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 Passes reached a $9.5M annualized net revenue run rate in February 2024, up from $3.6M at the end of 2023.</li><li>Passes raised $40M in Series A funding led by Bond Capital, with participation from Abstract Ventures, Crossbeam Ventures, Skims cofounders Emma and Jens Grede, and others in February 2024.</li><li>Passes acquired Fanhouse in 2023, incorporating a former safe-for-work membership competitor.</li></ul>

Sacra estimates that Passes reached a $9.5M annualized net revenue run rate in February 2024, up from $3.6M at the end of 2023.Passes raised $40M in Series A funding led by Bond Capital, with participation from Abstract Ventures, Crossbeam Ventures, Skims cofounders Emma and Jens Grede, and others in February 2024.Passes acquired Fanhouse in 2023, incorporating a former safe-for-work membership competitor.

<ul><li>Fansly remains privately held under Select Media LLC with no disclosed external funding rounds or official valuation.</li><li>Live streaming represents a key differentiator, allowing creators to broadcast in real-time with viewer access controls based on subscription status or tip thresholds.</li><li>OnlyFans maintains market leadership with 190 million users and 3 million creators, significantly outpacing Fansly's scale.</li></ul>

Fansly remains privately held under Select Media LLC with no disclosed external funding rounds or official valuation.Live streaming represents a key differentiator, allowing creators to broadcast in real-time with viewer access controls based on subscription status or tip thresholds.OnlyFans maintains market leadership with 190 million users and 3 million creators, significantly outpacing Fansly's scale.

<ul><li>Sacra estimates that OnlyFans hit $1.55B in revenue in 2025, up 10% year-over-year from $1.413B in 2024.</li><li>As of May 2026, OnlyFans sold a 16% minority stake to San Francisco-based Architect Capital at a $3.15B valuation.</li><li>As AI gets better, OnlyFans has the opportunity to integrate AI-powered features to enhance user experiences and creator productivity.</li></ul>

Sacra estimates that OnlyFans hit $1.55B in revenue in 2025, up 10% year-over-year from $1.413B in 2024.As of May 2026, OnlyFans sold a 16% minority stake to San Francisco-based Architect Capital at a $3.15B valuation.As AI gets better, OnlyFans has the opportunity to integrate AI-powered features to enhance user experiences and creator productivity.

<ul><li>Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch synthetic creators.</li><li>Sacra estimates Fanvue hit $100M in annual recurring revenue (ARR) in 2025, up 150% year-over-year from $40M in 2024.</li><li>After Fansly banned photorealistic AI-generated content in June 2025, Fanvue became the only major adult subscription platform to fully embrace from-scratch synthetic creators.</li></ul>

Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch synthetic creators.Sacra estimates Fanvue hit $100M in annual recurring revenue (ARR) in 2025, up 150% year-over-year from $40M in 2024.After Fansly banned photorealistic AI-generated content in June 2025, Fanvue became the only major adult subscription platform to fully embrace from-scratch synthetic creators.

<ul><li>Growth took off in 2024 as Fanvue embraced the rise of AI avatar generation and voice cloning tools, with Sacra estimating that Fanvue hit $65M ARR in April 2025, up 450% year-over-year.</li><li>Fanvue’s decision to allow fully AI-generated content unlocks two distinct creator pathways: (1) entrepreneurs and digital artists can spin up entirely synthetic characters with open source, ComfyUI-orchestrated models or via SaaS off-the-shelf tools like Heygen ($35M ARR in June 2024) and Creatify ($9M ARR), and (2) human models can clone their own image, voice, and chat persona to automate DMs, voice notes, and off-hours engagement, cutting burnout while earning around the clock.</li><li>Creators use social platforms like Instagram or TikTok to post SFW content and drive fans through their link-in-bio to Fanvue, where they monetize via subscriptions, tips, locked posts, and paid DMs—with Fanvue taking a ~20% cut on gross revenue, the same as OnlyFans.</li></ul>

Growth took off in 2024 as Fanvue embraced the rise of AI avatar generation and voice cloning tools, with Sacra estimating that Fanvue hit $65M ARR in April 2025, up 450% year-over-year.Fanvue’s decision to allow fully AI-generated content unlocks two distinct creator pathways: (1) entrepreneurs and digital artists can spin up entirely synthetic characters with open source, ComfyUI-orchestrated models or via SaaS off-the-shelf tools like Heygen ($35M ARR in June 2024) and Creatify ($9M ARR), and (2) human models can clone their own image, voice, and chat persona to automate DMs, voice notes, and off-hours engagement, cutting burnout while earning around the clock.Creators use social platforms like Instagram or TikTok to post SFW content and drive fans through their link-in-bio to Fanvue, where they monetize via subscriptions, tips, locked posts, and paid DMs—with Fanvue taking a ~20% cut on gross revenue, the same as OnlyFans.

Netherlands

Subscription-based platform for creators to monetize content through exclusive photos, videos, and live streams

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Fansly (FANSLY NL)

Primer: Passes - 12 Oct 2026

Marketplace for creators to sell risqué content, livestreams, and direct messages without nudity

Sacra

Primer: Fansly - 14 Dec 2025

Subscription-based platform for creators to monetize content through exclusive photos, videos, and live streams

Sacra

Primer: OnlyFans - 26 Aug 2026

Marketplace for NSFW creators to sell subscription content directly to fans

Sacra

AI OnlyFans At $100M/year

TL;DR: Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch...

Sacra

Fanvue At $65M ARR

TL;DR: After OnlyFans took off, Fanvue (founded 2020) launched as a fast-follower promising quicker payouts and faster onboarding. Growth took off...

Sacra

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