Private Markets, Angel and Secondary Investing, Sacra

Sacra

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 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 Circle hit $68M in annual recurring revenue (ARR) in May 2026, up from $55M at the end of 2025 (+83% YoY) while hitting profitability, valued at $250M as of 2023 for a 21x multiple on ~$12M ARR—compared to Patreon at $179M in 2025 revenue, up 28% YoY, valued at $4B as of their 2021 Series F for a 38x multiple on $105M revenue, Whop at $142M annualized revenue in October 2025, up from $56M in 2024, valued at $1.6B as of February 2026 for a 11x multiple and Stan at $35M ARR in 2025, up 24% YoY.</li><li>In addition to bundling courses (vs. Thinkific), paid events (vs. Eventbrite) and payments (vs. Gumroad) into its community platform, Circle now has integrated email marketing (vs. Kit and Beehiiv), AI agents, and a website builder (July 2025, vs. Wix &amp; Squarespace), completing as a community-centric creator all-in-one against the course-centric all-in-one of Kajabi, the email-centric all-in-one of Kit (formerly ConvertKit) and the link-in-bio-centric all-in-one of Linktree.</li><li>The creator economy has fractured between degen economy marketplaces &amp; storefronts like Whop, digital economies selling courses &amp; tips around prediction markets, sports betting &amp; crypto, versus buttoned-up and more professional community platforms like Circle, whose positioning enables it to go upmarket into B2B, where SMBs &amp; enterprises build community &amp; market to their customers using creator tactics.</li></ul>

Sacra estimates Circle hit $68M in annual recurring revenue (ARR) in May 2026, up from $55M at the end of 2025 (+83% YoY) while hitting profitability, valued at $250M as of 2023 for a 21x multiple on ~$12M ARR—compared to Patreon at $179M in 2025 revenue, up 28% YoY, valued at $4B as of their 2021 Series F for a 38x multiple on $105M revenue, Whop at $142M annualized revenue in October 2025, up from $56M in 2024, valued at $1.6B as of February 2026 for a 11x multiple and Stan at $35M ARR in 2025, up 24% YoY.In addition to bundling courses (vs. Thinkific), paid events (vs. Eventbrite) and payments (vs. Gumroad) into its community platform, Circle now has integrated email marketing (vs. Kit and Beehiiv), AI agents, and a website builder (July 2025, vs. Wix &amp; Squarespace), completing as a community-centric creator all-in-one against the course-centric all-in-one of Kajabi, the email-centric all-in-one of Kit (formerly ConvertKit) and the link-in-bio-centric all-in-one of Linktree.The creator economy has fractured between degen economy marketplaces &amp; storefronts like Whop, digital economies selling courses &amp; tips around prediction markets, sports betting &amp; crypto, versus buttoned-up and more professional community platforms like Circle, whose positioning enables it to go upmarket into B2B, where SMBs &amp; enterprises build community &amp; market to their customers using creator tactics.

Circle

Circle At $68M ARR