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 Kit (formerly ConvertKit) reached $52M annual recurring revenue (ARR) in 2025, up 20% year-over-year from $42M in 2024, not including transactional revenue from its ad network business.</li><li>ConvertKit completed a secondary transaction through AngelList with 48 individual angel investors in 2021 that valued the company at $200M.</li><li>The company has gradually expanded its market through strategic acquisitions.</li></ul>

Sacra estimates that Kit (formerly ConvertKit) reached $52M annual recurring revenue (ARR) in 2025, up 20% year-over-year from $42M in 2024, not including transactional revenue from its ad network business.ConvertKit completed a secondary transaction through AngelList with 48 individual angel investors in 2021 that valued the company at $200M.The company has gradually expanded its market through strategic acquisitions.

<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 Whop hit $142M in annualized revenue in October 2025, up from $56M at the end of 2024.</li><li>By February 2026, Whop reported $2.67B in cumulative lifetime GMV, with gross transaction volume growing roughly 25% month over month.</li><li>In February 2026, Tether made a strategic investment in Whop at a $1.6B valuation, with Whop raising $200M in the round.</li></ul>

Sacra estimates that Whop hit $142M in annualized revenue in October 2025, up from $56M at the end of 2024.By February 2026, Whop reported $2.67B in cumulative lifetime GMV, with gross transaction volume growing roughly 25% month over month.In February 2026, Tether made a strategic investment in Whop at a $1.6B valuation, with Whop raising $200M in the round.

<ul><li>Sacra estimates Beehiiv hit $30M in annualized revenue in June 2025, up from $19.8M at the end of 2024.</li><li>In May 2024, Beehiiv raised $1M on Wefunder in a round that valued them at $192M.</li><li>Beehiiv&#39;s revenue is derived from the monthly subscription fees it charges, with three usage tiers currently in place: free, $43/month (billed annually), and $96/month (billed annually).</li></ul>

Sacra estimates Beehiiv hit $30M in annualized revenue in June 2025, up from $19.8M at the end of 2024.In May 2024, Beehiiv raised $1M on Wefunder in a round that valued them at $192M.Beehiiv&#39;s revenue is derived from the monthly subscription fees it charges, with three usage tiers currently in place: free, $43/month (billed annually), and $96/month (billed annually).

<ul><li>Sacra estimates that Patreon generated $179M in revenue in 2025, up from 28% year-over-year from $140M in 2024.</li><li>Patreon is valued at $4 billion following its $155 million Series F round in April 2021, led by Tiger Global Management.</li><li>The blended take rate has increased from approximately 7% in 2020 to an estimated 8.5% currently, with most creators likely on the 8% plan.</li></ul>

Sacra estimates that Patreon generated $179M in revenue in 2025, up from 28% year-over-year from $140M in 2024.Patreon is valued at $4 billion following its $155 million Series F round in April 2021, led by Tiger Global Management.The blended take rate has increased from approximately 7% in 2020 to an estimated 8.5% currently, with most creators likely on the 8% plan.

United States

Newsletter tool for writers to publish, monetize, and grow subscriber audiences

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Substack (SUBSTACK US)

Primer: ConvertKit - 31 Jul 2026

Email marketing software for creators to grow, engage, and monetize their audiences

Sacra

Primer: Circle - 16 Jul 2026

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

Sacra

Primer: Whop - 06 Apr 2026

Marketplace and toolset for selling digital products like courses, memberships, and betting tips

Sacra

Primer: Beehiiv - 05 Apr 2026

Newsletter software for creators with subscription billing, audience growth, and ad monetization tools

Sacra

Primer: Patreon - 01 Feb 2026

Membership tool for creators to offer exclusive content and perks to paying fans

Sacra

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