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

Legendary Foods / Private Capital Markets

<ul><li>Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year, up 63% year-over-year.</li><li>Ron Penna waited out his 3-year non-compete before launching Legendary Foods as a line of high-protein, low-carb versions of junk foods.</li><li>Expanding from fitness-focused DTC into mass retail distribution across 100,000+ locations, Sacra estimates Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year.</li></ul>

Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year, up 63% year-over-year.Ron Penna waited out his 3-year non-compete before launching Legendary Foods as a line of high-protein, low-carb versions of junk foods.Expanding from fitness-focused DTC into mass retail distribution across 100,000+ locations, Sacra estimates Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year.

<ul><li>LLMs have finally made large-scale product recommendation viable by transforming Reddit threads, YouTube transcripts, and Wirecutter and RTINGS reviews—the last bastions of authentic product knowledge on a gamed web—into structured, trustworthy input for AI shopping assistants.</li><li>As agents take over more of the shopping workflow from research to comparison to purchase, the adtech and SaaS ecosystem behind modern e-commerce—ad networks, affiliate networks, retargeting engines, on-site optimization—stands to get bypassed by upstream recommendation engines where purchases are researched (Vetted) and downstream payment rails where transactions are executed (Stripe, PayPal).</li><li>When you ask a question to Vetted, we actually make over a hundred LLM calls. It's not just one model spitting out an answer. Each one of those steps imbue how we think people should research products and consider what's relevant.</li></ul>

LLMs have finally made large-scale product recommendation viable by transforming Reddit threads, YouTube transcripts, and Wirecutter and RTINGS reviews—the last bastions of authentic product knowledge on a gamed web—into structured, trustworthy input for AI shopping assistants.As agents take over more of the shopping workflow from research to comparison to purchase, the adtech and SaaS ecosystem behind modern e-commerce—ad networks, affiliate networks, retargeting engines, on-site optimization—stands to get bypassed by upstream recommendation engines where purchases are researched (Vetted) and downstream payment rails where transactions are executed (Stripe, PayPal).When you ask a question to Vetted, we actually make over a hundred LLM calls. It's not just one model spitting out an answer. Each one of those steps imbue how we think people should research products and consider what's relevant.

Stuart Kearney, co-founder Of Vetted, On AI Agents In Shopping

<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.

<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.

United States

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

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Ridge (RIDGE US)

$180M/year Protein Poptart

TL;DR: The protein food market is entering its biotech era as companies like Legendary Foods & David use proprietary fat substitutes to create...

Sacra

Stuart Kearney, co-founder Of Vetted, On AI Agents In Shopping

Tell us about the journey from Slant to Lustre to Vetted, what you learned at each stage and what inspired you to build & focus on Vetted...

Sacra

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

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