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>With its October rebrand and launch of the Kit App Store, Kit shifted from vertically integrated SaaS to a platform model akin to Shopify’s ecosystem strategy, enabling 15+ third-party apps to go live by year-end and creating new levers for expansion revenue and developer-led distribution—mirroring the bundling trend across creator SaaS as players like Kajabi and Stan seek to combat low ACV and high churn.</li><li>With the launch of Kit Studios and its first physical location offering free, high-end video and podcast production space to creators, Kit is extending its product surface offline to capture more multi-channel “creator CEOs”—echoing Kajabi’s bundling strategy and positioning itself as a B2B SaaS alternative to venture-backed platforms like Substack, which continue to struggle with 50-60% annual churn and negative revenue on subsidized creator advances.</li><li>We followed up at $41M ARR in April 2024, growing 17% YoY, as it was establishing itself beyond pure email SaaS with diversification into subscription software, creator commerce, and advertising.</li></ul>

With its October rebrand and launch of the Kit App Store, Kit shifted from vertically integrated SaaS to a platform model akin to Shopify’s ecosystem strategy, enabling 15+ third-party apps to go live by year-end and creating new levers for expansion revenue and developer-led distribution—mirroring the bundling trend across creator SaaS as players like Kajabi and Stan seek to combat low ACV and high churn.With the launch of Kit Studios and its first physical location offering free, high-end video and podcast production space to creators, Kit is extending its product surface offline to capture more multi-channel “creator CEOs”—echoing Kajabi’s bundling strategy and positioning itself as a B2B SaaS alternative to venture-backed platforms like Substack, which continue to struggle with 50-60% annual churn and negative revenue on subsidized creator advances.We followed up at $41M ARR in April 2024, growing 17% YoY, as it was establishing itself beyond pure email SaaS with diversification into subscription software, creator commerce, and advertising.

<ul><li>Sacra estimates that Stan ended 2024 at $28.3M in ARR, up 92% year-over-year.</li><li>We first covered Stan at $14.7M ARR in February 2024, growing 765% YoY.</li><li>We followed up at $27M ARR in May 2024, growing ~20% month-over-month.</li></ul>

Sacra estimates that Stan ended 2024 at $28.3M in ARR, up 92% year-over-year.We first covered Stan at $14.7M ARR in February 2024, growing 765% YoY.We followed up at $27M ARR in May 2024, growing ~20% month-over-month.

<ul><li>Sacra estimates that Gumroad hit $21M in revenue in 2023, up 96% from $11M in 2022.</li><li>Gumroad&#39;s pricing change from a 3.5-8.5% variable take rate to a flat 10% take rate on GMV in early 2023 near doubled monthly revenue from $1M to $1.8M and flipped them from burning cash (-$1M net in 2022) to generating $9M in net profit for 2023.</li><li>Once creators are making more than $4K per year, the transaction fees a creator is paying to Gumroad are equivalent/beyond what they’d pay for a more fully-featured SaaS platform for creators like Stan.</li></ul>

Sacra estimates that Gumroad hit $21M in revenue in 2023, up 96% from $11M in 2022.Gumroad&#39;s pricing change from a 3.5-8.5% variable take rate to a flat 10% take rate on GMV in early 2023 near doubled monthly revenue from $1M to $1.8M and flipped them from burning cash (-$1M net in 2022) to generating $9M in net profit for 2023.Once creators are making more than $4K per year, the transaction fees a creator is paying to Gumroad are equivalent/beyond what they’d pay for a more fully-featured SaaS platform for creators like Stan.

<ul><li>Stan hit $27M annual recurring revenue (ARR) in March 2024, growing ~20% month-over-month every month in Q1'24 from $15M ARR at the end of 2023.</li><li>Stan found product-market fit with the education-focused creator segment—not professionals that sell $10,000+ courses on Kajabi & Thinkific (TSX: THNCF)—but the rapidly growing population of ~10,000 follower spirituality teachers, passive income gurus and social media coaches hanging out and monetizing their followings on Instagram and TikTok.</li><li>Word of mouth and referral on high engagement and high growth social platforms has Stan's growth accelerating as its revenue has scaled, mimicking the hypergrowth of link-in-bio startups like Linktree (40M+ users) but monetizing harder at the premium price point of $29/mo.</li></ul>

Stan hit $27M annual recurring revenue (ARR) in March 2024, growing ~20% month-over-month every month in Q1'24 from $15M ARR at the end of 2023.Stan found product-market fit with the education-focused creator segment—not professionals that sell $10,000+ courses on Kajabi & Thinkific (TSX: THNCF)—but the rapidly growing population of ~10,000 follower spirituality teachers, passive income gurus and social media coaches hanging out and monetizing their followings on Instagram and TikTok.Word of mouth and referral on high engagement and high growth social platforms has Stan's growth accelerating as its revenue has scaled, mimicking the hypergrowth of link-in-bio startups like Linktree (40M+ users) but monetizing harder at the premium price point of $29/mo.

<ul><li>Stan has been growing ~20% month-over-month every month in Q1'24 with high velocity even as revenue continues to scale.</li><li>Our customers generate more than 50% of their income on Stan by selling digital downloads.</li><li>13% churn means that we are going to turn over our entire user base over the year.</li></ul>

Stan has been growing ~20% month-over-month every month in Q1'24 with high velocity even as revenue continues to scale.Our customers generate more than 50% of their income on Stan by selling digital downloads.13% churn means that we are going to turn over our entire user base over the year.

Vitalii Dodonov, CTO Of Stan, On Building A creator-aligned store-in-bio

United States

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

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Kajabi (KAJABI US)

ConvertKit At $43M ARR

TL;DR: ConvertKit (now rebranded as Kit) has expanded beyond email infrastructure with the launch of the Kit App Store and physical Kit Studios...

Sacra

Stan Vs Whop

TL;DR: The fastest-growing creator economy platforms in 2025, like Stan and Whop, are those enabling creators to sell shadow market digital SKUs...

Sacra

Primer: Gumroad - 07 Dec 2024

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

Sacra

Stan: From $15M To $27M ARR In 3 Months

TL;DR: Stan hit $27M annual recurring revenue (ARR) in March 2024, growing ~20% month-over-month every month in Q1'24 from $15M ARR at the end of...

Sacra

Vitalii Dodonov, CTO Of Stan, On Building A creator-aligned store-in-bio

Spirituality coaches, passive income gurus, social media coaches, and more use Stan—it feels like an eclectic bunch. How do you talk about and...

Sacra

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