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>Reddit positioned itself as the populist, grassroots alternative, with a recommendation engine built around “karma” points to incentivize users to share high-quality content.</li><li>Reddit monetizes the strong commercial intent of users by selling advertisers sponsored posts in targeted subreddit communities (~93% of revenue) and from their $6/month subscription (~7%) to unlock ad-free browsing, awards, and other features.</li><li>Sacra estimates that Reddit made roughly $510M in 2022, up 36% from 2021 when it made $375M, with an average revenue per user (ARPU) of about $1.19, up from $0.81 in 2021, and roughly 430M monthly active users (MAUs).</li></ul>

Reddit positioned itself as the populist, grassroots alternative, with a recommendation engine built around “karma” points to incentivize users to share high-quality content.Reddit monetizes the strong commercial intent of users by selling advertisers sponsored posts in targeted subreddit communities (~93% of revenue) and from their $6/month subscription (~7%) to unlock ad-free browsing, awards, and other features.Sacra estimates that Reddit made roughly $510M in 2022, up 36% from 2021 when it made $375M, with an average revenue per user (ARPU) of about $1.19, up from $0.81 in 2021, and roughly 430M monthly active users (MAUs).

Reddit: The $510M/year Social Libertarian Superapp

<ul><li>By the end of 2022, Discord hit $445M in revenue, growing 44% year-over-year, last valued at $15.2B or a 34x multiple on current revenue.</li><li>COVID, the boom in crypto, and the shift from in-person to metaverse served as a huge tailwind for pseudonymous group chat apps like Discord (growing 587% from 2019 to 2021).</li><li>Having proven its model durable across industries and trends including gaming and crypto, Discord is currently indexing on the upside of its next big tailwind, AI.</li></ul>

By the end of 2022, Discord hit $445M in revenue, growing 44% year-over-year, last valued at $15.2B or a 34x multiple on current revenue.COVID, the boom in crypto, and the shift from in-person to metaverse served as a huge tailwind for pseudonymous group chat apps like Discord (growing 587% from 2019 to 2021).Having proven its model durable across industries and trends including gaming and crypto, Discord is currently indexing on the upside of its next big tailwind, AI.

Discord: The $15.2B WeChat For The Metaverse

<ul><li>Our long-term mission as a company is to build a high-quality, decentralized, and secure communications platform that everyone can use.</li><li>I would say the earliest signs of product-market fit we&#39;re seeing are with that group, that contingent of people.</li><li>Ultimately, the biggest risk to us as a startup is that we&#39;re not able to build the user experience that people want on Gmail.</li></ul>

Our long-term mission as a company is to build a high-quality, decentralized, and secure communications platform that everyone can use.I would say the earliest signs of product-market fit we&#39;re seeing are with that group, that contingent of people.Ultimately, the biggest risk to us as a startup is that we&#39;re not able to build the user experience that people want on Gmail.

Jacob Wenger, CPO At Shortwave, On Building A Standalone Business On Email

<ul><li>We talked to Paul to learn more about the market for carbon offsets, the environmental demands of proof-of-work and proof-of-stake, and how tokenization can benefit social action projects.</li><li>The company was founded in the fall of 2017.</li><li>At Nori, our mission is to facilitate these markets, accelerate the rate at which new suppliers enter and remove more carbon, and then, have companies that want to be carbon neutral or carbon negative pay them.</li></ul>

We talked to Paul to learn more about the market for carbon offsets, the environmental demands of proof-of-work and proof-of-stake, and how tokenization can benefit social action projects.The company was founded in the fall of 2017.At Nori, our mission is to facilitate these markets, accelerate the rate at which new suppliers enter and remove more carbon, and then, have companies that want to be carbon neutral or carbon negative pay them.

Paul Gambill, CEO Of Nori, On Tokenized Projects For Social Good

<ul><li>Originally, Art Blocks was “You can code a square to appear on a screen.”</li><li>The utility of the NFTs on Art Blocks is to be a work of art that you hang on your wall.</li><li>Art Blocks takes 10% of every primary and 2.5% of every secondary sale.</li></ul>

Originally, Art Blocks was “You can code a square to appear on a screen.”The utility of the NFTs on Art Blocks is to be a work of art that you hang on your wall.Art Blocks takes 10% of every primary and 2.5% of every secondary sale.

Erick Calderon, CEO Of Art Blocks, On The Evolution Of NFT Marketplaces

United States

Discord is a communication platform that utilizes voice, video, and text to connect users and enable game play or other collaborations. Discord claims to have 200M monthly users across their platform on Windows, macOS, Linus, iOS, Android, and consoles.

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Discord (DISO123D US)

Reddit: The $510M/year Social Libertarian Superapp

TL;DR: The latest Reddit (dataset) controversy is yet another conflict between the populist user base driving the content and experience and the...

Sacra

Discord: The $15.2B WeChat For The Metaverse

TL;DR: Discord’s growth slowed by a third in 2022 as crypto declined, in-person meetups picked up and COVID-era phenomena like social audio dropped...

Sacra

Jacob Wenger, CPO At Shortwave, On Building A Standalone Business On Email

Sacra interview with Jacob Wenger, co-founder and Chief Product Officer at Shortwave.

Sacra

Erick Calderon, CEO Of Art Blocks, On The Evolution Of NFT Marketplaces

Sacra interview with Erick Calderon, CEO of Art Blocks.

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Reddit: The $510M/year Social Libertarian Superapp

TL;DR: The latest Reddit (dataset) controversy is yet another conflict between the populist user base driving the content and experience and the...

Sacra

Discord: The $15.2B WeChat For The Metaverse

TL;DR: Discord’s growth slowed by a third in 2022 as crypto declined, in-person meetups picked up and COVID-era phenomena like social audio dropped...

Sacra

Jacob Wenger, CPO At Shortwave, On Building A Standalone Business On Email

Sacra interview with Jacob Wenger, co-founder and Chief Product Officer at Shortwave.

Sacra

Paul Gambill, CEO Of Nori, On Tokenized Projects For Social Good

Sacra interview with Paul Gambill, CEO and co-founder of Nori.

Sacra

Erick Calderon, CEO Of Art Blocks, On The Evolution Of NFT Marketplaces

Sacra interview with Erick Calderon, CEO of Art Blocks.

Sacra