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>Business intelligence (BI) tools like Looker (NASDAQ: GOOG) and Tableau (NYSE: CRM) are where financial analysts create dashboards, formalize their reasoning, and establish a source of truth—but for deeper analysis, analysts revert to Excel.</li><li>Both finance analysts and financial analysis are becoming horizontal across the org, integrating data—not just from QuickBooks and Stripe—but through Salesforce, HubSpot, Amplitude, your production database, and more.</li><li>Modern FP&A tools Equals (Andreessen Horowitz, $22.6M raised), Sigma Computing (Sutter Hill, $652M raised), Runway (Initialized Capital, $33.5M raised) and Causal (Coatue, $26M raised) vertically integrate integrations & the data layer (where you connect live data), spreadsheets (where you analyze the data) and dashboards (where you display the data) into a collaborative finance platform.</li></ul>

Business intelligence (BI) tools like Looker (NASDAQ: GOOG) and Tableau (NYSE: CRM) are where financial analysts create dashboards, formalize their reasoning, and establish a source of truth—but for deeper analysis, analysts revert to Excel.Both finance analysts and financial analysis are becoming horizontal across the org, integrating data—not just from QuickBooks and Stripe—but through Salesforce, HubSpot, Amplitude, your production database, and more.Modern FP&A tools Equals (Andreessen Horowitz, $22.6M raised), Sigma Computing (Sutter Hill, $652M raised), Runway (Initialized Capital, $33.5M raised) and Causal (Coatue, $26M raised) vertically integrate integrations & the data layer (where you connect live data), spreadsheets (where you analyze the data) and dashboards (where you display the data) into a collaborative finance platform.

Bobby Pinero, CEO Of Equals, On Bringing Joy To Finance Teams

<ul><li>The first piece is there&#39;s a lot more B2B SaaS out there. The amount has exponentially grown year over year.</li><li>We&#39;re now seeing the same thing happen in customer-facing integrations, where this whole idea of should we build in-house or should we outsource is becoming a lot more about which outsourced tools we should use, not should we build it ourselves.</li><li>The long-term vision for Vessel is that when you go to build your first customer-facing integration, it&#39;s not about, &quot;Well, let me go pull up the Salesforce docs and figure out how to do that.&quot;</li></ul>

The first piece is there&#39;s a lot more B2B SaaS out there. The amount has exponentially grown year over year.We&#39;re now seeing the same thing happen in customer-facing integrations, where this whole idea of should we build in-house or should we outsource is becoming a lot more about which outsourced tools we should use, not should we build it ourselves.The long-term vision for Vessel is that when you go to build your first customer-facing integration, it&#39;s not about, &quot;Well, let me go pull up the Salesforce docs and figure out how to do that.&quot;

Zachary Kirby, co-founder Of Vessel, On Building The Vercel For Integrations

<ul><li>Clearbit's biggest segment is the growth segment, accounting for about 40 to 50% of customers, mainly in the mid-market.</li><li>Clearbit has transitioned from data APIs for developers to offering low-code data integrations, enabling real-time data enrichment.</li><li>The platform allows integration with CRM and other systems, enabling creation of audiences and workflow automation instantly.</li></ul>

Clearbit's biggest segment is the growth segment, accounting for about 40 to 50% of customers, mainly in the mid-market.Clearbit has transitioned from data APIs for developers to offering low-code data integrations, enabling real-time data enrichment.The platform allows integration with CRM and other systems, enabling creation of audiences and workflow automation instantly.

Matt Sornson, co-founder & ex-CEO At Clearbit, On Vertically Integrated Data And Workflow Tools In Sales And Marketing

<ul><li>Fivetran beat Airbyte to that by a number of years, and Stitch has been around for a while too.</li><li>The challenge is that it’s really expensive to maintain those connectors to the level of quality that Fivetran does, and so they can charge more, but I'm sure it also costs them a lot more to keep building and maintaining this long list of connectors around the clock all hours of the day.</li><li>I don't see Fivetran going away anytime soon, but I could imagine them getting nervous whenever a SaaS company behind one of their more popular connectors decides to offer a native data warehouse connection and impair that revenue stream.</li></ul>

Fivetran beat Airbyte to that by a number of years, and Stitch has been around for a while too.The challenge is that it’s really expensive to maintain those connectors to the level of quality that Fivetran does, and so they can charge more, but I'm sure it also costs them a lot more to keep building and maintaining this long list of connectors around the clock all hours of the day.I don't see Fivetran going away anytime soon, but I could imagine them getting nervous whenever a SaaS company behind one of their more popular connectors decides to offer a native data warehouse connection and impair that revenue stream.

Conor McCarter, co-founder Of Prequel, On Fivetran's Existential Risk

<ul><li>Fivetran ($5.6B) found initial product-market fit as the “Zapier” of ETL, saving data engineers time piping data from SaaS apps into a data warehouse by building and maintaining ~200 connectors for the most popular applications.</li><li>Fivetran made $95M in 2021, growing revenue by $30M after acquiring enterprise competitor HVR to move upmarket—they’re now projected to hit $190M by the end of 2022.</li><li>Today, there’s a growing trend of SaaS companies like Stripe, Salesforce and Customer.io offering native data warehouse integrations that increase retention/activation and revenue (Stripe charges $0.03 per transaction).</li></ul>

Fivetran ($5.6B) found initial product-market fit as the “Zapier” of ETL, saving data engineers time piping data from SaaS apps into a data warehouse by building and maintaining ~200 connectors for the most popular applications.Fivetran made $95M in 2021, growing revenue by $30M after acquiring enterprise competitor HVR to move upmarket—they’re now projected to hit $190M by the end of 2022.Today, there’s a growing trend of SaaS companies like Stripe, Salesforce and Customer.io offering native data warehouse integrations that increase retention/activation and revenue (Stripe charges $0.03 per transaction).

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Open-source tool for syncing data from APIs, apps, and databases to warehouses

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Airbyte (AIRBYTE US)

Bobby Pinero, CEO Of Equals, On Bringing Joy To Finance Teams

So before you founded Equals, you spent 8 years as a finance leader at Intercom. Tell us about that experience and then what you learned that...

Sacra

Zachary Kirby, co-founder Of Vessel, On Building The Vercel For Integrations

You're a B2B SaaS company in 2023. How do you build integrations and how has that process changed over the last 5 years? What will it look like...

Sacra

Matt Sornson, co-founder & ex-CEO At Clearbit, On Vertically Integrated Data And Workflow Tools In Sales And Marketing

Sacra interview with Matt Sornson, the former CEO of Clearbit.

Sacra

Conor McCarter, co-founder Of Prequel, On Fivetran's Existential Risk

Sacra interview with Prequel co-founder Conor McCarter.

Sacra

Fivetran: The $200M/yr Zapier Of ETL

Fivetran ($5.6B) has built a ~$190M a year business as the Zapier of ETL, but like Zapier, they face an existential threat as SaaS companies like...

Sacra

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