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 Discord hit $725M in annual recurring revenue (ARR) at the end of 2024, up ~21% year-over-year from $600M in 2023.</li><li>Discord reported positive adjusted EBITDA for five consecutive quarters as of April 2025, signaling that the business has reached profitability at the operating level even as it continues investing in platform expansion.</li><li>In January 2026, Bloomberg reported that Discord had confidentially filed for a U.S. IPO, working with Goldman Sachs and JPMorgan as lead underwriters; TechCrunch reported the company had been targeting a March 2026 debut.</li></ul>

Sacra estimates that Discord hit $725M in annual recurring revenue (ARR) at the end of 2024, up ~21% year-over-year from $600M in 2023.Discord reported positive adjusted EBITDA for five consecutive quarters as of April 2025, signaling that the business has reached profitability at the operating level even as it continues investing in platform expansion.In January 2026, Bloomberg reported that Discord had confidentially filed for a U.S. IPO, working with Goldman Sachs and JPMorgan as lead underwriters; TechCrunch reported the company had been targeting a March 2026 debut.

<ul><li>Reddit generated $804M in revenue in 2023, up 20% from $668M in 2022.</li><li>Reddit’s revenue per monthly user is roughly $1.19, up from 2021 when it was about $0.81.</li><li>Sacra estimates that Reddit generated $625M in ad revenue in Q1 2026, up from $485M in full-year 2021.</li></ul>

Reddit generated $804M in revenue in 2023, up 20% from $668M in 2022.Reddit’s revenue per monthly user is roughly $1.19, up from 2021 when it was about $0.81.Sacra estimates that Reddit generated $625M in ad revenue in Q1 2026, up from $485M in full-year 2021.

Animoca Brands Corp / Private Capital Markets

<ul><li>Sacra estimates that Animoca Brands hit $314M in revenue in 2024, up 12% year-over-year from $280M in 2023.</li><li>Animoca Brands has raised $604M and is valued at $5B in January 2022.</li><li>Animoca Brands is betting on a future where the internet will become decentralized through public blockchains and people will be used to owning the rights to their digital assets and data through NFTs.</li></ul>

Sacra estimates that Animoca Brands hit $314M in revenue in 2024, up 12% year-over-year from $280M in 2023.Animoca Brands has raised $604M and is valued at $5B in January 2022.Animoca Brands is betting on a future where the internet will become decentralized through public blockchains and people will be used to owning the rights to their digital assets and data through NFTs.

<ul><li>Sacra estimates that Voodoo generated $778M in 2025, up 16% YoY from $674M in 2024.</li><li>Voodoo had 169M monthly active users in 2025, up 12%, and generated 1.5B downloads during the year.</li><li>BeReal, now with 40M+ MAU, targets brands seeking to reach Gen Z—which makes up 85% of its user base—in an authentic, low-filter environment.</li></ul>

Sacra estimates that Voodoo generated $778M in 2025, up 16% YoY from $674M in 2024.Voodoo had 169M monthly active users in 2025, up 12%, and generated 1.5B downloads during the year.BeReal, now with 40M+ MAU, targets brands seeking to reach Gen Z—which makes up 85% of its user base—in an authentic, low-filter environment.

<ul><li>Sacra estimates that Valve generated $2.2 billion in revenue in 2021, up 15% from $1.9 billion in 2020.</li><li>The Steam Machine enters the living room console market timed to coincide with rising hardware prices industry-wide, positioning it as a price-competitive option against PlayStation and Xbox.</li><li>Emerging markets represent significant growth opportunities, particularly India which is forecast to exceed 500 million gamers with digital payments growing at 14.7% annually through 2029.</li></ul>

Sacra estimates that Valve generated $2.2 billion in revenue in 2021, up 15% from $1.9 billion in 2020.The Steam Machine enters the living room console market timed to coincide with rising hardware prices industry-wide, positioning it as a price-competitive option against PlayStation and Xbox.Emerging markets represent significant growth opportunities, particularly India which is forecast to exceed 500 million gamers with digital payments growing at 14.7% annually through 2029.

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)

Primer: Discord - 03 Aug 2026

Chat and voice software for gaming communities and interactive online experiences

Sacra

Primer: Reddit - 24 Aug 2026

Forum and ad network for user-generated discussions across niche online communities

Sacra

Primer: Animoca Brands - 10 Aug 2026

Gaming publisher building blockchain-based games with tradable assets and branded IP integrations

Sacra

Primer: Voodoo - 10 Jul 2026

Mobile game publisher and developer focused on casual and hyper-casual titles

Sacra

Primer: Valve - 01 Jul 2026

Developer and publisher of video games and digital distribution platforms

Sacra

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