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>Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch synthetic creators.</li><li>Sacra estimates Fanvue hit $100M in annual recurring revenue (ARR) in 2025, up 150% year-over-year from $40M in 2024.</li><li>After Fansly banned photorealistic AI-generated content in June 2025, Fanvue became the only major adult subscription platform to fully embrace from-scratch synthetic creators.</li></ul>

Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch synthetic creators.Sacra estimates Fanvue hit $100M in annual recurring revenue (ARR) in 2025, up 150% year-over-year from $40M in 2024.After Fansly banned photorealistic AI-generated content in June 2025, Fanvue became the only major adult subscription platform to fully embrace from-scratch synthetic creators.

<ul><li>Kajabi reached a $2B valuation in 2021 when the company hit $100M ARR, corresponding to a 20x revenue multiple during the peak of creator economy enthusiasm.</li><li>The platform enables creators to build branded websites, create and sell digital courses, host membership communities, deliver coaching services, launch podcasts, send newsletters, and process payments—all from a single dashboard.</li><li>Since its founding in 2010, Kajabi has paid out $10B to creators, with total payouts rising 25% year-over-year as of August 2025.</li></ul>

Kajabi reached a $2B valuation in 2021 when the company hit $100M ARR, corresponding to a 20x revenue multiple during the peak of creator economy enthusiasm.The platform enables creators to build branded websites, create and sell digital courses, host membership communities, deliver coaching services, launch podcasts, send newsletters, and process payments—all from a single dashboard.Since its founding in 2010, Kajabi has paid out $10B to creators, with total payouts rising 25% year-over-year as of August 2025.

<ul><li>Sacra estimates Whop reached <a href="https://sacra.com/research/whop-revenue-growth-valuation/" target="_blank" rel="noopener noreferrer">$142M annualized revenue in October 2025, up 255% YoY and up from $56M at the end of 2024</a>, raising $50M last July at an $800M valuation for a 28.6x multiple on $28M revenue at the time—compared to ecommerce platform Shopify (NYSE: SHOP) at $10.7B TTM revenue, growing 20% YoY, valued at $192B for a 17.9x multiple, digital storefront <a href="https://sacra.com/c/stan/" target="_blank" rel="noopener noreferrer">Stan </a> at <a href="https://sacra.com/research/stan-revenue-growth-valuation" target="_blank" rel="noopener noreferrer">$28.3M in annual recurring revenue at the end of 2024, up 93% YoY</a>, and livestream shopping platform Whatnot at $359M revenue in 2024, up 102% YoY, valued at $5B for a 13.9x multiple.</li><li>The creator market continues to split between mainstream platforms like <a href="https://sacra.com/c/patreon" target="_blank" rel="noopener noreferrer">Patreon</a>, <a href="https://sacra.com/c/linktree" target="_blank" rel="noopener noreferrer">Linktree </a> &amp; <a href="https://sacra.com/c/circle-so" target="_blank" rel="noopener noreferrer">Circle</a>, built on <a href="https://sacra.com/c/stripe" target="_blank" rel="noopener noreferrer">Stripe </a> &amp; PayPal, that optimize for SFW creators and increasingly see B2B-style adoption, versus shadow market platforms for high-risk, high-chargeback merchants like <a href="https://sacra.com/c/whop" target="_blank" rel="noopener noreferrer">Whop</a>, which orchestrate multiple payment providers to improve authorization rates and effectively “platform” creators who would otherwise struggle to find a place to sell online.</li><li>With the <a href="https://sacra.com/c/whop" target="_blank" rel="noopener noreferrer">Whop App Store </a> (launched June 2025), <a href="https://sacra.com/c/whop" target="_blank" rel="noopener noreferrer">Whop </a> can serve the diverse set of grey-market use cases compared to the adult-verticalized <a href="https://sacra.com/c/onlyfans" target="_blank" rel="noopener noreferrer">OnlyFans</a>, siphon users from apps like <a href="https://sacra.com/c/discord" target="_blank" rel="noopener noreferrer">Discord </a> (Chat by Whop) &amp; Twitch (Livestreaming by Whop) and turn Whop storefronts into high engagement user-facing apps.</li></ul>

