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.

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Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<h2>Headline Developments</h2><p>The verdict is out in the Apple (AAPL) vs Epic (private) case, with the court ruling that Apple cannot stop app developers from directing users to third-party payment options, whilst ordering Epic to pay damages for violating Apple’s in-app purchasing system.</p>

Headline DevelopmentsThe verdict is out in the Apple (AAPL) vs Epic (private) case, with the court ruling that Apple cannot stop app developers from directing users to third-party payment options, whilst ordering Epic to pay damages for violating Apple’s in-app purchasing system.

<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.

<ul><li>Rec Room announced on March 31, 2026 that it will shut down on June 1, 2026, leaving investors exposed and rendering the $3.5B valuation a write-off.</li><li>Rec Room is a gaming company building the "Roblox of VR" that lets users interact, explore, and play games in player-created rooms.</li><li>Rec Room is a free-to-play B2C platform that monetizes through in-game currency (Tokens), a subscription (Rec Room Plus), and a creator marketplace.</li></ul>

Rec Room announced on March 31, 2026 that it will shut down on June 1, 2026, leaving investors exposed and rendering the $3.5B valuation a write-off.Rec Room is a gaming company building the "Roblox of VR" that lets users interact, explore, and play games in player-created rooms.Rec Room is a free-to-play B2C platform that monetizes through in-game currency (Tokens), a subscription (Rec Room Plus), and a creator marketplace.

United States

Epic Games, Inc. develops video games. The Company designs, produces, and retails high-end action games for consoles, personal computers, and mobile devices. Epic Games serves clients worldwide.

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Epic Games (748448Z US)

Primer: Discord - 03 Aug 2026

Chat and voice software for gaming communities and interactive online experiences

Sacra

Weekly Innovation Review (WIRE) #49

The verdict is out in the Apple (AAPL) vs Epic (private) case, with the court ruling that Apple cannot stop app developers from directing users to...

Granite Bay Capital

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

Primer: Rec Room - 05 Apr 2026

Social gaming app for creating, sharing, and playing user-generated virtual worlds

Sacra

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