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>Whatnot has cracked livestream commerce in the U.S where companies like Meta and Amazon struggled.</li><li>Sacra estimates that Whatnot grew 102% YoY to $359M in revenue in 2024.</li><li>As Whatnot expands beyond collectibles into larger TAM verticals, it’s begun to compete against vertical-focused ecommerce retailers.</li></ul>

Whatnot has cracked livestream commerce in the U.S where companies like Meta and Amazon struggled.Sacra estimates that Whatnot grew 102% YoY to $359M in revenue in 2024.As Whatnot expands beyond collectibles into larger TAM verticals, it’s begun to compete against vertical-focused ecommerce retailers.

<ul><li>Fanatics (2011) has transformed from a Jacksonville-based sports apparel store into a vertically-integrated ecommerce platform doing a Sacra-estimated $7B in revenue in 2023 (up 17% YoY)—but with core retail growth slowing and leagues like the NFL finally opening up to Amazon, Fanatics is now betting big on betting, collectibles, and live experiences.</li><li>Revenue exploded from $3.4B in 2021 to $7B in 2023 (up 17% YoY) as Fanatics (SoftBank, $4.8B total raised) went on an acquisition spree, buying trading card giant Topps ($1B in revenue in 2022) and gambling company PointsBet’s US business ($130M in revenue in 2023), riding a COVID-era surge of interest in baseball cards and sports betting.</li><li>As the ecommerce backend behind every team store, Fanatics has cheaply (~$19 CAC) built a customer list of 100M+ sports fans that they can cross-sell into higher-margin businesses across their family of brands, including Topps (collectibles, $32B market), WinCraft (non-apparel merchandise, $15B), Fanatics Betting &amp; Gaming (sports gambling, $11B), and Fanatics Events (live events, $5B).</li></ul>

Fanatics (2011) has transformed from a Jacksonville-based sports apparel store into a vertically-integrated ecommerce platform doing a Sacra-estimated $7B in revenue in 2023 (up 17% YoY)—but with core retail growth slowing and leagues like the NFL finally opening up to Amazon, Fanatics is now betting big on betting, collectibles, and live experiences.Revenue exploded from $3.4B in 2021 to $7B in 2023 (up 17% YoY) as Fanatics (SoftBank, $4.8B total raised) went on an acquisition spree, buying trading card giant Topps ($1B in revenue in 2022) and gambling company PointsBet’s US business ($130M in revenue in 2023), riding a COVID-era surge of interest in baseball cards and sports betting.As the ecommerce backend behind every team store, Fanatics has cheaply (~$19 CAC) built a customer list of 100M+ sports fans that they can cross-sell into higher-margin businesses across their family of brands, including Topps (collectibles, $32B market), WinCraft (non-apparel merchandise, $15B), Fanatics Betting &amp; Gaming (sports gambling, $11B), and Fanatics Events (live events, $5B).

<ul><li>Fanatics (1995) has made its name as the ecommerce partner to the most valuable sports leagues and teams in the world including the National Football League (NFL), National Basketball Association (NBA) and Major League Baseball (MLB), generating ~80% of its revenue from: 1) powering the ecommerce storefronts for over 900 teams, leagues and colleges and taking a cut of revenue, and 2) wholesaling apparel, including Nike-branded jerseys, to retailers like Walmart and Target.</li><li>Revenue exploded from $3.4B in 2021 to $7B in 2023 (up 17% YoY) as Fanatics (SoftBank, $4.8B total raised) went on an acquisition spree, buying trading card giant Topps ($1B in revenue in 2022) and gambling company PointsBet’s US business ($130M in revenue in 2023), riding a COVID-era surge of interest in baseball cards and sports betting.</li><li>As the ecommerce backend behind every team store, Fanatics has cheaply (~$19 CAC) built a customer list of 100M+ sports fans that they can cross-sell into higher-margin businesses across their family of brands, including Topps (collectibles, $32B market), WinCraft (non-apparel merchandise, $15B), Fanatics Betting & Gaming (sports gambling, $11B), and Fanatics Events (live events, $5B).</li></ul>

Fanatics (1995) has made its name as the ecommerce partner to the most valuable sports leagues and teams in the world including the National Football League (NFL), National Basketball Association (NBA) and Major League Baseball (MLB), generating ~80% of its revenue from: 1) powering the ecommerce storefronts for over 900 teams, leagues and colleges and taking a cut of revenue, and 2) wholesaling apparel, including Nike-branded jerseys, to retailers like Walmart and Target.Revenue exploded from $3.4B in 2021 to $7B in 2023 (up 17% YoY) as Fanatics (SoftBank, $4.8B total raised) went on an acquisition spree, buying trading card giant Topps ($1B in revenue in 2022) and gambling company PointsBet’s US business ($130M in revenue in 2023), riding a COVID-era surge of interest in baseball cards and sports betting.As the ecommerce backend behind every team store, Fanatics has cheaply (~$19 CAC) built a customer list of 100M+ sports fans that they can cross-sell into higher-margin businesses across their family of brands, including Topps (collectibles, $32B market), WinCraft (non-apparel merchandise, $15B), Fanatics Betting & Gaming (sports gambling, $11B), and Fanatics Events (live events, $5B).

Scott Sillcox, Sports Licensing Consultant, On The Economics Of Fanatics' Contracts

United States

Ecommerce and wholesale retailer for licensed sports apparel, collectibles, and memorabilia

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Fanatics (FANATICS US)

Whatnot At $359M/yr

TL;DR: With their entertainment-first design, Whatnot has cracked livestream commerce in the U.S where companies like Meta and Amazon struggled....

Sacra

Fanatics At $7B Revenue

TL;DR: Fanatics (2011) has transformed from a Jacksonville-based sports apparel store into a vertically-integrated ecommerce platform doing a Sacra...

Sacra

Scott Sillcox, Sports Licensing Consultant, On The Economics Of Fanatics' Contracts

At a high level, what is Fanatics...

Sacra

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