Sacra estimates Whop reached $142M annualized revenue in October 2025, up 255% YoY and up from $56M at the end of 2024, raising $50M last July at an $800M valuation for a 28.6x multiple on $28M revenue at the time—compared to ecommerce platform Shopify (NYSE: SHOP) at $10.7B TTM revenue, growing 20% YoY, valued at $192B for a 17.9x multiple, digital storefront Stan  at $28.3M in annual recurring revenue at the end of 2024, up 93% YoY, and livestream shopping platform Whatnot at $359M revenue in 2024, up 102% YoY, valued at $5B for a 13.9x multiple.The creator market continues to split between mainstream platforms like Patreon, Linktree  &amp; Circle, built on Stripe  &amp; PayPal, that optimize for SFW creators and increasingly see B2B-style adoption, versus shadow market platforms for high-risk, high-chargeback merchants like Whop, which orchestrate multiple payment providers to improve authorization rates and effectively “platform” creators who would otherwise struggle to find a place to sell online.With the Whop App Store  (launched June 2025), Whop  can serve the diverse set of grey-market use cases compared to the adult-verticalized OnlyFans, siphon users from apps like Discord  (Chat by Whop) &amp; Twitch (Livestreaming by Whop) and turn Whop storefronts into high engagement user-facing apps.

<ul><li>Communities as businesses split into three models: vertical professional networks (B2B marketers, roofing contractors, Airbnb hosts), training programs (software engineering bootcamps, becoming a life coach, starting an AI agency), and personal improvement clubs (support groups for new parents, meditation communities, health condition support) that monetize via access to peers & structured programs as an alternative to the burnout-inducing content treadmill that comes from creating & selling newsletters, courses and digital downloads.</li><li>Originally built for YouTubers & course creators, now community platforms are seeing demand crossover into B2B and the enterprise with Fortune 500 companies creating professional networks for practitioners, customer communities for education & support and partner & ecosystem hubs.</li><li>We hit profitability a few months ago, and are now at $50M+ ARR.</li></ul>

Communities as businesses split into three models: vertical professional networks (B2B marketers, roofing contractors, Airbnb hosts), training programs (software engineering bootcamps, becoming a life coach, starting an AI agency), and personal improvement clubs (support groups for new parents, meditation communities, health condition support) that monetize via access to peers & structured programs as an alternative to the burnout-inducing content treadmill that comes from creating & selling newsletters, courses and digital downloads.Originally built for YouTubers & course creators, now community platforms are seeing demand crossover into B2B and the enterprise with Fortune 500 companies creating professional networks for practitioners, customer communities for education & support and partner & ecosystem hubs.We hit profitability a few months ago, and are now at $50M+ ARR.

Sid Yadav, co-founder & CEO Of Circle, On The 3 Types Of Community Businesses

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>The SET Index is expected to move downward, with the support levels at 1,088/1,080 points and the resistance levels at 1,100/1,107 points.</li><li>Technically, the trend remains bearish, with a possibility of retesting this year's low at 1,056.41 points (recorded on April 8).</li><li>The market is being weighed down by negative factors, especially domestic ones.</li></ul>

The SET Index is expected to move downward, with the support levels at 1,088/1,080 points and the resistance levels at 1,100/1,107 points.Technically, the trend remains bearish, with a possibility of retesting this year's low at 1,056.41 points (recorded on April 8).The market is being weighed down by negative factors, especially domestic ones.

Political Uncertainty Weighing on the Market

United States

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

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Stan (STAN US)

AI OnlyFans At $100M/year

TL;DR: Fansly's June 2025 ban on photorealistic AI content has left Fanvue as the only major adult subscription platform embracing from-scratch...

Sacra

Primer: Kajabi - 11 Jan 2026

Software for creators to build, market, and sell online courses and digital products

Sacra

Whop At $142M Revenue

TL;DR: A digital storefront for Gen Z creators, Whop has grown to a Sacra-estimated $142M in annualized revenue, growing 255% YoY. With the launch...

Sacra

Sid Yadav, co-founder & CEO Of Circle, On The 3 Types Of Community Businesses

What is Circle in short and what was the founding insight that led you, Rudy, and Andy to start it coming out of Teachable...

Sacra

Political Uncertainty Weighing on the Market

The SET Index is expected to move downward, with the support levels at 1,088/1,080 points and the resistance levels at 1,100/1,107...

Krungthai XSpring

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