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 Fanatics revenue hit $8.1B in 2024, up 15% YoY.</li><li>Fanatics revenue consists of Fanatics Commerce (apparel and merchandise) at 77% of revenue ($6.2B in revenue) growing 8% YoY.</li><li>With the $148B upside of the fast-growing (up 24% YoY) sports betting market, Fanatics is channeling its free cash flow into Fanatics Betting &amp; Gambling.</li></ul>

Sacra estimates that Fanatics revenue hit $8.1B in 2024, up 15% YoY.Fanatics revenue consists of Fanatics Commerce (apparel and merchandise) at 77% of revenue ($6.2B in revenue) growing 8% YoY.With the $148B upside of the fast-growing (up 24% YoY) sports betting market, Fanatics is channeling its free cash flow into Fanatics Betting &amp; Gambling.

SHEIN Global Holdings / Private Capital Markets

<ul><li>Last time we wrote about Shein, they’d generated $32.2B in revenue in 2023, up 40% YoY.</li><li>Now, with revenue growth slowing to 23% YoY (projected $39.6B revenue in 2024) amid increased competition with Temu (owned by Pinduoduo, NASDAQ: PDD) and President Trump promising to close the de minimis loophole that Shein has used to ship its products tax-free, the company is betting on its future as a global “everything store”.</li><li>While Shein has become the face of cheap goods flooding American markets tax-free, fast fashion was a wedge into Shein’s next stage—building a global everything store with a massive selection in direct competition with Temu (~$50B GMV in 2024, up 250%) for price-sensitive consumers across electronics, toys, furniture, and more.</li></ul>

Last time we wrote about Shein, they’d generated $32.2B in revenue in 2023, up 40% YoY.Now, with revenue growth slowing to 23% YoY (projected $39.6B revenue in 2024) amid increased competition with Temu (owned by Pinduoduo, NASDAQ: PDD) and President Trump promising to close the de minimis loophole that Shein has used to ship its products tax-free, the company is betting on its future as a global “everything store”.While Shein has become the face of cheap goods flooding American markets tax-free, fast fashion was a wedge into Shein’s next stage—building a global everything store with a massive selection in direct competition with Temu (~$50B GMV in 2024, up 250%) for price-sensitive consumers across electronics, toys, furniture, and more.

<ul><li>Founded in Australia in 2012, Rokt's core product is an SDK that big ecommerce retailers like Ticketmaster add to their checkout page to show offers for related products from 3rd-party brands.</li><li>After ending the year at $600M in ARR and acquiring the customer data platform (CDP) mParticle, Rokt has its sights set on expanding outside advertising.</li><li>With its acquisitions of mParticle and Shopify upsell app AfterSell (2024), Rokt is expanding across platforms, accumulating first-party data and streaming it at low latency across all customer interactions.</li></ul>

Founded in Australia in 2012, Rokt's core product is an SDK that big ecommerce retailers like Ticketmaster add to their checkout page to show offers for related products from 3rd-party brands.After ending the year at $600M in ARR and acquiring the customer data platform (CDP) mParticle, Rokt has its sights set on expanding outside advertising.With its acquisitions of mParticle and Shopify upsell app AfterSell (2024), Rokt is expanding across platforms, accumulating first-party data and streaming it at low latency across all customer interactions.

<ul><li>Whatnot has cracked livestream commerce in the U.S where companies like Meta and Amazon struggled.</li><li>Sacra estimates that Whatnot grew 102% YoY to $359M in revenue in 2024.</li><li>As Whatnot expands beyond collectibles into larger TAM verticals, it’s begun to compete against vertical-focused ecommerce retailers.</li></ul>

Whatnot has cracked livestream commerce in the U.S where companies like Meta and Amazon struggled.Sacra estimates that Whatnot grew 102% YoY to $359M in revenue in 2024.As Whatnot expands beyond collectibles into larger TAM verticals, it’s begun to compete against vertical-focused ecommerce retailers.

<ul><li>Sacra estimates Back Market grew revenue to $415M in 2024, up 25% YoY.</li><li>Back Market is partnering up with OEMs like Sony and carriers like Verizon and Bouygues to expand into new product categories and sell into new markets.</li><li>Back Market's revenue grew from $333M in 2023 to a projected $415M in 2024 (25% YoY) off about $2.9B in GMV.</li></ul>

Sacra estimates Back Market grew revenue to $415M in 2024, up 25% YoY.Back Market is partnering up with OEMs like Sony and carriers like Verizon and Bouygues to expand into new product categories and sell into new markets.Back Market's revenue grew from $333M in 2023 to a projected $415M in 2024 (25% YoY) off about $2.9B in GMV.

United States

Ecommerce brand selling wallets, rings, and accessories through DTC and Amazon channels

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Fanatics At $8.1B

TL;DR: With its structural CAC advantage vs. traditional online betting sites, Fanatics is channeling the free cash flow from its profitable...

Sacra

Shein Vs Trump

TL;DR: Trump’s closure of the “de minimis loophole” threatens Shein’s core business of selling Chinese bodysuits and designer dupes into the U.S....

Sacra

Rokt At $600M/yr Growing 43% YoY

TL;DR: With its acquisition of customer data platform (CDP) mParticle at the beginning of 2025, Rokt is looking beyond the advertising business...

Sacra

Whatnot At $359M/yr

TL;DR: With their entertainment-first design, Whatnot has cracked livestream commerce in the U.S where companies like Meta and Amazon struggled....

Sacra

$415M/yr Refurbished iPhone Marketplace

TL;DR: Sacra estimates Back Market grew revenue to $415M in 2024, up 25% YoY. As refurbished smartphone inventory tightens, Back Market is...

Sacra

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