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 Kit (formerly ConvertKit) reached $52M annual recurring revenue (ARR) in 2025, up 20% year-over-year from $42M in 2024, not including transactional revenue from its ad network business.</li><li>ConvertKit completed a secondary transaction through AngelList with 48 individual angel investors in 2021 that valued the company at $200M.</li><li>The company has gradually expanded its market through strategic acquisitions.</li></ul>

Sacra estimates that Kit (formerly ConvertKit) reached $52M annual recurring revenue (ARR) in 2025, up 20% year-over-year from $42M in 2024, not including transactional revenue from its ad network business.ConvertKit completed a secondary transaction through AngelList with 48 individual angel investors in 2021 that valued the company at $200M.The company has gradually expanded its market through strategic acquisitions.

<ul><li>Sacra estimates that Passes reached a $9.5M annualized net revenue run rate in February 2024, up from $3.6M at the end of 2023.</li><li>Passes raised $40M in Series A funding led by Bond Capital, with participation from Abstract Ventures, Crossbeam Ventures, Skims cofounders Emma and Jens Grede, and others in February 2024.</li><li>Passes acquired Fanhouse in 2023, incorporating a former safe-for-work membership competitor.</li></ul>

Sacra estimates that Passes reached a $9.5M annualized net revenue run rate in February 2024, up from $3.6M at the end of 2023.Passes raised $40M in Series A funding led by Bond Capital, with participation from Abstract Ventures, Crossbeam Ventures, Skims cofounders Emma and Jens Grede, and others in February 2024.Passes acquired Fanhouse in 2023, incorporating a former safe-for-work membership competitor.

<ul><li>Sacra estimates that Stan hit $40M in annual recurring revenue in April 2026, up from $35M at the end of 2025.</li><li>Stan reached profitability at approximately 40% EBITDA margins, remaining capital-light with its $5M seed from Forerunner (2022) as its sole round of institutional funding.</li><li>Whop's marketplace model - which aggregates demand across creator products rather than requiring creators to bring their own traffic - surpassed Stan in revenue scale in 2025 and is growing roughly 10x faster.</li></ul>

Sacra estimates that Stan hit $40M in annual recurring revenue in April 2026, up from $35M at the end of 2025.Stan reached profitability at approximately 40% EBITDA margins, remaining capital-light with its $5M seed from Forerunner (2022) as its sole round of institutional funding.Whop's marketplace model - which aggregates demand across creator products rather than requiring creators to bring their own traffic - surpassed Stan in revenue scale in 2025 and is growing roughly 10x faster.

<ul><li>Sacra estimates that Circle hit $68M in annual recurring revenue (ARR) in May 2026, up from $55M at the end of 2025 and up ~80% year-over-year.</li><li>Circle generates revenue through subscription plans for its all-in-one community platform, with pricing ranging from $49-$399+ per month.</li><li>Circle offers a 14-day free trial, allowing potential customers to experience the platform&#39;s full functionality before committing to a paid plan.</li></ul>

Sacra estimates that Circle hit $68M in annual recurring revenue (ARR) in May 2026, up from $55M at the end of 2025 and up ~80% year-over-year.Circle generates revenue through subscription plans for its all-in-one community platform, with pricing ranging from $49-$399+ per month.Circle offers a 14-day free trial, allowing potential customers to experience the platform&#39;s full functionality before committing to a paid plan.

<ul><li>Sacra estimates that Substack hit $45M in annualized revenue in July 2025, up from $37M in 2024 and $30M in 2023, as paid subscriptions grew to 5M by March 2025 with approximately $450M in writer gross revenue.</li><li>Substack was valued at $1.1B following its $100M Series C round led by BOND and The Chernin Group in July 2025, reaching unicorn status.</li><li>Substack is gradually growing from a tool that allows writers to set up and monetize their own email newsletters to a network for both readers (to discover and engage with new writers) and writers (to get recommended by other writers, access infrastructure and resources, and better monetize).</li></ul>

Sacra estimates that Substack hit $45M in annualized revenue in July 2025, up from $37M in 2024 and $30M in 2023, as paid subscriptions grew to 5M by March 2025 with approximately $450M in writer gross revenue.Substack was valued at $1.1B following its $100M Series C round led by BOND and The Chernin Group in July 2025, reaching unicorn status.Substack is gradually growing from a tool that allows writers to set up and monetize their own email newsletters to a network for both readers (to discover and engage with new writers) and writers (to get recommended by other writers, access infrastructure and resources, and better monetize).

United States

Email marketing software for creators to grow, engage, and monetize their audiences

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ConvertKit (CONVERTKIT US)

Primer: ConvertKit - 31 Jul 2026

Email marketing software for creators to grow, engage, and monetize their audiences

Sacra

Primer: Passes - 12 Oct 2026

Marketplace for creators to sell risqué content, livestreams, and direct messages without nudity

Sacra

Primer: Stan - 17 Aug 2026

Storefront tool for creators to sell downloads, courses, and bookings from link-in-bio

Sacra

Primer: Circle - 16 Jul 2026

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

Sacra

Primer: Substack - 31 May 2026

Newsletter tool for writers to publish, monetize, and grow subscriber audiences

Sacra

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