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>Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch synthetic creators.</li><li>Sacra estimates Fanvue hit $100M in annual recurring revenue (ARR) in 2025, up 150% year-over-year from $40M in 2024.</li><li>After Fansly banned photorealistic AI-generated content in June 2025, Fanvue became the only major adult subscription platform to fully embrace from-scratch synthetic creators.</li></ul>

Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch synthetic creators.Sacra estimates Fanvue hit $100M in annual recurring revenue (ARR) in 2025, up 150% year-over-year from $40M in 2024.After Fansly banned photorealistic AI-generated content in June 2025, Fanvue became the only major adult subscription platform to fully embrace from-scratch synthetic creators.

<ul><li>Kajabi reached a $2B valuation in 2021 when the company hit $100M ARR, corresponding to a 20x revenue multiple during the peak of creator economy enthusiasm.</li><li>The platform enables creators to build branded websites, create and sell digital courses, host membership communities, deliver coaching services, launch podcasts, send newsletters, and process payments—all from a single dashboard.</li><li>Since its founding in 2010, Kajabi has paid out $10B to creators, with total payouts rising 25% year-over-year as of August 2025.</li></ul>

Kajabi reached a $2B valuation in 2021 when the company hit $100M ARR, corresponding to a 20x revenue multiple during the peak of creator economy enthusiasm.The platform enables creators to build branded websites, create and sell digital courses, host membership communities, deliver coaching services, launch podcasts, send newsletters, and process payments—all from a single dashboard.Since its founding in 2010, Kajabi has paid out $10B to creators, with total payouts rising 25% year-over-year as of August 2025.

<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 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 States

Marketplace for creators to sell risqué content, livestreams, and direct messages without nudity

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AI OnlyFans At $100M/year

TL;DR: Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch...

Sacra

Primer: Kajabi - 11 Jan 2026

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

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

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

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