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 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>Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch synthetic creators.</li><li>Sacra estimates Fanvue hit $100M in annual recurring revenue (ARR) in 2025, up 150% year-over-year from $40M in 2024.</li><li>After Fansly banned photorealistic AI-generated content in June 2025, Fanvue became the only major adult subscription platform to fully embrace from-scratch synthetic creators.</li></ul>

Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch synthetic creators.Sacra estimates Fanvue hit $100M in annual recurring revenue (ARR) in 2025, up 150% year-over-year from $40M in 2024.After Fansly banned photorealistic AI-generated content in June 2025, Fanvue became the only major adult subscription platform to fully embrace from-scratch synthetic creators.

<ul><li>Kajabi reached a $2B valuation in 2021 when the company hit $100M ARR, corresponding to a 20x revenue multiple during the peak of creator economy enthusiasm.</li><li>The platform enables creators to build branded websites, create and sell digital courses, host membership communities, deliver coaching services, launch podcasts, send newsletters, and process payments—all from a single dashboard.</li><li>Since its founding in 2010, Kajabi has paid out $10B to creators, with total payouts rising 25% year-over-year as of August 2025.</li></ul>

Kajabi reached a $2B valuation in 2021 when the company hit $100M ARR, corresponding to a 20x revenue multiple during the peak of creator economy enthusiasm.The platform enables creators to build branded websites, create and sell digital courses, host membership communities, deliver coaching services, launch podcasts, send newsletters, and process payments—all from a single dashboard.Since its founding in 2010, Kajabi has paid out $10B to creators, with total payouts rising 25% year-over-year as of August 2025.

<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>Sacra estimates that Gumroad hit $21M in revenue in 2023, up 96% from $11M in 2022.</li><li>Gumroad&#39;s pricing change from a 3.5-8.5% variable take rate to a flat 10% take rate on GMV in early 2023 near doubled monthly revenue from $1M to $1.8M and flipped them from burning cash (-$1M net in 2022) to generating $9M in net profit for 2023.</li><li>Once creators are making more than $4K per year, the transaction fees a creator is paying to Gumroad are equivalent/beyond what they’d pay for a more fully-featured SaaS platform for creators like Stan.</li></ul>

Sacra estimates that Gumroad hit $21M in revenue in 2023, up 96% from $11M in 2022.Gumroad&#39;s pricing change from a 3.5-8.5% variable take rate to a flat 10% take rate on GMV in early 2023 near doubled monthly revenue from $1M to $1.8M and flipped them from burning cash (-$1M net in 2022) to generating $9M in net profit for 2023.Once creators are making more than $4K per year, the transaction fees a creator is paying to Gumroad are equivalent/beyond what they’d pay for a more fully-featured SaaS platform for creators like Stan.

United States

Community software for creators to sell memberships, courses, and events to audiences

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Circle (CIRCLE US)

Primer: Patreon - 01 Feb 2026

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

Sacra

AI OnlyFans At $100M/year

TL;DR: Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch...

Sacra

Primer: Kajabi - 11 Jan 2026

Software for creators to build, market, and sell online courses and digital products

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

Primer: Gumroad - 07 Dec 2024

Checkout tool for creators to sell digital products, memberships, and courses online

Sacra

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