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>Sacra estimates that Stan hit $40M in annual recurring revenue in April 2026, up from $35M at the end of 2025.</li><li>Stan reached profitability at approximately 40% EBITDA margins, remaining capital-light with its $5M seed from Forerunner (2022) as its sole round of institutional funding.</li><li>Whop's marketplace model - which aggregates demand across creator products rather than requiring creators to bring their own traffic - surpassed Stan in revenue scale in 2025 and is growing roughly 10x faster.</li></ul>

Sacra estimates that Stan hit $40M in annual recurring revenue in April 2026, up from $35M at the end of 2025.Stan reached profitability at approximately 40% EBITDA margins, remaining capital-light with its $5M seed from Forerunner (2022) as its sole round of institutional funding.Whop's marketplace model - which aggregates demand across creator products rather than requiring creators to bring their own traffic - surpassed Stan in revenue scale in 2025 and is growing roughly 10x faster.

<ul><li>Sacra estimates that Linktree generated $55.5M in revenue in 2024, up 50% year-over-year from $37M in 2023.</li><li>Linktree has raised a total of $165.7M from 3 rounds of fundraising.</li><li>As of April 2025, Linktree reported 70M+ users.</li></ul>

Sacra estimates that Linktree generated $55.5M in revenue in 2024, up 50% year-over-year from $37M in 2023.Linktree has raised a total of $165.7M from 3 rounds of fundraising.As of April 2025, Linktree reported 70M+ users.

<ul><li>Sacra estimates that Kit (formerly ConvertKit) reached $52M annual recurring revenue (ARR) in 2025, up 20% year-over-year from $42M in 2024, not including transactional revenue from its ad network business.</li><li>ConvertKit completed a secondary transaction through AngelList with 48 individual angel investors in 2021 that valued the company at $200M.</li><li>The company has gradually expanded its market through strategic acquisitions.</li></ul>

Sacra estimates that Kit (formerly ConvertKit) reached $52M annual recurring revenue (ARR) in 2025, up 20% year-over-year from $42M in 2024, not including transactional revenue from its ad network business.ConvertKit completed a secondary transaction through AngelList with 48 individual angel investors in 2021 that valued the company at $200M.The company has gradually expanded its market through strategic acquisitions.

<ul><li>Sacra estimates that Substack hit $45M in annualized revenue in July 2025, up from $37M in 2024 and $30M in 2023, as paid subscriptions grew to 5M by March 2025 with approximately $450M in writer gross revenue.</li><li>Substack was valued at $1.1B following its $100M Series C round led by BOND and The Chernin Group in July 2025, reaching unicorn status.</li><li>Substack is gradually growing from a tool that allows writers to set up and monetize their own email newsletters to a network for both readers (to discover and engage with new writers) and writers (to get recommended by other writers, access infrastructure and resources, and better monetize).</li></ul>

Sacra estimates that Substack hit $45M in annualized revenue in July 2025, up from $37M in 2024 and $30M in 2023, as paid subscriptions grew to 5M by March 2025 with approximately $450M in writer gross revenue.Substack was valued at $1.1B following its $100M Series C round led by BOND and The Chernin Group in July 2025, reaching unicorn status.Substack is gradually growing from a tool that allows writers to set up and monetize their own email newsletters to a network for both readers (to discover and engage with new writers) and writers (to get recommended by other writers, access infrastructure and resources, and better monetize).

<ul><li>Sacra estimates Beehiiv hit $30M in annualized revenue in June 2025, up from $19.8M at the end of 2024.</li><li>In May 2024, Beehiiv raised $1M on Wefunder in a round that valued them at $192M.</li><li>Beehiiv&#39;s revenue is derived from the monthly subscription fees it charges, with three usage tiers currently in place: free, $43/month (billed annually), and $96/month (billed annually).</li></ul>

Sacra estimates Beehiiv hit $30M in annualized revenue in June 2025, up from $19.8M at the end of 2024.In May 2024, Beehiiv raised $1M on Wefunder in a round that valued them at $192M.Beehiiv&#39;s revenue is derived from the monthly subscription fees it charges, with three usage tiers currently in place: free, $43/month (billed annually), and $96/month (billed annually).

United States

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

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

Podia (PODIA US)

Primer: Stan - 17 Aug 2026

Storefront tool for creators to sell downloads, courses, and bookings from link-in-bio

Sacra

Primer: Linktree - 10 Aug 2026

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

Sacra

Primer: ConvertKit - 31 Jul 2026

Email marketing software for creators to grow, engage, and monetize their audiences

Sacra

Primer: Substack - 31 May 2026

Newsletter tool for writers to publish, monetize, and grow subscriber audiences

Sacra

Primer: Beehiiv - 05 Apr 2026

Newsletter software for creators with subscription billing, audience growth, and ad monetization tools

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)