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>Substack (2017) built “Svbtle with a paywall”, paying advances to prominent writers like Matthew Yglesias (ex-Vox) and Anne Helen Petersen (ex-Buzzfeed) to create a halo around its brand combined with a business model that enabled them to index on the upside of its big-name writers and focus on quality over mass market.</li><li>Sacra estimates that revenue at Substack grew 58% year-over-year to $19M in 2022 off of 35 million subscribers, 2 million paid subscribers and $145M million in GMV with $82 million in funding raised.</li><li>In March 2023, Substack launched an equity crowdfunding campaign on WeFunder to raise $5M at a $585M pre-money valuation and estimated 30x multiple on $19M in TTM revenue, a flat round from their 2021 Series B led by Andreessen Horowitz where they raised $65M at a 102x multiple.</li></ul>

Substack (2017) built “Svbtle with a paywall”, paying advances to prominent writers like Matthew Yglesias (ex-Vox) and Anne Helen Petersen (ex-Buzzfeed) to create a halo around its brand combined with a business model that enabled them to index on the upside of its big-name writers and focus on quality over mass market.Sacra estimates that revenue at Substack grew 58% year-over-year to $19M in 2022 off of 35 million subscribers, 2 million paid subscribers and $145M million in GMV with $82 million in funding raised.In March 2023, Substack launched an equity crowdfunding campaign on WeFunder to raise $5M at a $585M pre-money valuation and estimated 30x multiple on $19M in TTM revenue, a flat round from their 2021 Series B led by Andreessen Horowitz where they raised $65M at a 102x multiple.

<ul><li>Substack has made a lot of it public recently, so you can check my page and see that I have around 49,000 subscribers.</li><li>Somewhere around mid last year, Substack really started putting money and time into their recommendations feature.</li><li>Substack's model of charging 10% can become a massive cost item for successful publications.</li></ul>

Substack has made a lot of it public recently, so you can check my page and see that I have around 49,000 subscribers.Somewhere around mid last year, Substack really started putting money and time into their recommendations feature.Substack's model of charging 10% can become a massive cost item for successful publications.

Justin Gage, Founder Of Technically, On How Substack Earns Its 10% Take Rate

<ul><li>Sahil is the marketplace of one, connecting both creators and customers, as well as founders and capital.</li><li>He was the second employee at Pinterest, left without vesting his shares to start Gumroad at the age of 19.</li><li>In November 2017, the Series A lead investor Kleiner Perkins Caufield &amp; Byers wrote off their $6,000,000 A and $2,000,000 bridge.</li></ul>

Sahil is the marketplace of one, connecting both creators and customers, as well as founders and capital.He was the second employee at Pinterest, left without vesting his shares to start Gumroad at the age of 19.In November 2017, the Series A lead investor Kleiner Perkins Caufield &amp; Byers wrote off their $6,000,000 A and $2,000,000 bridge.

Gumroad Management And Fundraising History

<ul><li>I think that takes time and is not perfectly ironed out on almost any platform, whether it&#39;s Shopify or Gumroad or Kajabi.</li><li>I think the friction is post-sale. I think the friction is engaging your audience.</li><li>Recently they did the 14-day product challenge.</li></ul>

I think that takes time and is not perfectly ironed out on almost any platform, whether it&#39;s Shopify or Gumroad or Kajabi.I think the friction is post-sale. I think the friction is engaging your audience.Recently they did the 14-day product challenge.

Gumroad Creator On Gumroad's Economics And User Journey

United States

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

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Circle (CIRCLE 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

Substack: The $19M/year Content LVMH

Substack grew revenue an estimated 10x during COVID and built a star-studded roster of writers. Now, it faces growing tensions between building for...

Sacra

Justin Gage, Founder Of Technically, On How Substack Earns Its 10% Take Rate

Sacra interview with Justin Gage, the founder of Technically.

Sacra

Gumroad Management And Fundraising History

Gumroad is a $100M online checkout for creators growing GMV at 37% per year. Sacra members get access to full cap table and management breakdown.

Sacra

Gumroad Creator On Gumroad's Economics And User Journey

Our last of 6 expert interviews with founders, C-suite leaders and makers on the future of Gumroad and the creator economy.

Sacra

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