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 Faire hit $730M in annualized revenue in September 2026, up 43% from about $510M at the end of 2025.</li><li>Faire reported revenue growth of more than 40% YoY in Q3 2025, with existing retailers ordering from more brands and net dollar retention above 110%.</li><li>Faire&#39;s primary focus has been on attracting and retaining a large base of retailers, which it considers its core competitive moat.</li></ul>

Sacra estimates that Faire hit $730M in annualized revenue in September 2026, up 43% from about $510M at the end of 2025.Faire reported revenue growth of more than 40% YoY in Q3 2025, with existing retailers ordering from more brands and net dollar retention above 110%.Faire&#39;s primary focus has been on attracting and retaining a large base of retailers, which it considers its core competitive moat.

<ul><li>Convoy&#39;s revenue peaked at $750M in 2021, growing 50% annually.</li><li>After unsuccessful attempts to raise money or sell the company over a four-month period, Convoy ultimately ran out of funds and shut down operations in 2023.</li><li>Following Convoy&#39;s 2023 shutdown, DAT Freight &amp; Analytics acquired the Convoy Platform (July 2025) and continues operating it as a neutral freight marketplace.</li></ul>

Convoy&#39;s revenue peaked at $750M in 2021, growing 50% annually.After unsuccessful attempts to raise money or sell the company over a four-month period, Convoy ultimately ran out of funds and shut down operations in 2023.Following Convoy&#39;s 2023 shutdown, DAT Freight &amp; Analytics acquired the Convoy Platform (July 2025) and continues operating it as a neutral freight marketplace.

<ul><li>Workrise’s gross revenue has increased nearly 4X from 2018 to $1.1B in 2021.</li><li>Workrise has raised $752M from Andreessen Horowitz, Bedrock Capital, Founders Fund and Franklin Templeton.</li><li>The US's oil and gas industry jobs are expected to rebound after a historic low of 863,000 in 2021 on the back of rising oil prices.</li></ul>

Workrise’s gross revenue has increased nearly 4X from 2018 to $1.1B in 2021.Workrise has raised $752M from Andreessen Horowitz, Bedrock Capital, Founders Fund and Franklin Templeton.The US's oil and gas industry jobs are expected to rebound after a historic low of 863,000 in 2021 on the back of rising oil prices.

<ul><li>Sacra estimates that Photoroom is at $94M of annual recurring revenue (ARR) as of 2024, up 89% year-over-year.</li><li>PhotoRoom raised $43M at a $500M valuation in March 2024, led by Balderton Capital with participation from Aglaé and Y Combinator.</li><li>The company has demonstrated impressive capital efficiency, scaling to $20M in ARR on just $2M of invested capital, and achieving profitability.</li></ul>

Sacra estimates that Photoroom is at $94M of annual recurring revenue (ARR) as of 2024, up 89% year-over-year.PhotoRoom raised $43M at a $500M valuation in March 2024, led by Balderton Capital with participation from Aglaé and Y Combinator.The company has demonstrated impressive capital efficiency, scaling to $20M in ARR on just $2M of invested capital, and achieving profitability.

<ul><li>The end of the de minimis exemption and new 10–20% tariffs on Chinese parcels have pushed Shein to ship best-selling SKUs in bulk to U.S. warehouses.</li><li>Tariffs are breaking the dropshipping model—previously favored by creators and part-time sellers on TikTok and Whatnot—by wiping out margin and extending shipping times.</li><li>A new ecosystem of companies is emerging to enable a more resilient, diversified ecommerce model of 10% dropship, 30% proprietary designs, and 50% white-label products.</li></ul>

The end of the de minimis exemption and new 10–20% tariffs on Chinese parcels have pushed Shein to ship best-selling SKUs in bulk to U.S. warehouses.Tariffs are breaking the dropshipping model—previously favored by creators and part-time sellers on TikTok and Whatnot—by wiping out margin and extending shipping times.A new ecosystem of companies is emerging to enable a more resilient, diversified ecommerce model of 10% dropship, 30% proprietary designs, and 50% white-label products.

Sherwin Xia, co-founder Of Trendsi, On Building The Shein For Utah Moms

United States

Marketplace for retailers to buy wholesale inventory from independent brands worldwide

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Faire (FAIRE US)

Primer: Faire - 12 Oct 2026

Marketplace for retailers to buy wholesale inventory from independent brands worldwide

Sacra

Primer: Convoy - 15 Jun 2026

Marketplace connecting shippers with truckers for real-time freight booking and tracking

Sacra

Primer: Workrise - 05 Feb 2026

Marketplace connecting skilled laborers with energy and infrastructure job opportunities

Sacra

Primer: Photoroom - 14 Dec 2025

Mobile image editor for ecommerce sellers to remove backgrounds and generate product photos

Sacra

Sherwin Xia, co-founder Of Trendsi, On Building The Shein For Utah Moms

How did Shein get started? How did it take off? And what did consumers really love about it...

Sacra

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