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

Legendary Foods / Private Capital Markets

<ul><li>Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year, up 63% year-over-year.</li><li>Ron Penna waited out his 3-year non-compete before launching Legendary Foods as a line of high-protein, low-carb versions of junk foods.</li><li>Expanding from fitness-focused DTC into mass retail distribution across 100,000+ locations, Sacra estimates Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year.</li></ul>

Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year, up 63% year-over-year.Ron Penna waited out his 3-year non-compete before launching Legendary Foods as a line of high-protein, low-carb versions of junk foods.Expanding from fitness-focused DTC into mass retail distribution across 100,000+ locations, Sacra estimates Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year.

<ul><li>Sacra estimates that Legendary Foods generated $122.5M in revenue through August 2025, up 63% year-over-year and on track for $180M million in revenue for 2025.</li><li>Legendary Foods is privately held and has not reported any external funding rounds.</li><li>Legendary launched Protein Donuts in June 2025, available in Vanilla Glazed, Chocolate Dipped, Cinnamon Crumble, and Pink Sprinkle flavors.</li></ul>

Sacra estimates that Legendary Foods generated $122.5M in revenue through August 2025, up 63% year-over-year and on track for $180M million in revenue for 2025.Legendary Foods is privately held and has not reported any external funding rounds.Legendary launched Protein Donuts in June 2025, available in Vanilla Glazed, Chocolate Dipped, Cinnamon Crumble, and Pink Sprinkle flavors.

<ul><li>Sacra estimates Huel generated $335M of revenue in the trailing twelve months ending July 2025, up 22% year over year from $274M in the prior period.</li><li>Danone acquired Huel for $1.1 billion in 2026, approximately double the valuation implied by Huel's December 2022 funding round and characterized by Barclays analyst Warren Ackerman as a full price versus peers at more than 20x current EBITDA.</li><li>The company has built a global customer base of over 4 million people across 100+ countries, with the UK representing approximately 50% of revenue, the US contributing approximately 30% (already a $100M business), and Europe plus a small rest-of-world portion accounting for the remainder.</li></ul>

Sacra estimates Huel generated $335M of revenue in the trailing twelve months ending July 2025, up 22% year over year from $274M in the prior period.Danone acquired Huel for $1.1 billion in 2026, approximately double the valuation implied by Huel's December 2022 funding round and characterized by Barclays analyst Warren Ackerman as a full price versus peers at more than 20x current EBITDA.The company has built a global customer base of over 4 million people across 100+ countries, with the UK representing approximately 50% of revenue, the US contributing approximately 30% (already a $100M business), and Europe plus a small rest-of-world portion accounting for the remainder.

<ul><li>Sacra estimates that Liquid Death generated $333M in 2024, up 27% YoY.</li><li>Liquid Death is valued at $1.4 billion following its March 2024 Series E funding round of $67 million.</li><li>The company entered the UK market in 2023 with placements in major chains like Tesco and Co-op.</li></ul>

Sacra estimates that Liquid Death generated $333M in 2024, up 27% YoY.Liquid Death is valued at $1.4 billion following its March 2024 Series E funding round of $67 million.The company entered the UK market in 2023 with placements in major chains like Tesco and Co-op.

<ul><li>Sacra estimates that David has generated $102M in revenue in 2025 as of June, up from $8 million in 2024.</li><li>David raised $75 million in a Series A round in May 2025, led by Greenoaks with participation from Valor Equity Partners.</li><li>In July 2025, David expanded distribution into Wegmans and Vitamin Shoppe, with Kroger, Walmart, and Target in the pipeline.</li></ul>

Sacra estimates that David has generated $102M in revenue in 2025 as of June, up from $8 million in 2024.David raised $75 million in a Series A round in May 2025, led by Greenoaks with participation from Valor Equity Partners.In July 2025, David expanded distribution into Wegmans and Vitamin Shoppe, with Kroger, Walmart, and Target in the pipeline.

United States

Food manufacturing company offering high-protein, low-carb snacks including pastries, sweet rolls, and popped chips

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Legendary Foods (FOODS US)

$180M/year Protein Poptart

TL;DR: The protein food market is entering its biotech era as companies like Legendary Foods & David use proprietary fat substitutes to create...

Sacra

Primer: Legendary Foods - 28 Jan 2026

Food manufacturing company offering high-protein, low-carb snacks including pastries, sweet rolls, and popped chips

Sacra

Primer: Huel - 31 May 2026

Food brand offering plant-based, nutritionally complete meals, drinks, and snacks for convenience

Sacra

Primer: Liquid Death - 19 Apr 2026

Beverage brand selling canned water, sparkling water, and iced tea in aluminum tallboys

Sacra

Primer: David - 07 Dec 2025

Producer of high-protein, low-calorie, blood-sugar-friendly protein bars

Sacra

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