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>ShipBob hit $500M in revenue in 2023 as the fulfillment arm both of SMB ecommerce merchants and high-growth businesses like TikTok Shop.</li><li>ShipBob gained control over their unit economics, paving the way for their expansion from a few urban centers to the entire country.</li><li>Sacra estimates that ShipBob generated $500M of revenue in 2023, up 43% from $350M in 2022, largely off the growth in gross merchandise value (GMV) via their deal with TikTok Shop U.S.</li></ul>

ShipBob hit $500M in revenue in 2023 as the fulfillment arm both of SMB ecommerce merchants and high-growth businesses like TikTok Shop.ShipBob gained control over their unit economics, paving the way for their expansion from a few urban centers to the entire country.Sacra estimates that ShipBob generated $500M of revenue in 2023, up 43% from $350M in 2022, largely off the growth in gross merchandise value (GMV) via their deal with TikTok Shop U.S.

ShipBob: TikTok's $500M/year Fulfillment Arm

<ul><li>But now, companies like Bolt and Rally are rising again, building end-to-end platforms for ecommerce merchants to help them solve the NASCARification of checkout.</li><li>The bull case for one-click checkout companies like Bolt and Rally is to become an Okta for ecommerce, enabling the best ecommerce brands to better-convert the 72% of ecommerce purchases that come from non-account guests.</li><li>With the most in-network shoppers and $400M in the bank, Bolt has an early lead and the opportunity to win based on the quality of its product-market fit, with the long journey ahead to 100x its revenue to ~$2.75B/yr to grow into its $11B valuation at the last round of financing.</li></ul>

But now, companies like Bolt and Rally are rising again, building end-to-end platforms for ecommerce merchants to help them solve the NASCARification of checkout.The bull case for one-click checkout companies like Bolt and Rally is to become an Okta for ecommerce, enabling the best ecommerce brands to better-convert the 72% of ecommerce purchases that come from non-account guests.With the most in-network shoppers and $400M in the bank, Bolt has an early lead and the opportunity to win based on the quality of its product-market fit, with the long journey ahead to 100x its revenue to ~$2.75B/yr to grow into its $11B valuation at the last round of financing.

<ul><li>CartHook started off as an abandoned cart app, and only later did we launch the checkout product that grew very quickly, which CartHook ended up being known for.</li><li>Rally is much closer to Shop Pay. We offer the entire checkout experience and, therefore, we can capture shoppers into our network by them going through the guest checkout.</li><li>With Rally, you can have as many checkouts as you want. You can have your hub checkout on your main store, and then you can have as many spokes as you want.</li></ul>

CartHook started off as an abandoned cart app, and only later did we launch the checkout product that grew very quickly, which CartHook ended up being known for.Rally is much closer to Shop Pay. We offer the entire checkout experience and, therefore, we can capture shoppers into our network by them going through the guest checkout.With Rally, you can have as many checkouts as you want. You can have your hub checkout on your main store, and then you can have as many spokes as you want.

Jordan Gal, CEO Of Rally, On Building The Switzerland Of Checkout

<ul><li>We talked to Maju to learn more about the economics of one-click checkout, other opportunities for building unified identity for shoppers, and Bolt&#39;s 5-year vision.</li><li>I don&#39;t see Bolt as a replacement—more as an additional layer.</li><li>Our product continues to make headway with larger enterprises, and our network effects have increased over 100% year-over-year.</li></ul>

We talked to Maju to learn more about the economics of one-click checkout, other opportunities for building unified identity for shoppers, and Bolt&#39;s 5-year vision.I don&#39;t see Bolt as a replacement—more as an additional layer.Our product continues to make headway with larger enterprises, and our network effects have increased over 100% year-over-year.

Maju Kuruvilla, CEO Of Bolt, On The NASCARification Of Checkout

<ul><li>Bolt has been able to generate significant revenue increases over the past year.</li><li>The company has seen a substantial rise in user engagement and platform adoption.</li><li>Bolt's valuation has grown considerably, reflecting investor confidence.</li></ul>

Bolt has been able to generate significant revenue increases over the past year.The company has seen a substantial rise in user engagement and platform adoption.Bolt's valuation has grown considerably, reflecting investor confidence.

Bolt Revenue, Users, Growth, And Valuation

United States

Checkout software for ecommerce merchants offering one-click login, identity, and payments

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Bolt (COM US)

ShipBob: TikTok's $500M/year Fulfillment Arm

TL;DR: ShipBob hit $500M in revenue in 2023 as the fulfillment arm both of SMB ecommerce merchants and high-growth businesses like TikTok Shop....

Sacra

Bolt: The $11B Okta Of Ecommerce

TL;DR: At the peak of the 2020-1 tech hype cycle, one-click checkout companies became the butt of the joke and the prime example of VC...

Sacra

Jordan Gal, CEO Of Rally, On Building The Switzerland Of Checkout

Sacra interview with Jordan Gal, CEO of Rally.

Sacra

Maju Kuruvilla, CEO Of Bolt, On The NASCARification Of Checkout

Sacra interview with Maju Kuruvilla, the CEO of Bolt.

Sacra

Bolt Revenue, Users, Growth, And Valuation

Sacra model for Flexport's revenue, comps, and growth rate.

Sacra

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