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 Strava hit $490M in annual recurring revenue in 2025, up 32% year-over-year from $370M in 2024.</li><li>Strava raised a funding round in May 2025 at a valuation of $2.2B including debt, led by Sequoia Capital with participation from TCV, Jackson Square Ventures, and Go4it Capital.</li><li>Strava confidentially submitted a draft Form S-1 to the SEC for a proposed U.S. IPO, with share count and price range not yet determined.</li></ul>

Sacra estimates Strava hit $490M in annual recurring revenue in 2025, up 32% year-over-year from $370M in 2024.Strava raised a funding round in May 2025 at a valuation of $2.2B including debt, led by Sequoia Capital with participation from TCV, Jackson Square Ventures, and Go4it Capital.Strava confidentially submitted a draft Form S-1 to the SEC for a proposed U.S. IPO, with share count and price range not yet determined.

High Conviction Concentrated Growth Investing, Fallacy Alarm

Fallacy Alarm

High Conviction Concentrated Growth Investing

High conviction concentrated growth investing. Blends single stock, macro and thematic research into powerful long and short ideas. I am convinced that a robust and comprehensive investment process requires macro and micro considerations. And it requires a deep understanding what you are looking for and what you are invested in. Digitization has changed the dynamics both how businesses operate and how investors compete for returns. Ideas can scale much faster and fail much faster than before. The biggest value creation happens before it can be spotted in financial statements. As a result, my approach can be best summarized as high conviction, high concentration growth investing, embedded into a macro framework built on the realization that our current demographic set-up, monetary paradigm and innovation cycle will likely deliver a strong decade for nominal and real returns of productive assets.

<ul>
<li>Professional cycling hit rock bottom almost exactly twenty years ago, when its biggest stars got caught in the perhaps biggest doping scandal ever.</li>
<li>Subsequently, no other sport was as much associated with systematic doping as road cycling.</li>
<li>Since then, the sport has staged a remarkable comeback. A new generation of sponsors and athletes are making it shine again and hobby athletes are spending ungodly amounts of money to get the latest gear.</li>
</ul>


Professional cycling hit rock bottom almost exactly twenty years ago, when its biggest stars got caught in the perhaps biggest doping scandal ever.
Subsequently, no other sport was as much associated with systematic doping as road cycling.
Since then, the sport has staged a remarkable comeback. A new generation of sponsors and athletes are making it shine again and hobby athletes are spending ungodly amounts of money to get the latest gear.


<ul><li>Sacra estimates that Oura generated $1.4B in trailing twelve month (TTM) revenue as of June 2026.</li><li>Oura filed its public S-1 on September 3, 2026, seeking to list on Nasdaq under the ticker OURA.</li><li>Oura operates a B2C hardware-plus-subscription model that combines one-time ring sales with recurring monthly memberships.</li></ul>

Sacra estimates that Oura generated $1.4B in trailing twelve month (TTM) revenue as of June 2026.Oura filed its public S-1 on September 3, 2026, seeking to list on Nasdaq under the ticker OURA.Oura operates a B2C hardware-plus-subscription model that combines one-time ring sales with recurring monthly memberships.

<ul><li>Sacra estimates RunSignup generated $21M in revenue in 2025, up 11% YoY.</li><li>The company&#39;s transaction volume grew from $270M in 2019 to projected volumes approaching $500M in 2024, driven by both market share gains and post-pandemic recovery in event participation.</li><li>RunSignup has crossed 50% U.S. endurance-market share, winning well over 50% of new races while sustaining a competitor churn rate of just 1.0% and a race churn rate of 3.4%.</li></ul>

Sacra estimates RunSignup generated $21M in revenue in 2025, up 11% YoY.The company&#39;s transaction volume grew from $270M in 2019 to projected volumes approaching $500M in 2024, driven by both market share gains and post-pandemic recovery in event participation.RunSignup has crossed 50% U.S. endurance-market share, winning well over 50% of new races while sustaining a competitor churn rate of just 1.0% and a race churn rate of 3.4%.

<ul><li>Sacra estimates that Whoop hit $1.1B in annualized bookings in 2025, up 103% YoY.</li><li>In March 2026, Whoop closed a $575M Series G round, valuing the company at $10.1B.</li><li>The FDA issued a warning letter over Whoop&#39;s Blood Pressure Insights feature for unauthorized marketing.</li></ul>

Sacra estimates that Whoop hit $1.1B in annualized bookings in 2025, up 103% YoY.In March 2026, Whoop closed a $575M Series G round, valuing the company at $10.1B.The FDA issued a warning letter over Whoop&#39;s Blood Pressure Insights feature for unauthorized marketing.

United States

Strava is a social network and mobile app that aims to connect athletes of a wide variety of sports and fitness activities. Athletes primarily use the app to track and analyze their workouts via GPS data. Users are given the flexibility to explore routes and paths taken by other athletes or join sporting clubs in their cities.

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Strava (STRV123D US)

Primer: Strava - 31 Jul 2026

Fitness tracking app with social features for runners, cyclists, and outdoor athletes

Sacra

Garmin & Strava: Betting on CycleTech

Professional cycling hit rock bottom almost exactly twenty years ago, when its biggest stars got caught in the perhaps biggest doping scandal ever.

Fallacy Alarm

Primer: Oura - 15 Sep 2026

Smart ring for sleep, activity, and temperature tracking with optional health subscription

Sacra

Primer: RunSignup - 31 Jul 2026

Event management software for race organizers to handle registration, marketing, and race-day logistics

Sacra

Primer: Whoop - 31 May 2026

Wearable device and app tracking recovery, strain, and sleep for performance optimization

Sacra

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