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 Stan hit $35M ARR in 2025 with 80,000+ active creators (~$437 ARPC)—decelerating from 93% YoY growth in 2024 and 765% in 2023</li><li>Whop ($142M annualized revenue in October 2025, growing ~255% YoY), the Amazon to Stan’s Shopify for grey-market creator SKUs, neck-in-neck in revenue scale in 2024, surpassed Stan in 2025 as its marketplace model enabled it to compound via demand-side aggregation</li><li>Betting on its creator brand, influencer marketing motion and 80,000-creator base as a distribution channel for new tools, Stan launched Stanley, an AI "Head of Content" agent that posts for you on LinkedIn (March 2026) and Instagram (April 2026), hitting $200K ARR at launch day and crossing $2M in revenue in March 2026</li></ul>

Sacra estimates that Stan hit $35M ARR in 2025 with 80,000+ active creators (~$437 ARPC)—decelerating from 93% YoY growth in 2024 and 765% in 2023Whop ($142M annualized revenue in October 2025, growing ~255% YoY), the Amazon to Stan’s Shopify for grey-market creator SKUs, neck-in-neck in revenue scale in 2024, surpassed Stan in 2025 as its marketplace model enabled it to compound via demand-side aggregationBetting on its creator brand, influencer marketing motion and 80,000-creator base as a distribution channel for new tools, Stan launched Stanley, an AI "Head of Content" agent that posts for you on LinkedIn (March 2026) and Instagram (April 2026), hitting $200K ARR at launch day and crossing $2M in revenue in March 2026

<ul><li>Sacra estimates that Passes reached a $9.5M annualized net revenue run rate in February 2024, up from $3.6M at the end of 2023.</li><li>Passes raised $40M in Series A funding led by Bond Capital, with participation from Abstract Ventures, Crossbeam Ventures, Skims cofounders Emma and Jens Grede, and others in February 2024.</li><li>Passes acquired Fanhouse in 2023, incorporating a former safe-for-work membership competitor.</li></ul>

Sacra estimates that Passes reached a $9.5M annualized net revenue run rate in February 2024, up from $3.6M at the end of 2023.Passes raised $40M in Series A funding led by Bond Capital, with participation from Abstract Ventures, Crossbeam Ventures, Skims cofounders Emma and Jens Grede, and others in February 2024.Passes acquired Fanhouse in 2023, incorporating a former safe-for-work membership competitor.

<ul><li>Sacra estimates that Circle hit $68M in annual recurring revenue (ARR) in May 2026, up from $55M at the end of 2025 and up ~80% year-over-year.</li><li>Circle generates revenue through subscription plans for its all-in-one community platform, with pricing ranging from $49-$399+ per month.</li><li>Circle offers a 14-day free trial, allowing potential customers to experience the platform&#39;s full functionality before committing to a paid plan.</li></ul>

Sacra estimates that Circle hit $68M in annual recurring revenue (ARR) in May 2026, up from $55M at the end of 2025 and up ~80% year-over-year.Circle generates revenue through subscription plans for its all-in-one community platform, with pricing ranging from $49-$399+ per month.Circle offers a 14-day free trial, allowing potential customers to experience the platform&#39;s full functionality before committing to a paid plan.

<ul><li>Sacra estimates that Fanvue hit $200M in ARR in May 2026, up from $100M at the end of 2025.</li><li>Fanvue operates a two-sided marketplace with a B2B2C go-to-market strategy, where they provide infrastructure for creators (businesses) who then serve their fans (consumers).</li><li>Fanvue is capitalizing on the emerging AI creator economy by positioning itself as the leading platform for entirely AI-generated influencers.</li></ul>

Sacra estimates that Fanvue hit $200M in ARR in May 2026, up from $100M at the end of 2025.Fanvue operates a two-sided marketplace with a B2B2C go-to-market strategy, where they provide infrastructure for creators (businesses) who then serve their fans (consumers).Fanvue is capitalizing on the emerging AI creator economy by positioning itself as the leading platform for entirely AI-generated influencers.

United States

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

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

Stan (STAN US)

Primer: Stan - 17 Aug 2026

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

Sacra

Stan’s Shopify Vs Whop’s Amazon

TL;DR: Starting as a store-in-bio for Instagram & TikTok creators, Stan grew to $35M ARR before hitting the ceiling of a single $29/month tier with...

Sacra

Primer: Passes - 12 Oct 2026

Marketplace for creators to sell risqué content, livestreams, and direct messages without nudity

Sacra

Primer: Circle - 16 Jul 2026

Community software for creators to sell memberships, courses, and events to audiences

Sacra

Primer: Fanvue - 31 May 2026

Subscription-based platform for creators to monetize content and engage with fans

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)