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>Stan has been growing ~20% month-over-month every month in Q1'24 with high velocity even as revenue continues to scale.</li><li>Our customers generate more than 50% of their income on Stan by selling digital downloads.</li><li>13% churn means that we are going to turn over our entire user base over the year.</li></ul>

Stan has been growing ~20% month-over-month every month in Q1'24 with high velocity even as revenue continues to scale.Our customers generate more than 50% of their income on Stan by selling digital downloads.13% churn means that we are going to turn over our entire user base over the year.

Vitalii Dodonov, CTO Of Stan, On Building A creator-aligned store-in-bio

<ul><li>Stan hit $14.7M of annual recurring revenue (ARR) at the end of 2023, up 765% year-over-year, as store-in-bio replaced link-in-bio as the default home base of the online creator.</li><li>Stan grew revenue a whopping 765% in 2023 by giving affiliates 20% of all revenue generated from their links into perpetuity, seeding a cottage industry of TikTok Stan influencers.</li><li>Gross churn is high at 13% monthly and Stan is living with the continued risk of being banned by TikTok, which recently sunset its integration with Shopify and will reportedly ban Amazon links-in-bio next.</li></ul>

Stan hit $14.7M of annual recurring revenue (ARR) at the end of 2023, up 765% year-over-year, as store-in-bio replaced link-in-bio as the default home base of the online creator.Stan grew revenue a whopping 765% in 2023 by giving affiliates 20% of all revenue generated from their links into perpetuity, seeding a cottage industry of TikTok Stan influencers.Gross churn is high at 13% monthly and Stan is living with the continued risk of being banned by TikTok, which recently sunset its integration with Shopify and will reportedly ban Amazon links-in-bio next.

<ul><li>On the flip side, pure subscription SaaS companies like ConvertKit ($9-25/month) and Beehiiv ($42-84/month) with a simple model of charging a fixed monthly fee based on list size hit $38M annual recurring revenue (ARR) on zero capital raised (ConvertKit) and $3M ARR on $4.2M raised (Beehiiv).</li><li>After having dipped to 3% year-over-year growth in October 2021, ConvertKit’s growth re-accelerated to 22% last month with the ad network launches of Creator Network, which lets writers do both free and paid recommendations of other newsletters, and Sponsor Network, which lets businesses sponsor writers.</li><li>Businesses are the biggest tailwind for the creator economy now—while corporate spend on social ads is down 6x since 2020, spending on influencer marketing in 2023 hit $5.1B just through Q3, up 82% from $2.8B in 2020.</li></ul>

On the flip side, pure subscription SaaS companies like ConvertKit ($9-25/month) and Beehiiv ($42-84/month) with a simple model of charging a fixed monthly fee based on list size hit $38M annual recurring revenue (ARR) on zero capital raised (ConvertKit) and $3M ARR on $4.2M raised (Beehiiv).After having dipped to 3% year-over-year growth in October 2021, ConvertKit’s growth re-accelerated to 22% last month with the ad network launches of Creator Network, which lets writers do both free and paid recommendations of other newsletters, and Sponsor Network, which lets businesses sponsor writers.Businesses are the biggest tailwind for the creator economy now—while corporate spend on social ads is down 6x since 2020, spending on influencer marketing in 2023 hit $5.1B just through Q3, up 82% from $2.8B in 2020.

<ul><li>Substack (2017) built “Svbtle with a paywall”, paying advances to prominent writers like Matthew Yglesias (ex-Vox) and Anne Helen Petersen (ex-Buzzfeed) to create a halo around its brand combined with a business model that enabled them to index on the upside of its big-name writers and focus on quality over mass market.</li><li>Sacra estimates that revenue at Substack grew 58% year-over-year to $19M in 2022 off of 35 million subscribers, 2 million paid subscribers and $145M million in GMV with $82 million in funding raised.</li><li>In March 2023, Substack launched an equity crowdfunding campaign on WeFunder to raise $5M at a $585M pre-money valuation and estimated 30x multiple on $19M in TTM revenue, a flat round from their 2021 Series B led by Andreessen Horowitz where they raised $65M at a 102x multiple.</li></ul>

Substack (2017) built “Svbtle with a paywall”, paying advances to prominent writers like Matthew Yglesias (ex-Vox) and Anne Helen Petersen (ex-Buzzfeed) to create a halo around its brand combined with a business model that enabled them to index on the upside of its big-name writers and focus on quality over mass market.Sacra estimates that revenue at Substack grew 58% year-over-year to $19M in 2022 off of 35 million subscribers, 2 million paid subscribers and $145M million in GMV with $82 million in funding raised.In March 2023, Substack launched an equity crowdfunding campaign on WeFunder to raise $5M at a $585M pre-money valuation and estimated 30x multiple on $19M in TTM revenue, a flat round from their 2021 Series B led by Andreessen Horowitz where they raised $65M at a 102x multiple.

<ul><li>Link-in-bio companies like Linktree and Beacons reinvented About.me for Gen Z as a website generator that lets you route traffic from super-platforms like Instagram and TikTok to your content and sources of income.</li><li>Linktree ended 2021 with 24M users and $26M ARR—today, they’re at around $33M ARR with ~31M users, growing 29% YoY.</li><li>Link-in-bio sits at the strategic position where creators route traffic off platform onto an owned property which gives it the opportunity to capture traffic, de-anonymize traffic and monetize traffic.</li></ul>

Link-in-bio companies like Linktree and Beacons reinvented About.me for Gen Z as a website generator that lets you route traffic from super-platforms like Instagram and TikTok to your content and sources of income.Linktree ended 2021 with 24M users and $26M ARR—today, they’re at around $33M ARR with ~31M users, growing 29% YoY.Link-in-bio sits at the strategic position where creators route traffic off platform onto an owned property which gives it the opportunity to capture traffic, de-anonymize traffic and monetize traffic.

Linktree: The $33M ARR About.Me For Gen Z

United States

Tool for creators to sell online courses, webinars, and digital products with video hosting

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Vitalii Dodonov, CTO Of Stan, On Building A creator-aligned store-in-bio

Spirituality coaches, passive income gurus, social media coaches, and more use Stan—it feels like an eclectic bunch. How do you talk about and...

Sacra

Stan: The $14.7M/year store-in-bio

TL;DR: Stan hit $14.7M of annual recurring revenue (ARR) at the end of 2023, up 765% year-over-year, as store-in-bio replaced link-in-bio as the...

Sacra

ConvertKit At $38M ARR

TL;DR: Subscription SaaS creator economy companies like ConvertKit and Beehiiv with simple business models are growing through the creator...

Sacra

Substack: The $19M/year Content LVMH

Substack grew revenue an estimated 10x during COVID and built a star-studded roster of writers. Now, it faces growing tensions between building for...

Sacra

Linktree: The $33M ARR About.Me For Gen Z

Link-in-bio companies found initial product-market fit as a demilitarized zone (DMZ) that created a buffer between authoritarian, puritanical...

Sacra

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