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 Substack hit $45M in annualized revenue in July 2025, up from $37M in 2024 and $30M in 2023, as paid subscriptions grew to 5M by March 2025 with approximately $450M in writer gross revenue.</li><li>Substack was valued at $1.1B following its $100M Series C round led by BOND and The Chernin Group in July 2025, reaching unicorn status.</li><li>Substack is gradually growing from a tool that allows writers to set up and monetize their own email newsletters to a network for both readers (to discover and engage with new writers) and writers (to get recommended by other writers, access infrastructure and resources, and better monetize).</li></ul>

Sacra estimates that Substack hit $45M in annualized revenue in July 2025, up from $37M in 2024 and $30M in 2023, as paid subscriptions grew to 5M by March 2025 with approximately $450M in writer gross revenue.Substack was valued at $1.1B following its $100M Series C round led by BOND and The Chernin Group in July 2025, reaching unicorn status.Substack is gradually growing from a tool that allows writers to set up and monetize their own email newsletters to a network for both readers (to discover and engage with new writers) and writers (to get recommended by other writers, access infrastructure and resources, and better monetize).

<ul><li>Sacra estimates Beehiiv hit $30M in annualized revenue in June 2025, up from $19.8M at the end of 2024.</li><li>In May 2024, Beehiiv raised $1M on Wefunder in a round that valued them at $192M.</li><li>Beehiiv&#39;s revenue is derived from the monthly subscription fees it charges, with three usage tiers currently in place: free, $43/month (billed annually), and $96/month (billed annually).</li></ul>

Sacra estimates Beehiiv hit $30M in annualized revenue in June 2025, up from $19.8M at the end of 2024.In May 2024, Beehiiv raised $1M on Wefunder in a round that valued them at $192M.Beehiiv&#39;s revenue is derived from the monthly subscription fees it charges, with three usage tiers currently in place: free, $43/month (billed annually), and $96/month (billed annually).

<ul><li>Sacra estimates that ShopMy generated $80M in revenue in 2025, up 196% from $27M in 2024.</li><li>ShopMy raised $77.5M in a Series B round in January 2025 led by Bessemer Venture Partners and Bain Capital Ventures.</li><li>ShopMy&#39;s newest product, Circles, transforms the platform from a B2B2C tool into a three-sided marketplace by adding a consumer-facing shopping app.</li></ul>

Sacra estimates that ShopMy generated $80M in revenue in 2025, up 196% from $27M in 2024.ShopMy raised $77.5M in a Series B round in January 2025 led by Bessemer Venture Partners and Bain Capital Ventures.ShopMy&#39;s newest product, Circles, transforms the platform from a B2B2C tool into a three-sided marketplace by adding a consumer-facing shopping app.

<ul><li>Sacra estimates that Patreon generated $179M in revenue in 2025, up from 28% year-over-year from $140M in 2024.</li><li>Patreon is valued at $4 billion following its $155 million Series F round in April 2021, led by Tiger Global Management.</li><li>The blended take rate has increased from approximately 7% in 2020 to an estimated 8.5% currently, with most creators likely on the 8% plan.</li></ul>

Sacra estimates that Patreon generated $179M in revenue in 2025, up from 28% year-over-year from $140M in 2024.Patreon is valued at $4 billion following its $155 million Series F round in April 2021, led by Tiger Global Management.The blended take rate has increased from approximately 7% in 2020 to an estimated 8.5% currently, with most creators likely on the 8% plan.

<ul><li>Communities as businesses split into three models: vertical professional networks (B2B marketers, roofing contractors, Airbnb hosts), training programs (software engineering bootcamps, becoming a life coach, starting an AI agency), and personal improvement clubs (support groups for new parents, meditation communities, health condition support) that monetize via access to peers & structured programs as an alternative to the burnout-inducing content treadmill that comes from creating & selling newsletters, courses and digital downloads.</li><li>Originally built for YouTubers & course creators, now community platforms are seeing demand crossover into B2B and the enterprise with Fortune 500 companies creating professional networks for practitioners, customer communities for education & support and partner & ecosystem hubs.</li><li>We hit profitability a few months ago, and are now at $50M+ ARR.</li></ul>

Communities as businesses split into three models: vertical professional networks (B2B marketers, roofing contractors, Airbnb hosts), training programs (software engineering bootcamps, becoming a life coach, starting an AI agency), and personal improvement clubs (support groups for new parents, meditation communities, health condition support) that monetize via access to peers & structured programs as an alternative to the burnout-inducing content treadmill that comes from creating & selling newsletters, courses and digital downloads.Originally built for YouTubers & course creators, now community platforms are seeing demand crossover into B2B and the enterprise with Fortune 500 companies creating professional networks for practitioners, customer communities for education & support and partner & ecosystem hubs.We hit profitability a few months ago, and are now at $50M+ ARR.

Sid Yadav, co-founder & CEO Of Circle, On The 3 Types Of Community Businesses

United States

Software for creators to build, market, and sell online courses and digital products

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kajabi (KAJABI US)

Primer: Substack - 31 May 2026

Newsletter tool for writers to publish, monetize, and grow subscriber audiences

Sacra

Primer: Beehiiv - 05 Apr 2026

Newsletter software for creators with subscription billing, audience growth, and ad monetization tools

Sacra

Primer: ShopMy - 20 Feb 2026

Platform enabling creators to curate digital shops for product recommendations and monetize them through affiliate links

Sacra

Primer: Patreon - 01 Feb 2026

Membership tool for creators to offer exclusive content and perks to paying fans

Sacra

Sid Yadav, co-founder & CEO Of Circle, On The 3 Types Of Community Businesses

What is Circle in short and what was the founding insight that led you, Rudy, and Andy to start it coming out of Teachable...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)