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>Substack is working on its own ad product to keep its highest-earning writers from defecting.</li><li>We first covered Substack in April 2023 at $19M in revenue as the “luxury publishing conglomerate” taking on legacy media like the NYT.</li><li>Sacra estimates Substack hit $45M in annualized revenue in July 2025, up from $37M at the end of 2024.</li></ul>

Substack is working on its own ad product to keep its highest-earning writers from defecting.We first covered Substack in April 2023 at $19M in revenue as the “luxury publishing conglomerate” taking on legacy media like the NYT.Sacra estimates Substack hit $45M in annualized revenue in July 2025, up from $37M at the end of 2024.

Substack

Substack At $45M/year