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>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

<ul><li>Growth took off in 2024 as Fanvue embraced the rise of AI avatar generation and voice cloning tools, with Sacra estimating that Fanvue hit $65M ARR in April 2025, up 450% year-over-year.</li><li>Fanvue’s decision to allow fully AI-generated content unlocks two distinct creator pathways: (1) entrepreneurs and digital artists can spin up entirely synthetic characters with open source, ComfyUI-orchestrated models or via SaaS off-the-shelf tools like Heygen ($35M ARR in June 2024) and Creatify ($9M ARR), and (2) human models can clone their own image, voice, and chat persona to automate DMs, voice notes, and off-hours engagement, cutting burnout while earning around the clock.</li><li>Creators use social platforms like Instagram or TikTok to post SFW content and drive fans through their link-in-bio to Fanvue, where they monetize via subscriptions, tips, locked posts, and paid DMs—with Fanvue taking a ~20% cut on gross revenue, the same as OnlyFans.</li></ul>

Growth took off in 2024 as Fanvue embraced the rise of AI avatar generation and voice cloning tools, with Sacra estimating that Fanvue hit $65M ARR in April 2025, up 450% year-over-year.Fanvue’s decision to allow fully AI-generated content unlocks two distinct creator pathways: (1) entrepreneurs and digital artists can spin up entirely synthetic characters with open source, ComfyUI-orchestrated models or via SaaS off-the-shelf tools like Heygen ($35M ARR in June 2024) and Creatify ($9M ARR), and (2) human models can clone their own image, voice, and chat persona to automate DMs, voice notes, and off-hours engagement, cutting burnout while earning around the clock.Creators use social platforms like Instagram or TikTok to post SFW content and drive fans through their link-in-bio to Fanvue, where they monetize via subscriptions, tips, locked posts, and paid DMs—with Fanvue taking a ~20% cut on gross revenue, the same as OnlyFans.

<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 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.

United Kingdom

OnlyFans Ltd provides software solutions. The Company offers social platform revolutionizing creator and fan connections. OnlyFans serves customers in the United Kingdom and Poland.

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

OnlyFans (1896456D LN)

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

Fanvue At $65M ARR

TL;DR: After OnlyFans took off, Fanvue (founded 2020) launched as a fast-follower promising quicker payouts and faster onboarding. Growth took off...

Sacra

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

Primer: Beacons - 17 Nov 2024

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

Sacra

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)