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>Substack is working on its own ad product to keep its highest-earning writers from defecting.</li><li>We first covered Substack in April 2023 at $19M in revenue as the “luxury publishing conglomerate” taking on legacy media like the NYT.</li><li>Sacra estimates Substack hit $45M in annualized revenue in July 2025, up from $37M at the end of 2024.</li></ul>

Substack is working on its own ad product to keep its highest-earning writers from defecting.We first covered Substack in April 2023 at $19M in revenue as the “luxury publishing conglomerate” taking on legacy media like the NYT.Sacra estimates Substack hit $45M in annualized revenue in July 2025, up from $37M at the end of 2024.

<ul><li>Sacra estimates Beehiiv hit $30M in annualized revenue in June 2025, up from $19.8M in December 2024.</li><li>About 33% of Beehiiv’s revenue—~$10M annualized as of June 2025—now comes from its Ad Network.</li><li>Beehiiv and Kit focus on direct list growth and downstream monetization, while Substack has gone middle-of-funnel.</li></ul>

Sacra estimates Beehiiv hit $30M in annualized revenue in June 2025, up from $19.8M in December 2024.About 33% of Beehiiv’s revenue—~$10M annualized as of June 2025—now comes from its Ad Network.Beehiiv and Kit focus on direct list growth and downstream monetization, while Substack has gone middle-of-funnel.

<ul><li>Whop generated $22.6M revenue in 2024, up 74% YoY.</li><li>Growth took off in 2023 with Bounties, an Upwork-like Whop app which lets creators crowdsource jobs like clipping &amp; promoting content.</li><li>Sacra estimates Whop generated $13M in trailing twelve months (TTM) revenue by the end of 2023 (up 700% YoY) with $273M in GMV.</li></ul>

Whop generated $22.6M revenue in 2024, up 74% YoY.Growth took off in 2023 with Bounties, an Upwork-like Whop app which lets creators crowdsource jobs like clipping &amp; promoting content.Sacra estimates Whop generated $13M in trailing twelve months (TTM) revenue by the end of 2023 (up 700% YoY) with $273M in GMV.

<ul><li>With its October rebrand and launch of the Kit App Store, Kit shifted from vertically integrated SaaS to a platform model akin to Shopify’s ecosystem strategy, enabling 15+ third-party apps to go live by year-end and creating new levers for expansion revenue and developer-led distribution—mirroring the bundling trend across creator SaaS as players like Kajabi and Stan seek to combat low ACV and high churn.</li><li>With the launch of Kit Studios and its first physical location offering free, high-end video and podcast production space to creators, Kit is extending its product surface offline to capture more multi-channel “creator CEOs”—echoing Kajabi’s bundling strategy and positioning itself as a B2B SaaS alternative to venture-backed platforms like Substack, which continue to struggle with 50-60% annual churn and negative revenue on subsidized creator advances.</li><li>We followed up at $41M ARR in April 2024, growing 17% YoY, as it was establishing itself beyond pure email SaaS with diversification into subscription software, creator commerce, and advertising.</li></ul>

With its October rebrand and launch of the Kit App Store, Kit shifted from vertically integrated SaaS to a platform model akin to Shopify’s ecosystem strategy, enabling 15+ third-party apps to go live by year-end and creating new levers for expansion revenue and developer-led distribution—mirroring the bundling trend across creator SaaS as players like Kajabi and Stan seek to combat low ACV and high churn.With the launch of Kit Studios and its first physical location offering free, high-end video and podcast production space to creators, Kit is extending its product surface offline to capture more multi-channel “creator CEOs”—echoing Kajabi’s bundling strategy and positioning itself as a B2B SaaS alternative to venture-backed platforms like Substack, which continue to struggle with 50-60% annual churn and negative revenue on subsidized creator advances.We followed up at $41M ARR in April 2024, growing 17% YoY, as it was establishing itself beyond pure email SaaS with diversification into subscription software, creator commerce, and advertising.

<ul><li>Sacra estimates that Stan ended 2024 at $28.3M in ARR, up 92% year-over-year.</li><li>We first covered Stan at $14.7M ARR in February 2024, growing 765% YoY.</li><li>We followed up at $27M ARR in May 2024, growing ~20% month-over-month.</li></ul>

Sacra estimates that Stan ended 2024 at $28.3M in ARR, up 92% year-over-year.We first covered Stan at $14.7M ARR in February 2024, growing 765% YoY.We followed up at $27M ARR in May 2024, growing ~20% month-over-month.

United States

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

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ConvertKit (CONVERTKIT US)

Substack At $45M/year

TL;DR: After originally positioning against ads, Substack is working on its own ad product to keep its highest-earning writers from defecting....

Sacra

Beehiiv At $30M/year

TL;DR: First launched as a subscription-based newsletter SaaS, Beehiiv now gets a third of its revenue from its performance ad network and creator...

Sacra

Whop At $23M/year Growing 70% YoY

TL;DR: Indexed on the rise of paid Discord communities for sports betting lines and daytrading tips, Whop (2021) has become the checkout and...

Sacra

ConvertKit At $43M ARR

TL;DR: ConvertKit (now rebranded as Kit) has expanded beyond email infrastructure with the launch of the Kit App Store and physical Kit Studios...

Sacra

Stan Vs Whop

TL;DR: The fastest-growing creator economy platforms in 2025, like Stan and Whop, are those enabling creators to sell shadow market digital SKUs...

Sacra

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