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>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 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

<ul><li>Parcel has always been an email developer-first product.</li><li>The best way you support developers is by getting marketers off their back.</li><li>The big problems to solve are around streamlining message communication, making every message on brand, and improving communication between companies and their customers.</li></ul>

Parcel has always been an email developer-first product.The best way you support developers is by getting marketers off their back.The big problems to solve are around streamlining message communication, making every message on brand, and improving communication between companies and their customers.

Avi Goldman, Founder Of Parcel, On The Email Developer Experience

<ul><li>On the flip side, pure subscription SaaS companies like ConvertKit ($9-25/month) and Beehiiv ($42-84/month) with a simple model of charging a fixed monthly fee based on list size hit $38M annual recurring revenue (ARR) on zero capital raised (ConvertKit) and $3M ARR on $4.2M raised (Beehiiv).</li><li>After having dipped to 3% year-over-year growth in October 2021, ConvertKit’s growth re-accelerated to 22% last month with the ad network launches of Creator Network, which lets writers do both free and paid recommendations of other newsletters, and Sponsor Network, which lets businesses sponsor writers.</li><li>Businesses are the biggest tailwind for the creator economy now—while corporate spend on social ads is down 6x since 2020, spending on influencer marketing in 2023 hit $5.1B just through Q3, up 82% from $2.8B in 2020.</li></ul>

On the flip side, pure subscription SaaS companies like ConvertKit ($9-25/month) and Beehiiv ($42-84/month) with a simple model of charging a fixed monthly fee based on list size hit $38M annual recurring revenue (ARR) on zero capital raised (ConvertKit) and $3M ARR on $4.2M raised (Beehiiv).After having dipped to 3% year-over-year growth in October 2021, ConvertKit’s growth re-accelerated to 22% last month with the ad network launches of Creator Network, which lets writers do both free and paid recommendations of other newsletters, and Sponsor Network, which lets businesses sponsor writers.Businesses are the biggest tailwind for the creator economy now—while corporate spend on social ads is down 6x since 2020, spending on influencer marketing in 2023 hit $5.1B just through Q3, up 82% from $2.8B in 2020.

United States

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

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Beehiiv (BEEHIIV US)

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

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

Avi Goldman, Founder Of Parcel, On The Email Developer Experience

How did you come to start Parcel...

Sacra

ConvertKit At $38M ARR

TL;DR: Subscription SaaS creator economy companies like ConvertKit and Beehiiv with simple business models are growing through the creator...

Sacra

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