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>Oura generated $225M in revenue in 2023, up 53% year-over-year.</li><li>Oura grew 53% to ~$225M in 2023 with the growth of their subscription product, the launch of B2B sales, and the expansion of their online and in-store retail footprint.</li><li>Oura’s future vision hinges on becoming a comprehensive health hub and digital identity platform for people who aren’t in the Apple Watch ecosystem.</li></ul>

Oura generated $225M in revenue in 2023, up 53% year-over-year.Oura grew 53% to ~$225M in 2023 with the growth of their subscription product, the launch of B2B sales, and the expansion of their online and in-store retail footprint.Oura’s future vision hinges on becoming a comprehensive health hub and digital identity platform for people who aren’t in the Apple Watch ecosystem.

<ul><li>NordicTrack’s ski machine (1975) and Bowflex’s 2000X (1986) kickstarted the home fitness era, and machines for doing different kinds of exercises at home—running, elliptical, rowing, weights—proliferated on the market.</li><li>Peloton (NASDAQ: PTON) took spin classes out of the studio and delivered them on-demand via subscription SaaS (70% gross margin) to high-resale-value bikes they manufactured themselves, notching LTV of $7K+—but post COVID, with CAC up by 20-30%, demand waning and the resale value of the bikes falling, their economics went upside down.</li><li>Under new CEO Barry McCarthy, Peloton has explored new business models like gaming that can drive more software margins—unlike content which requires paying live instructors and 30%+ royalties to music labels—along with becoming an app store by up the Peloton ecosystem to third-party app developers.</li></ul>

NordicTrack’s ski machine (1975) and Bowflex’s 2000X (1986) kickstarted the home fitness era, and machines for doing different kinds of exercises at home—running, elliptical, rowing, weights—proliferated on the market.Peloton (NASDAQ: PTON) took spin classes out of the studio and delivered them on-demand via subscription SaaS (70% gross margin) to high-resale-value bikes they manufactured themselves, notching LTV of $7K+—but post COVID, with CAC up by 20-30%, demand waning and the resale value of the bikes falling, their economics went upside down.Under new CEO Barry McCarthy, Peloton has explored new business models like gaming that can drive more software margins—unlike content which requires paying live instructors and 30%+ royalties to music labels—along with becoming an app store by up the Peloton ecosystem to third-party app developers.

<ul><li>Once the pandemic hit and we made the decision to pivot to a direct to consumer product is where we truly experienced volume and hence product-market fit.</li><li>Our monthly usage is a lot higher than a Peloton because customers are getting on more frequently because the workouts are shorter and because more people are using it in your household.</li><li>Our costs are very manageable and predictable, which gives us better margins and allows us to be more aggressive in our ads, and to have a higher CAC because we can afford to market while our competitors can't.</li></ul>

Once the pandemic hit and we made the decision to pivot to a direct to consumer product is where we truly experienced volume and hence product-market fit.Our monthly usage is a lot higher than a Peloton because customers are getting on more frequently because the workouts are shorter and because more people are using it in your household.Our costs are very manageable and predictable, which gives us better margins and allows us to be more aggressive in our ads, and to have a higher CAC because we can afford to market while our competitors can't.

Andy Hoang, CEO Of Aviron, On The Unit Economics Of Connected Fitness

Canada

Game-based connected rowing machine with streaming, workouts, and multiplayer fitness challenges

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Aviron (AVIRON CA)

Oura At $225M

TL;DR: Sacra estimates that Oura generated $225M in revenue in 2023, up 53% year-over-year, re-accelerating with the launch of their subscription...

Sacra

Aviron And The Xbox Of Connected Fitness

Post-COVID headwinds broke the unit economics of connected fitness—now, we’re seeing startups vie to build the core fitness "gaming console" of...

Sacra

Andy Hoang, CEO Of Aviron, On The Unit Economics Of Connected Fitness

Sacra interview with Andy Hoang, CEO of Aviron.

Sacra

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