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 Faire hit $730M in annualized revenue in September 2026, up 43% from about $510M at the end of 2025.</li><li>Faire reported revenue growth of more than 40% YoY in Q3 2025, with existing retailers ordering from more brands and net dollar retention above 110%.</li><li>Faire&#39;s primary focus has been on attracting and retaining a large base of retailers, which it considers its core competitive moat.</li></ul>

Sacra estimates that Faire hit $730M in annualized revenue in September 2026, up 43% from about $510M at the end of 2025.Faire reported revenue growth of more than 40% YoY in Q3 2025, with existing retailers ordering from more brands and net dollar retention above 110%.Faire&#39;s primary focus has been on attracting and retaining a large base of retailers, which it considers its core competitive moat.

<ul><li>Convoy&#39;s revenue peaked at $750M in 2021, growing 50% annually.</li><li>After unsuccessful attempts to raise money or sell the company over a four-month period, Convoy ultimately ran out of funds and shut down operations in 2023.</li><li>Following Convoy&#39;s 2023 shutdown, DAT Freight &amp; Analytics acquired the Convoy Platform (July 2025) and continues operating it as a neutral freight marketplace.</li></ul>

Convoy&#39;s revenue peaked at $750M in 2021, growing 50% annually.After unsuccessful attempts to raise money or sell the company over a four-month period, Convoy ultimately ran out of funds and shut down operations in 2023.Following Convoy&#39;s 2023 shutdown, DAT Freight &amp; Analytics acquired the Convoy Platform (July 2025) and continues operating it as a neutral freight marketplace.

<ul><li>Workrise’s gross revenue has increased nearly 4X from 2018 to $1.1B in 2021.</li><li>Workrise has raised $752M from Andreessen Horowitz, Bedrock Capital, Founders Fund and Franklin Templeton.</li><li>The US's oil and gas industry jobs are expected to rebound after a historic low of 863,000 in 2021 on the back of rising oil prices.</li></ul>

Workrise’s gross revenue has increased nearly 4X from 2018 to $1.1B in 2021.Workrise has raised $752M from Andreessen Horowitz, Bedrock Capital, Founders Fund and Franklin Templeton.The US's oil and gas industry jobs are expected to rebound after a historic low of 863,000 in 2021 on the back of rising oil prices.

<ul><li>Sacra estimates that Faire generated $616M in revenue in 2023, up 74% year-over-year from an estimated $355M in 2022, for a 35x revenue multiple on their $12.6B valuation as of their Series G extension in May 2022.</li><li>Faire began an aggressive geographic expansion in 2021-2, launching first into the UK and Australia—they’re now the clear market leader with 100+ countries around the world, 2x bigger than their main European competitors, Ankorstore and Qogita.</li><li>Today, Faire’s average gross margin per order is around 73-75%—compare to Etsy (NASDAQ: ETSY) at ~69% with its B2C model, which incurs higher support and infrastructure costs compared to a Faire’s higher-AOV B2B marketplace.</li></ul>

Sacra estimates that Faire generated $616M in revenue in 2023, up 74% year-over-year from an estimated $355M in 2022, for a 35x revenue multiple on their $12.6B valuation as of their Series G extension in May 2022.Faire began an aggressive geographic expansion in 2021-2, launching first into the UK and Australia—they’re now the clear market leader with 100+ countries around the world, 2x bigger than their main European competitors, Ankorstore and Qogita.Today, Faire’s average gross margin per order is around 73-75%—compare to Etsy (NASDAQ: ETSY) at ~69% with its B2C model, which incurs higher support and infrastructure costs compared to a Faire’s higher-AOV B2B marketplace.

<ul><li>Workrise is projected to achieve a valuation of $2.9 billion, driven by its strong growth trajectory and increased user adoption.</li><li>The company has seen a significant increase in its user base, growing from 10,000 to 100,000 in the past year.</li><li>Workrise's revenue has grown by 150% year over year, reflecting robust demand for its platform.</li></ul>

Workrise is projected to achieve a valuation of $2.9 billion, driven by its strong growth trajectory and increased user adoption.The company has seen a significant increase in its user base, growing from 10,000 to 100,000 in the past year.Workrise's revenue has grown by 150% year over year, reflecting robust demand for its platform.

Workrise Revenue, Users, Growth, And Valuation

United States

Business commerce platform for managing procurement, invoicing, and payments between buyers and suppliers

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Tradeshift (TRADESHIFT US)

Primer: Faire - 12 Oct 2026

Marketplace for retailers to buy wholesale inventory from independent brands worldwide

Sacra

Primer: Convoy - 15 Jun 2026

Marketplace connecting shippers with truckers for real-time freight booking and tracking

Sacra

Primer: Workrise - 05 Feb 2026

Marketplace connecting skilled laborers with energy and infrastructure job opportunities

Sacra

Faire At $616M/year Growing 74%

TL;DR: Sacra estimates that Faire hit $616M in revenue in 2023, up 74%, as they expanded their B2B wholesale retail marketplace to 100+ countries....

Sacra

Workrise Revenue, Users, Growth, And Valuation

Sacra model for Workrise's revenue, comps, and growth rate.

Sacra

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