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>Sacra estimates that Bilt generated $500M in revenue in 2025, up 67% YoY from $300M in 2024.</li><li>Management projected the company would cross $1B in revenue by Q1 2026.</li><li>Bilt raised $250M in a round led by General Catalyst and GID, with UWM investing $100M as part of its mortgage partnership.</li></ul>

Sacra estimates that Bilt generated $500M in revenue in 2025, up 67% YoY from $300M in 2024.Management projected the company would cross $1B in revenue by Q1 2026.Bilt raised $250M in a round led by General Catalyst and GID, with UWM investing $100M as part of its mortgage partnership.

<ul><li>WeWork was valued at approximately $750 million post-reorganization following its $400 million bankruptcy exit recapitalization led by Yardi Systems.</li><li>The enterprise segment now represents 40% of WeWork&#39;s revenue and is growing faster than other segments.</li><li>During economic downturns, this mismatch could create severe cash flow problems as members can quickly reduce space or leave entirely.</li></ul>

WeWork was valued at approximately $750 million post-reorganization following its $400 million bankruptcy exit recapitalization led by Yardi Systems.The enterprise segment now represents 40% of WeWork&#39;s revenue and is growing faster than other segments.During economic downturns, this mismatch could create severe cash flow problems as members can quickly reduce space or leave entirely.

<ul><li>The company went public before being acquired by private equity firm Thoma Bravo in 2021 for $10.2 billion, representing a significant premium to its public market valuation at the time.</li><li>The AI Revenue Management system acts as an algorithmic pricing engine that analyzes supply and demand signals, competitor rental rates, seasonal patterns, and unit-specific features to recommend optimal rent prices and lease terms for each apartment.</li><li>RealPage's growth strategy depends heavily on continued consolidation in the property management industry, where large institutional owners increasingly dominate local markets.</li></ul>

The company went public before being acquired by private equity firm Thoma Bravo in 2021 for $10.2 billion, representing a significant premium to its public market valuation at the time.The AI Revenue Management system acts as an algorithmic pricing engine that analyzes supply and demand signals, competitor rental rates, seasonal patterns, and unit-specific features to recommend optimal rent prices and lease terms for each apartment.RealPage's growth strategy depends heavily on continued consolidation in the property management industry, where large institutional owners increasingly dominate local markets.

<ul><li>Sacra estimates that Cardless hit $15M in annualized revenue in June 2025, following a pivot from early sports-team programs to broader co-branded cards with partners like Coinbase and Bilt.</li><li>Cardless raised $60 million in a Series C in September 2025 led by Spark Capital, bringing total funding to more than $170 million.</li><li>Cardless operates as a B2B2C platform that monetizes through multiple revenue streams tied to credit card program performance.</li></ul>

Sacra estimates that Cardless hit $15M in annualized revenue in June 2025, following a pivot from early sports-team programs to broader co-branded cards with partners like Coinbase and Bilt.Cardless raised $60 million in a Series C in September 2025 led by Spark Capital, bringing total funding to more than $170 million.Cardless operates as a B2B2C platform that monetizes through multiple revenue streams tied to credit card program performance.

<ul><li>Founded in 2021, Bilt found explosive product-market fit as a credit card that gives rewards points on rent—a category which makes up 50%+ of all spend for Gen Z & Millennials and was previously unaddressable due to the 2-3% processing fee landlords would have to pay to accept credit.</li><li>In 2023, Bilt morphed from a co-branded card company to a hybrid payments and embedded SaaS company, launching a “Pay-by-Bilt” button for property managers (now 70% of the top-100 multifamily portfolios) to accept payments via their Yardi, RealPage, or other tenant-facing portal.</li><li>As Bilt evolves into a rewards & loyalty network that spans renters, landlords & neighborhood merchants—the Oneworld Alliance of housing—Sacra estimates that Bilt has hit a $400M revenue run rate in March 2025, up from $280M at the end of 2024.</li></ul>

Founded in 2021, Bilt found explosive product-market fit as a credit card that gives rewards points on rent—a category which makes up 50%+ of all spend for Gen Z & Millennials and was previously unaddressable due to the 2-3% processing fee landlords would have to pay to accept credit.In 2023, Bilt morphed from a co-branded card company to a hybrid payments and embedded SaaS company, launching a “Pay-by-Bilt” button for property managers (now 70% of the top-100 multifamily portfolios) to accept payments via their Yardi, RealPage, or other tenant-facing portal.As Bilt evolves into a rewards & loyalty network that spans renters, landlords & neighborhood merchants—the Oneworld Alliance of housing—Sacra estimates that Bilt has hit a $400M revenue run rate in March 2025, up from $280M at the end of 2024.

United States

Payments and commerce network enabling users to earn rewards on rent and neighborhood spending

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Bilt (BILT US)

Primer: Bilt - 19 Apr 2026

Payments and commerce network enabling users to earn rewards on rent and neighborhood spending

Sacra

Primer: WeWork - 16 Jul 2026

Workspace provider offering flexible office rentals and on-demand access for enterprises and individuals

Sacra

Primer: RealPage - 14 Jul 2026

Technology platform enabling real estate owners and managers to optimize property operations, pricing, and resident services

Sacra

Primer: Cardless - 15 Jun 2026

Platform enabling brands to launch co-branded credit cards with integrated digital experiences and rewards

Sacra

$400M/year Oneworld Of Housing

TL;DR: After evolving from a card company to a hybrid payments processor and proptech SaaS, Bilt now handles rent payments for 70% of the top-100...

Sacra

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