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 Stan hit $40M in annual recurring revenue in April 2026, up from $35M at the end of 2025.</li><li>Stan reached profitability at approximately 40% EBITDA margins, remaining capital-light with its $5M seed from Forerunner (2022) as its sole round of institutional funding.</li><li>Whop's marketplace model - which aggregates demand across creator products rather than requiring creators to bring their own traffic - surpassed Stan in revenue scale in 2025 and is growing roughly 10x faster.</li></ul>

Sacra estimates that Stan hit $40M in annual recurring revenue in April 2026, up from $35M at the end of 2025.Stan reached profitability at approximately 40% EBITDA margins, remaining capital-light with its $5M seed from Forerunner (2022) as its sole round of institutional funding.Whop's marketplace model - which aggregates demand across creator products rather than requiring creators to bring their own traffic - surpassed Stan in revenue scale in 2025 and is growing roughly 10x faster.

<ul><li>Sacra estimates that Circle hit $68M in annual recurring revenue (ARR) in May 2026, up from $55M at the end of 2025 and up ~80% year-over-year.</li><li>Circle generates revenue through subscription plans for its all-in-one community platform, with pricing ranging from $49-$399+ per month.</li><li>Circle offers a 14-day free trial, allowing potential customers to experience the platform&#39;s full functionality before committing to a paid plan.</li></ul>

Sacra estimates that Circle hit $68M in annual recurring revenue (ARR) in May 2026, up from $55M at the end of 2025 and up ~80% year-over-year.Circle generates revenue through subscription plans for its all-in-one community platform, with pricing ranging from $49-$399+ per month.Circle offers a 14-day free trial, allowing potential customers to experience the platform&#39;s full functionality before committing to a paid plan.

<ul><li>Sacra estimates that Bolt generated about $27M in revenue in 2023, up 4% from $26M in 2022.</li><li>It was last valued at $11B for a valuation/revenue multiple of 392x.</li><li>Boltʼs business model hinges on acquiring retailers that bring millions of new shopper accounts to Bolt that it can take to other retailers to build network effects.</li></ul>

Sacra estimates that Bolt generated about $27M in revenue in 2023, up 4% from $26M in 2022.It was last valued at $11B for a valuation/revenue multiple of 392x.Boltʼs business model hinges on acquiring retailers that bring millions of new shopper accounts to Bolt that it can take to other retailers to build network effects.

<ul><li>Sacra estimates that Whop hit $142M in annualized revenue in October 2025, up from $56M at the end of 2024.</li><li>By February 2026, Whop reported $2.67B in cumulative lifetime GMV, with gross transaction volume growing roughly 25% month over month.</li><li>In February 2026, Tether made a strategic investment in Whop at a $1.6B valuation, with Whop raising $200M in the round.</li></ul>

Sacra estimates that Whop hit $142M in annualized revenue in October 2025, up from $56M at the end of 2024.By February 2026, Whop reported $2.67B in cumulative lifetime GMV, with gross transaction volume growing roughly 25% month over month.In February 2026, Tether made a strategic investment in Whop at a $1.6B valuation, with Whop raising $200M in the round.

<ul><li>Forter made roughly $200M in 2021, a 100% increase over 2020.</li><li>Forter has raised $525 million from investors such as Bessemer Venture Partners and Sequoia Capital.</li><li>Forter processed $250B GMV in 2021 and has processed over $2T GMV to date across a network of 500,000+ online businesses and 2B+ consumers.</li></ul>

Forter made roughly $200M in 2021, a 100% increase over 2020.Forter has raised $525 million from investors such as Bessemer Venture Partners and Sequoia Capital.Forter processed $250B GMV in 2021 and has processed over $2T GMV to date across a network of 500,000+ online businesses and 2B+ consumers.

United States

Checkout tool for creators to sell digital products, memberships, and courses online

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Gumroad (GUMROAD US)

Primer: Stan - 17 Aug 2026

Storefront tool for creators to sell downloads, courses, and bookings from link-in-bio

Sacra

Primer: Circle - 16 Jul 2026

Community software for creators to sell memberships, courses, and events to audiences

Sacra

Primer: Bolt - 10 Jul 2026

Checkout software for ecommerce merchants offering one-click login, identity, and payments

Sacra

Primer: Whop - 06 Apr 2026

Marketplace and toolset for selling digital products like courses, memberships, and betting tips

Sacra

Primer: Forter - 27 Feb 2026

Fraud prevention software for e-commerce businesses with real-time transaction approval decisions

Sacra

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