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 Webflow hit $200M in ARR in 2023, growing approximately 48% year-over-year from $135M in 2022.</li><li>Webflow raised $750M in a Series C round led by Y Combinator, CapitalG, Accel, and Silversmith in March 2022, reaching a $4B valuation.</li><li>Webflow operates in the website creation and content management market, competing across three distinct segments: visual development platforms, traditional CMS providers, and specialized design tools.</li></ul>

Sacra estimates Webflow hit $200M in ARR in 2023, growing approximately 48% year-over-year from $135M in 2022.Webflow raised $750M in a Series C round led by Y Combinator, CapitalG, Accel, and Silversmith in March 2022, reaching a $4B valuation.Webflow operates in the website creation and content management market, competing across three distinct segments: visual development platforms, traditional CMS providers, and specialized design tools.

<ul><li>Sacra estimates Beacons hit $3.7M in annually recurring revenue in January 2021, growing at an extraordinary rate of 209% month-over-month during Q4 2020.</li><li>The company faces high gross revenue churn of 16-18% monthly, significantly above competitor ConvertKit's 5% monthly churn.</li><li>Beacons is uniquely positioned at the intersection of discovery and monetization, helping creators convert social media followers into paying customers.</li></ul>

Sacra estimates Beacons hit $3.7M in annually recurring revenue in January 2021, growing at an extraordinary rate of 209% month-over-month during Q4 2020.The company faces high gross revenue churn of 16-18% monthly, significantly above competitor ConvertKit's 5% monthly churn.Beacons is uniquely positioned at the intersection of discovery and monetization, helping creators convert social media followers into paying customers.

<ul><li>Sacra estimates that OnlyFans generated $1.3B in revenue in 2023 (up 20% YoY).</li><li>Post-COVID growth has decelerated to 17-20% YoY in 2022-23 compared with Canva at $2B in 2023 revenue (growing 50% YoY) and Chime at $1.3B (growing 30% YoY).</li><li>OnlyFans has built the biggest and most trusted brand in their space—the Coinbase of amateur porn—backed by bank-grade KYC/AML to verify creator identities, moderation of all content and direct messages, and information sharing with law enforcement.</li></ul>

Sacra estimates that OnlyFans generated $1.3B in revenue in 2023 (up 20% YoY).Post-COVID growth has decelerated to 17-20% YoY in 2022-23 compared with Canva at $2B in 2023 revenue (growing 50% YoY) and Chime at $1.3B (growing 30% YoY).OnlyFans has built the biggest and most trusted brand in their space—the Coinbase of amateur porn—backed by bank-grade KYC/AML to verify creator identities, moderation of all content and direct messages, and information sharing with law enforcement.

<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.

Australia

Website builder for creators to share links and monetize audiences from social platforms

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Linktree (LINKTREE AU)

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...

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Primer: Webflow - 07 Dec 2024

Website builder with visual editor, CMS, and hosting for no-code custom sites

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Primer: Beacons - 17 Nov 2024

Mobile website builder for creators to sell products, collect tips, and manage fans

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OnlyFans At $1.3B/yr

TL;DR: Sacra estimates that OnlyFans generated $1.3B in revenue in 2023 (up 20% YoY). While it’s now the biggest and most trusted brand in the...

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

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