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>Mercury is becoming the Booking.com of startup banking, aggregating demand using free checking accounts and the best banking experience to commoditize suppliers (partner banks) who pay for access to Mercury’s customer base.</li><li>SVB got unbundled during COVID and then unwound completely in 48 hours, with Mercury and Brex initially emerging as the primary beneficiaries, with Mercury adding $2B+ in deposits and thousands of customers in a week.</li><li>SVB’s growth left it vulnerable to bottom-up disruption from Mercury and Brex (both founded in 2017), which offered bank accounts and corporate cards to underserved startups outside the core Silicon Valley clique (e.g., international startups).</li></ul>

Mercury is becoming the Booking.com of startup banking, aggregating demand using free checking accounts and the best banking experience to commoditize suppliers (partner banks) who pay for access to Mercury’s customer base.SVB got unbundled during COVID and then unwound completely in 48 hours, with Mercury and Brex initially emerging as the primary beneficiaries, with Mercury adding $2B+ in deposits and thousands of customers in a week.SVB’s growth left it vulnerable to bottom-up disruption from Mercury and Brex (both founded in 2017), which offered bank accounts and corporate cards to underserved startups outside the core Silicon Valley clique (e.g., international startups).

Mercury: The Unbundling Of Silicon Valley Bank

<ul><li>The first big secondary trading platform, SecondMarket, launched in 2009 and did $100M in transaction volume, growing to $360M in 2010 and $558M in 2011.</li><li>Now, we’re seeing the emergence of a new atomic unit of value that companies like AngelList, Carta, Sydecar and Allocations are going after—LP interests in funds and SPVs.</li><li>LP interests in funds and SPVs have the potential to unlock private markets liquidity because they sit on top of the cap table and can be traded permissionlessly, without company approval.</li></ul>

The first big secondary trading platform, SecondMarket, launched in 2009 and did $100M in transaction volume, growing to $360M in 2010 and $558M in 2011.Now, we’re seeing the emergence of a new atomic unit of value that companies like AngelList, Carta, Sydecar and Allocations are going after—LP interests in funds and SPVs.LP interests in funds and SPVs have the potential to unlock private markets liquidity because they sit on top of the cap table and can be traded permissionlessly, without company approval.

Sydecar And The New Atomic Unit Of The Private Markets

AngelList Venture / Private Capital Markets

<ul><li>AngelList Venture recently raised $100 million at a $4 billion pre-money valuation from Tiger Global and Accomplice, bringing their total raised since inception to $224 million.</li><li>AngelList Ventureʼs Assets Under Support (AUS) has increased by 10X since 2018 at a CAGR of 115.4%, while the number of GPs on AngelList has increased from 255 (2018) to 800 (2021).</li><li>GPs invested $3.6 billion into 7000 startups in 2021 using AngelListʼs platform, with ~$1 billion from AngelList LPs (who discovered deals through AngelList's listings).</li></ul>

AngelList Venture recently raised $100 million at a $4 billion pre-money valuation from Tiger Global and Accomplice, bringing their total raised since inception to $224 million.AngelList Ventureʼs Assets Under Support (AUS) has increased by 10X since 2018 at a CAGR of 115.4%, while the number of GPs on AngelList has increased from 255 (2018) to 800 (2021).GPs invested $3.6 billion into 7000 startups in 2021 using AngelListʼs platform, with ~$1 billion from AngelList LPs (who discovered deals through AngelList's listings).

<ul><li>India is a capital control country.</li><li>Swastik is the founder and CEO of Winvesta, a fintech building cross-border banking platform.</li><li>We are at a very early stage.</li></ul>

India is a capital control country.Swastik is the founder and CEO of Winvesta, a fintech building cross-border banking platform.We are at a very early stage.

Swastik Nigam, CEO Of Winvesta, On Building cross-border Fintech

<ul><li>Vested is building at the intersection of two big emerging markets: HNWI wealth management, and startup employee stock option management.</li><li>Our current fund had its last close on November 30th of last year. We&#39;re on pace to be fully deployed by early second quarter.</li><li>Over the course of time, we fully expect to work with companies more and more often.</li></ul>

Vested is building at the intersection of two big emerging markets: HNWI wealth management, and startup employee stock option management.Our current fund had its last close on November 30th of last year. We&#39;re on pace to be fully deployed by early second quarter.Over the course of time, we fully expect to work with companies more and more often.

Dave Thornton, co-founder Of Vested, On Unlocking Startup Employee Equity

United States

Marketplace and software for managing SPVs, venture funds, and private startup investments

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AngelList (ANGELLIST US)

Mercury: The Unbundling Of Silicon Valley Bank

TL;DR: As Silicon Valley Bank collapsed last week, $3B+ in funds flowed through the startup ecosystem to other startups, particularly neobanks...

Sacra

Sydecar And The New Atomic Unit Of The Private Markets

LP interests in SPVs are the next frontier, taking over from the cap table as the atomic unit of the private markets. Read our interviews...

Sacra

Primer: AngelList Venture - 25 May 2022

Marketplace and back-office software for startup investors and venture fund managers

Sacra

Swastik Nigam, CEO Of Winvesta, On Building cross-border Fintech

Sacra interview with Swastik Nigam, founder & CEO of Winvesta

Sacra

Dave Thornton, co-founder Of Vested, On Unlocking Startup Employee Equity

Sacra interview with Dave Thornton, the CCO and co-founder of Vested.

Sacra

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