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>In Latin America's volatile business environment—currency fluctuations, shifting trade tariffs, and unpredictable interest rate cycles— Kapital has adapted to monetize in any economic condition, generating revenue from deposits when rates are high, financing "buy now, pay later" through Kapital Flex when rates fall, and providing stablecoin options when local currencies destabilize.</li><li>Starting in Mexico, Kapital initially expanded to Colombia over Brazil, looking to expand into large markets first in LatAm and then globally that lack competition to servicing SMEs (less than 250 employees, ~50% of global employment), particularly where incumbent banks consider them too small for relationship banking and fintechs focus on consumer.</li><li>The lack of competition in these markets has given Kapital a head start to roll up the bank account (Mercury), corporate card (Brex), expense management (Ramp), AP/AR (Bill.com), and treasury (Meow) into an all-in-one, with line of sight into rolling up the entire SME backoffice including HR, payroll, and employee benefits.</li></ul>

In Latin America's volatile business environment—currency fluctuations, shifting trade tariffs, and unpredictable interest rate cycles— Kapital has adapted to monetize in any economic condition, generating revenue from deposits when rates are high, financing "buy now, pay later" through Kapital Flex when rates fall, and providing stablecoin options when local currencies destabilize.Starting in Mexico, Kapital initially expanded to Colombia over Brazil, looking to expand into large markets first in LatAm and then globally that lack competition to servicing SMEs (less than 250 employees, ~50% of global employment), particularly where incumbent banks consider them too small for relationship banking and fintechs focus on consumer.The lack of competition in these markets has given Kapital a head start to roll up the bank account (Mercury), corporate card (Brex), expense management (Ramp), AP/AR (Bill.com), and treasury (Meow) into an all-in-one, with line of sight into rolling up the entire SME backoffice including HR, payroll, and employee benefits.

Fernando Sandoval, co-founder Of Kapital, On Tropicalizing Brex For LatAm

<ul><li>Pilot hit about $43M ARR in 2022, up 30% from the year before.</li><li>Pilot announced crossing 1,000 customers in 2020, and was at roughly 1,700 at the end of 2022, with an average revenue per customer of around $25,000.</li><li>SMBs today spend about $60B per year on bookkeeping and accounting, meaning Pilot today has only 0.4% penetration into the market.</li></ul>

Pilot hit about $43M ARR in 2022, up 30% from the year before.Pilot announced crossing 1,000 customers in 2020, and was at roughly 1,700 at the end of 2022, with an average revenue per customer of around $25,000.SMBs today spend about $60B per year on bookkeeping and accounting, meaning Pilot today has only 0.4% penetration into the market.

<ul><li>Sacra estimates Airbase hit $70M in revenue in 2023, growing 27% year-over-year, with a current valuation of $641.5M.</li><li>The company&#39;s growth has been driven by strong product adoption among mid-market finance teams seeking comprehensive spend management solutions.</li><li>Airbase&#39;s customer base includes dozens of public companies and organizations with 1000+ employees.</li></ul>

Sacra estimates Airbase hit $70M in revenue in 2023, growing 27% year-over-year, with a current valuation of $641.5M.The company&#39;s growth has been driven by strong product adoption among mid-market finance teams seeking comprehensive spend management solutions.Airbase&#39;s customer base includes dozens of public companies and organizations with 1000+ employees.

<ul><li>Brex is directly integrated with Mastercard.</li><li>Going global shifts Brex’s competitive set to multinational banks like Citi and HSBC.</li><li>Our goal with having a global focus is to satisfy customer needs for one global limit for all of their employees around the world.</li></ul>

Brex is directly integrated with Mastercard.Going global shifts Brex’s competitive set to multinational banks like Citi and HSBC.Our goal with having a global focus is to satisfy customer needs for one global limit for all of their employees around the world.

Art Levy, Chief Business Officer At Brex, On The Strategy Of Brex Embedded

<ul><li>FP&A incumbent Anaplan (founded in 2006) dramatically sped up the process of creating accurate forecasts by building a self-serve UI into key data sources—core financials, CRM, ERP—so that analysts could use live, actual data to build & edit models in Excel and memorialize them in the cloud.</li><li>Live browser-based editing & collaboration in FP&A à la Figma offers the potential for cross-side network effects and seat expansion that colonizes the entire org—versus Anaplan’s building & cross-selling department-specific FP&A solutions into sales & marketing, HR, supply chain and more.</li><li>The second way people get pulled in doesn’t start with finance at all. Maybe you just want to create a good sales forecast or a good product model directly, and you want to get there sooner because you want to start with real data.</li></ul>

FP&A incumbent Anaplan (founded in 2006) dramatically sped up the process of creating accurate forecasts by building a self-serve UI into key data sources—core financials, CRM, ERP—so that analysts could use live, actual data to build & edit models in Excel and memorialize them in the cloud.Live browser-based editing & collaboration in FP&A à la Figma offers the potential for cross-side network effects and seat expansion that colonizes the entire org—versus Anaplan’s building & cross-selling department-specific FP&A solutions into sales & marketing, HR, supply chain and more.The second way people get pulled in doesn’t start with finance at all. Maybe you just want to create a good sales forecast or a good product model directly, and you want to get there sooner because you want to start with real data.

Siqi Chen, CEO Of Runway, On Building browser-based Collaborative FP&A

United States

Software suite for global companies to manage cards, expenses, and business accounts

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Brex (BREX US)

Fernando Sandoval, co-founder Of Kapital, On Tropicalizing Brex For LatAm

I'd like to begin by framing everything - what were the things that really gave you momentum last year? And which areas of the business did you...

Sacra

Primer: Pilot - 07 Dec 2024

Tech-enabled bookkeeping service with human-in-the-loop built on top of QuickBooks

Sacra

Primer: Airbase - 17 Nov 2024

Software for mid-market finance teams to manage procurement, expenses, and vendor payments

Sacra

Art Levy, Chief Business Officer At Brex, On The Strategy Of Brex Embedded

What is Brex Embedded, who are its customers, how do they (and their end customers use it), and why did you build it...

Sacra

Siqi Chen, CEO Of Runway, On Building browser-based Collaborative FP&A

You were previously running Sandbox VR and before that you were VP of Growth at Postmates. What got you interested in FP&A and in starting Runway...

Sacra

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