfans" target="_blank" rel="noopener noreferrer">OnlyFans</a>, siphon users from apps like <a href="https://sacra.com/c/discord" target="_blank" rel="noopener noreferrer">Discord </a> (Chat by Whop) &amp; Twitch (Livestreaming by Whop) and turn Whop storefronts into high engagement user-facing apps.</li></ul>

Sacra estimates Whop reached $142M annualized revenue in October 2025, up 255% YoY and up from $56M at the end of 2024, raising $50M last July at an $800M valuation for a 28.6x multiple on $28M revenue at the time—compared to ecommerce platform Shopify (NYSE: SHOP) at $10.7B TTM revenue, growing 20% YoY, valued at $192B for a 17.9x multiple, digital storefront Stan  at $28.3M in annual recurring revenue at the end of 2024, up 93% YoY, and livestream shopping platform Whatnot at $359M revenue in 2024, up 102% YoY, valued at $5B for a 13.9x multiple.The creator market continues to split between mainstream platforms like Patreon, Linktree  &amp; Circle, built on Stripe  &amp; PayPal, that optimize for SFW creators and increasingly see B2B-style adoption, versus shadow market platforms for high-risk, high-chargeback merchants like Whop, which orchestrate multiple payment providers to improve authorization rates and effectively “platform” creators who would otherwise struggle to find a place to sell online.With the Whop App Store  (launched June 2025), Whop  can serve the diverse set of grey-market use cases compared to the adult-verticalized OnlyFans, siphon users from apps like Discord  (Chat by Whop) &amp; Twitch (Livestreaming by Whop) and turn Whop storefronts into high engagement user-facing apps.

<ul><li>Communities as businesses split into three models: vertical professional networks (B2B marketers, roofing contractors, Airbnb hosts), training programs (software engineering bootcamps, becoming a life coach, starting an AI agency), and personal improvement clubs (support groups for new parents, meditation communities, health condition support) that monetize via access to peers & structured programs as an alternative to the burnout-inducing content treadmill that comes from creating & selling newsletters, courses and digital downloads.</li><li>Originally built for YouTubers & course creators, now community platforms are seeing demand crossover into B2B and the enterprise with Fortune 500 companies creating professional networks for practitioners, customer communities for education & support and partner & ecosystem hubs.</li><li>We hit profitability a few months ago, and are now at $50M+ ARR.</li></ul>

Communities as businesses split into three models: vertical professional networks (B2B marketers, roofing contractors, Airbnb hosts), training programs (software engineering bootcamps, becoming a life coach, starting an AI agency), and personal improvement clubs (support groups for new parents, meditation communities, health condition support) that monetize via access to peers & structured programs as an alternative to the burnout-inducing content treadmill that comes from creating & selling newsletters, courses and digital downloads.Originally built for YouTubers & course creators, now community platforms are seeing demand crossover into B2B and the enterprise with Fortune 500 companies creating professional networks for practitioners, customer communities for education & support and partner & ecosystem hubs.We hit profitability a few months ago, and are now at $50M+ ARR.

Sid Yadav, co-founder & CEO Of Circle, On The 3 Types Of Community Businesses

<ul><li>Substack is working on its own ad product to keep its highest-earning writers from defecting.</li><li>We first covered Substack in April 2023 at $19M in revenue as the “luxury publishing conglomerate” taking on legacy media like the NYT.</li><li>Sacra estimates Substack hit $45M in annualized revenue in July 2025, up from $37M at the end of 2024.</li></ul>

Substack is working on its own ad product to keep its highest-earning writers from defecting.We first covered Substack in April 2023 at $19M in revenue as the “luxury publishing conglomerate” taking on legacy media like the NYT.Sacra estimates Substack hit $45M in annualized revenue in July 2025, up from $37M at the end of 2024.

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Newsletter software for creators with subscription billing, audience growth, and ad monetization tools

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Beehiiv (BEEHIIV US)

Primer: Substack - 31 May 2026

Newsletter tool for writers to publish, monetize, and grow subscriber audiences

Sacra

Primer: Patreon - 01 Feb 2026

Membership tool for creators to offer exclusive content and perks to paying fans

Sacra

Whop At $142M Revenue

TL;DR: A digital storefront for Gen Z creators, Whop has grown to a Sacra-estimated $142M in annualized revenue, growing 255% YoY. With the launch...

Sacra

Sid Yadav, co-founder & CEO Of Circle, On The 3 Types Of Community Businesses

What is Circle in short and what was the founding insight that led you, Rudy, and Andy to start it coming out of Teachable...

Sacra

Substack At $45M/year

TL;DR: After originally positioning against ads, Substack is working on its own ad product to keep its highest-earning writers from defecting....

Sacra

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