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>Growth took off in 2024 as Fanvue embraced the rise of AI avatar generation and voice cloning tools, with Sacra estimating that Fanvue hit $65M ARR in April 2025, up 450% year-over-year.</li><li>Fanvue’s decision to allow fully AI-generated content unlocks two distinct creator pathways: (1) entrepreneurs and digital artists can spin up entirely synthetic characters with open source, ComfyUI-orchestrated models or via SaaS off-the-shelf tools like Heygen ($35M ARR in June 2024) and Creatify ($9M ARR), and (2) human models can clone their own image, voice, and chat persona to automate DMs, voice notes, and off-hours engagement, cutting burnout while earning around the clock.</li><li>Creators use social platforms like Instagram or TikTok to post SFW content and drive fans through their link-in-bio to Fanvue, where they monetize via subscriptions, tips, locked posts, and paid DMs—with Fanvue taking a ~20% cut on gross revenue, the same as OnlyFans.</li></ul>

Growth took off in 2024 as Fanvue embraced the rise of AI avatar generation and voice cloning tools, with Sacra estimating that Fanvue hit $65M ARR in April 2025, up 450% year-over-year.Fanvue’s decision to allow fully AI-generated content unlocks two distinct creator pathways: (1) entrepreneurs and digital artists can spin up entirely synthetic characters with open source, ComfyUI-orchestrated models or via SaaS off-the-shelf tools like Heygen ($35M ARR in June 2024) and Creatify ($9M ARR), and (2) human models can clone their own image, voice, and chat persona to automate DMs, voice notes, and off-hours engagement, cutting burnout while earning around the clock.Creators use social platforms like Instagram or TikTok to post SFW content and drive fans through their link-in-bio to Fanvue, where they monetize via subscriptions, tips, locked posts, and paid DMs—with Fanvue taking a ~20% cut on gross revenue, the same as OnlyFans.

<ul><li>Whop generated $22.6M revenue in 2024, up 74% YoY.</li><li>Growth took off in 2023 with Bounties, an Upwork-like Whop app which lets creators crowdsource jobs like clipping &amp; promoting content.</li><li>Sacra estimates Whop generated $13M in trailing twelve months (TTM) revenue by the end of 2023 (up 700% YoY) with $273M in GMV.</li></ul>

Whop generated $22.6M revenue in 2024, up 74% YoY.Growth took off in 2023 with Bounties, an Upwork-like Whop app which lets creators crowdsource jobs like clipping &amp; promoting content.Sacra estimates Whop generated $13M in trailing twelve months (TTM) revenue by the end of 2023 (up 700% YoY) with $273M in GMV.

<ul><li>With its October rebrand and launch of the Kit App Store, Kit shifted from vertically integrated SaaS to a platform model akin to Shopify’s ecosystem strategy, enabling 15+ third-party apps to go live by year-end and creating new levers for expansion revenue and developer-led distribution—mirroring the bundling trend across creator SaaS as players like Kajabi and Stan seek to combat low ACV and high churn.</li><li>With the launch of Kit Studios and its first physical location offering free, high-end video and podcast production space to creators, Kit is extending its product surface offline to capture more multi-channel “creator CEOs”—echoing Kajabi’s bundling strategy and positioning itself as a B2B SaaS alternative to venture-backed platforms like Substack, which continue to struggle with 50-60% annual churn and negative revenue on subsidized creator advances.</li><li>We followed up at $41M ARR in April 2024, growing 17% YoY, as it was establishing itself beyond pure email SaaS with diversification into subscription software, creator commerce, and advertising.</li></ul>

With its October rebrand and launch of the Kit App Store, Kit shifted from vertically integrated SaaS to a platform model akin to Shopify’s ecosystem strategy, enabling 15+ third-party apps to go live by year-end and creating new levers for expansion revenue and developer-led distribution—mirroring the bundling trend across creator SaaS as players like Kajabi and Stan seek to combat low ACV and high churn.With the launch of Kit Studios and its first physical location offering free, high-end video and podcast production space to creators, Kit is extending its product surface offline to capture more multi-channel “creator CEOs”—echoing Kajabi’s bundling strategy and positioning itself as a B2B SaaS alternative to venture-backed platforms like Substack, which continue to struggle with 50-60% annual churn and negative revenue on subsidized creator advances.We followed up at $41M ARR in April 2024, growing 17% YoY, as it was establishing itself beyond pure email SaaS with diversification into subscription software, creator commerce, and advertising.

<ul><li>Sacra estimates that Stan ended 2024 at $28.3M in ARR, up 92% year-over-year.</li><li>We first covered Stan at $14.7M ARR in February 2024, growing 765% YoY.</li><li>We followed up at $27M ARR in May 2024, growing ~20% month-over-month.</li></ul>

Sacra estimates that Stan ended 2024 at $28.3M in ARR, up 92% year-over-year.We first covered Stan at $14.7M ARR in February 2024, growing 765% YoY.We followed up at $27M ARR in May 2024, growing ~20% month-over-month.

<ul><li>Sacra estimates that Gumroad hit $21M in revenue in 2023, up 96% from $11M in 2022.</li><li>Gumroad&#39;s pricing change from a 3.5-8.5% variable take rate to a flat 10% take rate on GMV in early 2023 near doubled monthly revenue from $1M to $1.8M and flipped them from burning cash (-$1M net in 2022) to generating $9M in net profit for 2023.</li><li>Once creators are making more than $4K per year, the transaction fees a creator is paying to Gumroad are equivalent/beyond what they’d pay for a more fully-featured SaaS platform for creators like Stan.</li></ul>

Sacra estimates that Gumroad hit $21M in revenue in 2023, up 96% from $11M in 2022.Gumroad&#39;s pricing change from a 3.5-8.5% variable take rate to a flat 10% take rate on GMV in early 2023 near doubled monthly revenue from $1M to $1.8M and flipped them from burning cash (-$1M net in 2022) to generating $9M in net profit for 2023.Once creators are making more than $4K per year, the transaction fees a creator is paying to Gumroad are equivalent/beyond what they’d pay for a more fully-featured SaaS platform for creators like Stan.

United States

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

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Stan (STAN US)

Fanvue At $65M ARR

TL;DR: After OnlyFans took off, Fanvue (founded 2020) launched as a fast-follower promising quicker payouts and faster onboarding. Growth took off...

Sacra

Whop At $23M/year Growing 70% YoY

TL;DR: Indexed on the rise of paid Discord communities for sports betting lines and daytrading tips, Whop (2021) has become the checkout and...

Sacra

ConvertKit At $43M ARR

TL;DR: ConvertKit (now rebranded as Kit) has expanded beyond email infrastructure with the launch of the Kit App Store and physical Kit Studios...

Sacra

Stan Vs Whop

TL;DR: The fastest-growing creator economy platforms in 2025, like Stan and Whop, are those enabling creators to sell shadow market digital SKUs...

Sacra

Primer: Gumroad - 07 Dec 2024

Checkout tool for creators to sell digital products, memberships, and courses online

Sacra

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