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 Fanatics revenue hit $8.1B in 2024, up 15% YoY.</li><li>Fanatics revenue consists of Fanatics Commerce (apparel and merchandise) at 77% of revenue ($6.2B in revenue) growing 8% YoY.</li><li>With the $148B upside of the fast-growing (up 24% YoY) sports betting market, Fanatics is channeling its free cash flow into Fanatics Betting &amp; Gambling.</li></ul>

Sacra estimates that Fanatics revenue hit $8.1B in 2024, up 15% YoY.Fanatics revenue consists of Fanatics Commerce (apparel and merchandise) at 77% of revenue ($6.2B in revenue) growing 8% YoY.With the $148B upside of the fast-growing (up 24% YoY) sports betting market, Fanatics is channeling its free cash flow into Fanatics Betting &amp; Gambling.

<ul><li>Founded in Paris (2014) as a Chrome writing extension for turning short typed abbreviations (“sup”) into templated phrases (“Hello there!”)—Gorgias launched an ecommerce helpdesk (late 2016) after noticing that 70% of their users were support agents at Shopify stores.</li><li>Riding the growth of Shopify ($292B GMV in 2024, up 24% YoY) as the top customer service app in the store (4.2 stars, 712 reviews), Gorgias hit $69M ARR in 2024, up 34% year-over-year from $51M in 2023, valued at $530M as of their May Series C for a ~8.8x forward revenue multiple.</li><li>With Gorgias's existing pricing already tiered based on usage, it’s been resilient to the threat of business model cannibalization posed by AI agents increasingly replacing humans on support teams.</li></ul>

Founded in Paris (2014) as a Chrome writing extension for turning short typed abbreviations (“sup”) into templated phrases (“Hello there!”)—Gorgias launched an ecommerce helpdesk (late 2016) after noticing that 70% of their users were support agents at Shopify stores.Riding the growth of Shopify ($292B GMV in 2024, up 24% YoY) as the top customer service app in the store (4.2 stars, 712 reviews), Gorgias hit $69M ARR in 2024, up 34% year-over-year from $51M in 2023, valued at $530M as of their May Series C for a ~8.8x forward revenue multiple.With Gorgias's existing pricing already tiered based on usage, it’s been resilient to the threat of business model cannibalization posed by AI agents increasingly replacing humans on support teams.

<ul><li>Shiprocket has become the top ecommerce enablement platform for D2C brands and SMBs in India, processing 200M+ transactions annually and serving 250,000 merchants.</li><li>As the gross merchandise value (GMV) of Indian ecommerce has grown from $22B in 2018 to $123B as of 2024, Sacra estimates Shiprocket hit a $205M annual revenue run rate at the end of 2024, up 21% YoY from $170M in 2023.</li><li>Shiprocket is primed to go public in 2025.</li></ul>

Shiprocket has become the top ecommerce enablement platform for D2C brands and SMBs in India, processing 200M+ transactions annually and serving 250,000 merchants.As the gross merchandise value (GMV) of Indian ecommerce has grown from $22B in 2018 to $123B as of 2024, Sacra estimates Shiprocket hit a $205M annual revenue run rate at the end of 2024, up 21% YoY from $170M in 2023.Shiprocket is primed to go public in 2025.

SHEIN Global Holdings / Private Capital Markets

<ul><li>Last time we wrote about Shein, they’d generated $32.2B in revenue in 2023, up 40% YoY.</li><li>Now, with revenue growth slowing to 23% YoY (projected $39.6B revenue in 2024) amid increased competition with Temu (owned by Pinduoduo, NASDAQ: PDD) and President Trump promising to close the de minimis loophole that Shein has used to ship its products tax-free, the company is betting on its future as a global “everything store”.</li><li>While Shein has become the face of cheap goods flooding American markets tax-free, fast fashion was a wedge into Shein’s next stage—building a global everything store with a massive selection in direct competition with Temu (~$50B GMV in 2024, up 250%) for price-sensitive consumers across electronics, toys, furniture, and more.</li></ul>

Last time we wrote about Shein, they’d generated $32.2B in revenue in 2023, up 40% YoY.Now, with revenue growth slowing to 23% YoY (projected $39.6B revenue in 2024) amid increased competition with Temu (owned by Pinduoduo, NASDAQ: PDD) and President Trump promising to close the de minimis loophole that Shein has used to ship its products tax-free, the company is betting on its future as a global “everything store”.While Shein has become the face of cheap goods flooding American markets tax-free, fast fashion was a wedge into Shein’s next stage—building a global everything store with a massive selection in direct competition with Temu (~$50B GMV in 2024, up 250%) for price-sensitive consumers across electronics, toys, furniture, and more.

<ul><li>Founded in Australia in 2012, Rokt's core product is an SDK that big ecommerce retailers like Ticketmaster add to their checkout page to show offers for related products from 3rd-party brands.</li><li>After ending the year at $600M in ARR and acquiring the customer data platform (CDP) mParticle, Rokt has its sights set on expanding outside advertising.</li><li>With its acquisitions of mParticle and Shopify upsell app AfterSell (2024), Rokt is expanding across platforms, accumulating first-party data and streaming it at low latency across all customer interactions.</li></ul>

Founded in Australia in 2012, Rokt's core product is an SDK that big ecommerce retailers like Ticketmaster add to their checkout page to show offers for related products from 3rd-party brands.After ending the year at $600M in ARR and acquiring the customer data platform (CDP) mParticle, Rokt has its sights set on expanding outside advertising.With its acquisitions of mParticle and Shopify upsell app AfterSell (2024), Rokt is expanding across platforms, accumulating first-party data and streaming it at low latency across all customer interactions.

United States

Dashboard and notification tool for ecommerce brands to manage and personalize shipping updates

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Wonderment (WONDERMENT US)

Fanatics At $8.1B

TL;DR: With its structural CAC advantage vs. traditional online betting sites, Fanatics is channeling the free cash flow from its profitable...

Sacra

Gorgias At $69M ARR

TL;DR: Founded in Paris as a Chrome extension for text expansion, Gorgias built a help desk product that has become the dominant support app on...

Sacra

Shopify Of India

TL;DR: By vertically integrating shipping, fulfillment, and checkout, Shiprocket has become the top ecommerce enablement platform for D2C brands...

Sacra

Shein Vs Trump

TL;DR: Trump’s closure of the “de minimis loophole” threatens Shein’s core business of selling Chinese bodysuits and designer dupes into the U.S....

Sacra

Rokt At $600M/yr Growing 43% YoY

TL;DR: With its acquisition of customer data platform (CDP) mParticle at the beginning of 2025, Rokt is looking beyond the advertising business...

Sacra

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