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>Hone Health hit $55M in annualized revenue selling direct-to-consumer testosterone, capitalizing on the government’s loosening of the rules around online prescription for controlled substances.</li><li>From 2006 to 2024, interest in testosterone replacement therapy (TRT) among 18-45 year old men grew 1,000% against the backdrop of concerns spreading virally on Facebook and TikTok about population-level T declines.</li><li>Sacra estimates that Hone hit $55M in annualized revenue at the end of 2023, growing 83% year-over-year on $5M raised with the majority of revenue coming from their $129/month subscription consult product and its add-ons.</li></ul>

Hone Health hit $55M in annualized revenue selling direct-to-consumer testosterone, capitalizing on the government’s loosening of the rules around online prescription for controlled substances.From 2006 to 2024, interest in testosterone replacement therapy (TRT) among 18-45 year old men grew 1,000% against the backdrop of concerns spreading virally on Facebook and TikTok about population-level T declines.Sacra estimates that Hone hit $55M in annualized revenue at the end of 2023, growing 83% year-over-year on $5M raised with the majority of revenue coming from their $129/month subscription consult product and its add-ons.

Hone Health: The $55M/year D2C Testosterone Startup

<ul><li>Telehealth usage grew 38x worldwide in the first year of COVID—as European national health services raced to set up telehealth-friendly reimbursement structures, Kry emerged as one of the top digital healthcare providers in Europe, growing 124% from $38M revenue in 2019 to $85M in 2020 and then 92% to $164M in 2021.</li><li>With barriers to entry lowered and competitors flooding into telehealth during the pandemic, the market took a bearish sentiment post-COVID, with Teladoc (NYSE: TDOC) falling by 70% ($294 to $89 per share), Amwell (NYSE: AMWL) falling nearly 86% ($35 to $5 per share), and Hims (NYSE: HIMS) falling 75% (from $24 to under $6 per share).</li><li>Like the locally forged resistance faced by Vikings in their raids across Europe, Kry faces regional threats from established and well-capitalized players such as Doctolib ($815M raised) in France, Ada Health ($189.5M raised) in Germany, Babylon Health ($1.1B revenue in 2022) in the UK, and DocPlanner ($140.5M raised) in Poland.</li></ul>

Telehealth usage grew 38x worldwide in the first year of COVID—as European national health services raced to set up telehealth-friendly reimbursement structures, Kry emerged as one of the top digital healthcare providers in Europe, growing 124% from $38M revenue in 2019 to $85M in 2020 and then 92% to $164M in 2021.With barriers to entry lowered and competitors flooding into telehealth during the pandemic, the market took a bearish sentiment post-COVID, with Teladoc (NYSE: TDOC) falling by 70% ($294 to $89 per share), Amwell (NYSE: AMWL) falling nearly 86% ($35 to $5 per share), and Hims (NYSE: HIMS) falling 75% (from $24 to under $6 per share).Like the locally forged resistance faced by Vikings in their raids across Europe, Kry faces regional threats from established and well-capitalized players such as Doctolib ($815M raised) in France, Ada Health ($189.5M raised) in Germany, Babylon Health ($1.1B revenue in 2022) in the UK, and DocPlanner ($140.5M raised) in Poland.

<ul><li>Over the last 12 months, you have reduced EBITDA burn by more than 70% and are projecting profitability across all geographies by 2024.</li><li>Johannes: Our ambition has always been to build the largest healthcare company in Europe.</li><li>What we&#39;re seeing right now is that demand is being increasingly aggregated to us.</li></ul>

Over the last 12 months, you have reduced EBITDA burn by more than 70% and are projecting profitability across all geographies by 2024.Johannes: Our ambition has always been to build the largest healthcare company in Europe.What we&#39;re seeing right now is that demand is being increasingly aggregated to us.

Johannes Schildt & Claes Ruth, CEO And CFO Of Kry, On The AI Future Of Telehealth

<ul><li>Roman (now Ro, valued at $7B) and Hims (NYSE: HIMS) launched in 2017 to tap into the $4B ED market, using telehealth to do an end-around the stigmatized clinic visit.</li><li>With the wide onset of COVID in April 2020, telehealth consultations exploded to 78x of Feb 2020 levels, leading Ro’s valuation to grow 10x to $5B and precipitating Hims’s $1.6B IPO.</li><li>But COVID giveth and COVID taketh away—Ro’s yearly revenue growth dropped to an estimated 30% in 2021, and Hims is expected to grow by 50% in 2022, its lowest annual growth thus far.</li></ul>

Roman (now Ro, valued at $7B) and Hims (NYSE: HIMS) launched in 2017 to tap into the $4B ED market, using telehealth to do an end-around the stigmatized clinic visit.With the wide onset of COVID in April 2020, telehealth consultations exploded to 78x of Feb 2020 levels, leading Ro’s valuation to grow 10x to $5B and precipitating Hims’s $1.6B IPO.But COVID giveth and COVID taketh away—Ro’s yearly revenue growth dropped to an estimated 30% in 2021, and Hims is expected to grow by 50% in 2022, its lowest annual growth thus far.

Sweden

Telehealth service combining in-house clinicians, AI triage, and physical clinics across Europe

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Kry (KRY SE)

Hone Health: The $55M/year D2C Testosterone Startup

TL;DR: In 2023, Hone Health hit $55M in annualized revenue selling direct-to-consumer testosterone, capitalizing on the government’s loosening of...

Sacra

Sweden’s $215M/year Telehealth Giant

TL;DR: Kry has grown into one of the top telehealth players in Europe at an estimated $215M in yearly revenue—now, armed with an AI chatbot for...

Sacra

Johannes Schildt & Claes Ruth, CEO And CFO Of Kry, On The AI Future Of Telehealth

Sacra interview with Johannes Schildt & Claes Ruth, CEO and CFO of Kry.

Sacra

Ro And The Telehealth Capital Cycle

D2C telehealth companies have come a long way from hocking generic Viagra, but the twin speed bumps of lofty valuations and the post-COVID reset...

Sacra

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