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>Bluesky is valued at approximately $700M as of January 2025, following a late-stage funding round led by Bain Capital Ventures.</li><li>The platform has reached 41.2 million users (as of January 2026), representing 60% growth from 35M in January 2025.</li><li>Completion of compliance work for the UK Online Safety Act and EU Digital Services Act in August 2025 removes regulatory barriers for European market entry.</li></ul>

Bluesky is valued at approximately $700M as of January 2025, following a late-stage funding round led by Bain Capital Ventures.The platform has reached 41.2 million users (as of January 2026), representing 60% growth from 35M in January 2025.Completion of compliance work for the UK Online Safety Act and EU Digital Services Act in August 2025 removes regulatory barriers for European market entry.

<ul><li>Sacra estimates Xiaohongshu hit $4.8B in revenue in 2024, up 30% year-over-year from $3.7B in 2023.</li><li>Xiaohongshu's unique positioning as a content-driven social commerce platform has enabled it to capture significant market share from traditional e-commerce players like Alibaba and JD.com.</li><li>By leveraging a highly engaged user base—predominantly young, urban Chinese women—Xiaohongshu creates value through trust-based recommendations and seamless purchasing pathways, a model that has scaled to material profitability, with the company tracking toward a tripling of annual profit to $3 billion in 2025.</li></ul>

Sacra estimates Xiaohongshu hit $4.8B in revenue in 2024, up 30% year-over-year from $3.7B in 2023.Xiaohongshu's unique positioning as a content-driven social commerce platform has enabled it to capture significant market share from traditional e-commerce players like Alibaba and JD.com.By leveraging a highly engaged user base—predominantly young, urban Chinese women—Xiaohongshu creates value through trust-based recommendations and seamless purchasing pathways, a model that has scaled to material profitability, with the company tracking toward a tripling of annual profit to $3 billion in 2025.

<ul><li>Sacra estimates Xiaohongshu generated $4.8B in revenue in 2024, up 30% from $3.7B in 2023, with 300M monthly active users and a $20B valuation.</li><li>The little-known Chinese social media app Xiaohongshu, backed by both domestic companies (Alibaba, Tencent) and international venture firms (DST Global, GGV Capital) shot to #1 in the iOS App Store in the week leading up to the TikTok ban as 3M American “TikTok refugees” flocked to it as a replacement.</li><li>We dug deeper into the Chinese-incorporated Xiaohongshu—aka RedNote—to learn more in advance of an anticipated 2025 IPO on the Hong Kong Stock Exchange (HKEX).</li></ul>

Sacra estimates Xiaohongshu generated $4.8B in revenue in 2024, up 30% from $3.7B in 2023, with 300M monthly active users and a $20B valuation.The little-known Chinese social media app Xiaohongshu, backed by both domestic companies (Alibaba, Tencent) and international venture firms (DST Global, GGV Capital) shot to #1 in the iOS App Store in the week leading up to the TikTok ban as 3M American “TikTok refugees” flocked to it as a replacement.We dug deeper into the Chinese-incorporated Xiaohongshu—aka RedNote—to learn more in advance of an anticipated 2025 IPO on the Hong Kong Stock Exchange (HKEX).

<ul><li>Interestingly—because that&#39;s related to my LinkedIn Premium experience—most users, especially the ones who sign up for LinkedIn Premium, are people who expect Premium to help them better leverage their network.</li><li>People have a lot of connections, but they don&#39;t know how keep up with them.</li><li>For example, let’s say a pre-seed fintech founder is looking to raise a seed round.</li></ul>

Interestingly—because that&#39;s related to my LinkedIn Premium experience—most users, especially the ones who sign up for LinkedIn Premium, are people who expect Premium to help them better leverage their network.People have a lot of connections, but they don&#39;t know how keep up with them.For example, let’s say a pre-seed fintech founder is looking to raise a seed round.

Abdallah Absi, co-founder And CEO Of Village, On Using PostHog For Product Analytics

<ul><li>As rumors swirled of a Peter Thiel takeover of Twitter in 2016, the anti-corporate Russian-born Eugen Rochko launched Mastodon as a decentralized, open-source protocol anyone could use to launch a Twitter clone with their own moderation standards and code of conduct.</li><li>Truth Social (NASDAQ: DJT) went public on Tuesday via SPAC, climbing to a $9.3B market cap by Wednesday afternoon for a 2,086x multiple on just $4.5M in 2023 revenue in a memetic frenzy reminiscent of GameStop’s (NYSE: GME) 2021 run, powered by /r/The_Donald diaspora (now hosted on Scored) and /r/wallstreetbets.</li><li>Ironically, Elon Musk’s ownership of Twitter may be the biggest headwind for alt-tech social media—by loosening Twitter’s moderation, he’s killed the deplatforming threat that drove their growth, with Gab usage declining from 4.3M MAUs at their peak to 1.2M, Truth Social declining from 9M to 1M, and Mastodon declining from 2.5M to 1M.</li></ul>

As rumors swirled of a Peter Thiel takeover of Twitter in 2016, the anti-corporate Russian-born Eugen Rochko launched Mastodon as a decentralized, open-source protocol anyone could use to launch a Twitter clone with their own moderation standards and code of conduct.Truth Social (NASDAQ: DJT) went public on Tuesday via SPAC, climbing to a $9.3B market cap by Wednesday afternoon for a 2,086x multiple on just $4.5M in 2023 revenue in a memetic frenzy reminiscent of GameStop’s (NYSE: GME) 2021 run, powered by /r/The_Donald diaspora (now hosted on Scored) and /r/wallstreetbets.Ironically, Elon Musk’s ownership of Twitter may be the biggest headwind for alt-tech social media—by loosening Twitter’s moderation, he’s killed the deplatforming threat that drove their growth, with Gab usage declining from 4.3M MAUs at their peak to 1.2M, Truth Social declining from 9M to 1M, and Mastodon declining from 2.5M to 1M.

Truth Social: The GameStop For The alt-right

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Tool for scheduling, publishing, and analyzing content across multiple social media channels

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Buffer (BUFFER US)

Primer: Bluesky - 15 Jun 2026

Decentralized social media platform enabling users to share short posts containing text, images, and videos

Sacra

Primer: Xiaohongshu - 13 Apr 2026

Social app for shopping inspiration and lifestyle content among young Chinese consumers

Sacra

$4.8B/yr Instagram Of China

TL;DR: Originally a PDF shopping guide for Chinese tourists, Xiaohongshu has evolved into China's answer to Instagram, capturing an affluent...

Sacra

Abdallah Absi, co-founder And CEO Of Village, On Using PostHog For Product Analytics

Tell us a bit about yourself and Village. What inspired you to start it...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Bluesky - 15 Jun 2026

Decentralized social media platform enabling users to share short posts containing text, images, and videos

Sacra

Primer: Xiaohongshu - 13 Apr 2026

Social app for shopping inspiration and lifestyle content among young Chinese consumers

Sacra

$4.8B/yr Instagram Of China

TL;DR: Originally a PDF shopping guide for Chinese tourists, Xiaohongshu has evolved into China's answer to Instagram, capturing an affluent...

Sacra

Abdallah Absi, co-founder And CEO Of Village, On Using PostHog For Product Analytics

Tell us a bit about yourself and Village. What inspired you to start it...

Sacra

Truth Social: The GameStop For The alt-right

TL;DR: “Free speech” social media platforms found product-market fit hosting conversations banned on mainstream platforms, and they’re now...

Sacra