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 (2017) built “Svbtle with a paywall”, paying advances to prominent writers like Matthew Yglesias (ex-Vox) and Anne Helen Petersen (ex-Buzzfeed) to create a halo around its brand combined with a business model that enabled them to index on the upside of its big-name writers and focus on quality over mass market.</li><li>Sacra estimates that revenue at Substack grew 58% year-over-year to $19M in 2022 off of 35 million subscribers, 2 million paid subscribers and $145M million in GMV with $82 million in funding raised.</li><li>In March 2023, Substack launched an equity crowdfunding campaign on WeFunder to raise $5M at a $585M pre-money valuation and estimated 30x multiple on $19M in TTM revenue, a flat round from their 2021 Series B led by Andreessen Horowitz where they raised $65M at a 102x multiple.</li></ul>

Substack (2017) built “Svbtle with a paywall”, paying advances to prominent writers like Matthew Yglesias (ex-Vox) and Anne Helen Petersen (ex-Buzzfeed) to create a halo around its brand combined with a business model that enabled them to index on the upside of its big-name writers and focus on quality over mass market.Sacra estimates that revenue at Substack grew 58% year-over-year to $19M in 2022 off of 35 million subscribers, 2 million paid subscribers and $145M million in GMV with $82 million in funding raised.In March 2023, Substack launched an equity crowdfunding campaign on WeFunder to raise $5M at a $585M pre-money valuation and estimated 30x multiple on $19M in TTM revenue, a flat round from their 2021 Series B led by Andreessen Horowitz where they raised $65M at a 102x multiple.

Substack

Substack: The $19M/year Content LVMH