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 Rokt hit $900M in annualized revenue in October 2025, up from $600M at the end of 2024.</li><li>The company is positioning for an IPO as early as H1 2026, focusing on continued R&amp;D investment with $100M allocated in 2023 alone.</li><li>The combination of these tailwinds positions Rokt to grow well beyond their current $480M in revenue, potentially reaching multi-billion dollar scale as ecommerce continues to expand globally.</li></ul>

Sacra estimates that Rokt hit $900M in annualized revenue in October 2025, up from $600M at the end of 2024.The company is positioning for an IPO as early as H1 2026, focusing on continued R&amp;D investment with $100M allocated in 2023 alone.The combination of these tailwinds positions Rokt to grow well beyond their current $480M in revenue, potentially reaching multi-billion dollar scale as ecommerce continues to expand globally.

<ul><li>Replit is being used across the organization for internal tools that wouldn't get prioritized through normal engineering channels, with non-technical teams building everything from training games to SQL query repositories.</li><li>While Replit enables rapid tool creation by non-technical users, the organization faces challenges with knowledge transfer when tool creators leave—creating a need for better documentation of how applications were built.</li><li>Enterprise adoption of Replit would accelerate with better templates, pre-built integrations to common enterprise tools, and transition management capabilities to ensure durability.</li></ul>

Replit is being used across the organization for internal tools that wouldn't get prioritized through normal engineering channels, with non-technical teams building everything from training games to SQL query repositories.While Replit enables rapid tool creation by non-technical users, the organization faces challenges with knowledge transfer when tool creators leave—creating a need for better documentation of how applications were built.Enterprise adoption of Replit would accelerate with better templates, pre-built integrations to common enterprise tools, and transition management capabilities to ensure durability.

Replit Customer At Rokt On Internal Tool Development And cross-team Adoption

<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>Mirakl continues to expand its marketplace enablement platform with high-profile clients like Best Buy and Ulta Beauty launching marketplaces in 2025.</li><li>Sacra estimates that Mirakl hit $177M ARR in 2024, up 15% YoY, while its customer GMV grew 30% to $11.2B as traditional retailers seek to counter Amazon's third-party marketplace dominance.</li><li>Mirakl Ads, which allows retailers to monetize marketplace traffic through seller-purchased ad slots, grew over 100% year-over-year in 2024 and was strengthened by the December acquisition of Adspert.</li></ul>

Mirakl continues to expand its marketplace enablement platform with high-profile clients like Best Buy and Ulta Beauty launching marketplaces in 2025.Sacra estimates that Mirakl hit $177M ARR in 2024, up 15% YoY, while its customer GMV grew 30% to $11.2B as traditional retailers seek to counter Amazon's third-party marketplace dominance.Mirakl Ads, which allows retailers to monetize marketplace traffic through seller-purchased ad slots, grew over 100% year-over-year in 2024 and was strengthened by the December acquisition of Adspert.

<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.

Australia

Ad network SDK for ecommerce sites to show third-party offers at checkout

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Rokt (ROKT AU)

Primer: Rokt - 20 Feb 2026

Ad network SDK for ecommerce sites to show third-party offers at checkout

Sacra

Replit Customer At Rokt On Internal Tool Development And cross-team Adoption

At a high level, how is Replit used at your organization today? What are the top few use cases...

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

Mirakl At $177M ARR

TL;DR: Mirakl continues to expand its marketplace enablement platform with high-profile clients like Best Buy and Ulta Beauty launching...

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

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