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 Beehiiv hit $30M in annualized revenue in June 2025, up from $19.8M in December 2024.</li><li>About 33% of Beehiiv’s revenue—~$10M annualized as of June 2025—now comes from its Ad Network.</li><li>Beehiiv and Kit focus on direct list growth and downstream monetization, while Substack has gone middle-of-funnel.</li></ul>

Sacra estimates Beehiiv hit $30M in annualized revenue in June 2025, up from $19.8M in December 2024.About 33% of Beehiiv’s revenue—~$10M annualized as of June 2025—now comes from its Ad Network.Beehiiv and Kit focus on direct list growth and downstream monetization, while Substack has gone middle-of-funnel.

<ul><li>Whop generated $22.6M revenue in 2024, up 74% YoY.</li><li>Growth took off in 2023 with Bounties, an Upwork-like Whop app which lets creators crowdsource jobs like clipping &amp; promoting content.</li><li>Sacra estimates Whop generated $13M in trailing twelve months (TTM) revenue by the end of 2023 (up 700% YoY) with $273M in GMV.</li></ul>

Whop generated $22.6M revenue in 2024, up 74% YoY.Growth took off in 2023 with Bounties, an Upwork-like Whop app which lets creators crowdsource jobs like clipping &amp; promoting content.Sacra estimates Whop generated $13M in trailing twelve months (TTM) revenue by the end of 2023 (up 700% YoY) with $273M in GMV.

<ul><li>With its October rebrand and launch of the Kit App Store, Kit shifted from vertically integrated SaaS to a platform model akin to Shopify’s ecosystem strategy, enabling 15+ third-party apps to go live by year-end and creating new levers for expansion revenue and developer-led distribution—mirroring the bundling trend across creator SaaS as players like Kajabi and Stan seek to combat low ACV and high churn.</li><li>With the launch of Kit Studios and its first physical location offering free, high-end video and podcast production space to creators, Kit is extending its product surface offline to capture more multi-channel “creator CEOs”—echoing Kajabi’s bundling strategy and positioning itself as a B2B SaaS alternative to venture-backed platforms like Substack, which continue to struggle with 50-60% annual churn and negative revenue on subsidized creator advances.</li><li>We followed up at $41M ARR in April 2024, growing 17% YoY, as it was establishing itself beyond pure email SaaS with diversification into subscription software, creator commerce, and advertising.</li></ul>

With its October rebrand and launch of the Kit App Store, Kit shifted from vertically integrated SaaS to a platform model akin to Shopify’s ecosystem strategy, enabling 15+ third-party apps to go live by year-end and creating new levers for expansion revenue and developer-led distribution—mirroring the bundling trend across creator SaaS as players like Kajabi and Stan seek to combat low ACV and high churn.With the launch of Kit Studios and its first physical location offering free, high-end video and podcast production space to creators, Kit is extending its product surface offline to capture more multi-channel “creator CEOs”—echoing Kajabi’s bundling strategy and positioning itself as a B2B SaaS alternative to venture-backed platforms like Substack, which continue to struggle with 50-60% annual churn and negative revenue on subsidized creator advances.We followed up at $41M ARR in April 2024, growing 17% YoY, as it was establishing itself beyond pure email SaaS with diversification into subscription software, creator commerce, and advertising.

<ul><li>Sacra estimates that Stan ended 2024 at $28.3M in ARR, up 92% year-over-year.</li><li>We first covered Stan at $14.7M ARR in February 2024, growing 765% YoY.</li><li>We followed up at $27M ARR in May 2024, growing ~20% month-over-month.</li></ul>

Sacra estimates that Stan ended 2024 at $28.3M in ARR, up 92% year-over-year.We first covered Stan at $14.7M ARR in February 2024, growing 765% YoY.We followed up at $27M ARR in May 2024, growing ~20% month-over-month.

<ul><li>Gumroad flipped from burning cash to making $9M in profit when it increased prices in 2023, but behind its $21M of revenue (up 96% YoY) is a 2.5 year decline in GMV.</li><li>The near-term revenue step function increase masked a longer-term decline in GMV, which fell from its COVID peak of $185M in 2021 to $171M in 2023—a trend finally now showing up in monthly revenue, down ~7% YoY as of July 2024.</li><li>The upside case lies in the growing Gumroad family of businesses—Flexile for contractor payroll ($36K ARR), Helper for customer support, and Iffy for API-based content moderation—which it finances with its substantial positive cash flow.</li></ul>

Gumroad flipped from burning cash to making $9M in profit when it increased prices in 2023, but behind its $21M of revenue (up 96% YoY) is a 2.5 year decline in GMV.The near-term revenue step function increase masked a longer-term decline in GMV, which fell from its COVID peak of $185M in 2021 to $171M in 2023—a trend finally now showing up in monthly revenue, down ~7% YoY as of July 2024.The upside case lies in the growing Gumroad family of businesses—Flexile for contractor payroll ($36K ARR), Helper for customer support, and Iffy for API-based content moderation—which it finances with its substantial positive cash flow.

United States

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

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Beehiiv (BEEHIIV US)

Beehiiv At $30M/year

TL;DR: First launched as a subscription-based newsletter SaaS, Beehiiv now gets a third of its revenue from its performance ad network and creator...

Sacra

Whop At $23M/year Growing 70% YoY

TL;DR: Indexed on the rise of paid Discord communities for sports betting lines and daytrading tips, Whop (2021) has become the checkout and...

Sacra

ConvertKit At $43M ARR

TL;DR: ConvertKit (now rebranded as Kit) has expanded beyond email infrastructure with the launch of the Kit App Store and physical Kit Studios...

Sacra

Stan Vs Whop

TL;DR: The fastest-growing creator economy platforms in 2025, like Stan and Whop, are those enabling creators to sell shadow market digital SKUs...

Sacra

Gumroad At $21M

TL;DR: Gumroad flipped from burning cash to making $9M in profit when it increased prices in 2023, but behind its $21M of revenue (up 96% YoY) is a...

Sacra

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