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>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>Outreach grew to $250M ARR by enabling any sales development representative (SDR) to send outbound emails with demographic data like a prospect's name, company, and role pre-filled.</li><li>With the decline in the efficacy of cold outbound, companies are turning to "warm outbound", where personalized outreach is triggered based on specific behavior data that a prospect is engaged in either on your own website (e.g., via Clearbit) or elsewhere on the web (e.g., on G2).</li><li>AI-native tools like Unify ($17.9M raised), Default ($11.3M raised), and Attention ($3.1M raised) stitch together multi-tool workflows to automate the sending of highly personalized messages, at scale, eliminating the need for $60K/year SDRs.</li></ul>

Outreach grew to $250M ARR by enabling any sales development representative (SDR) to send outbound emails with demographic data like a prospect's name, company, and role pre-filled.With the decline in the efficacy of cold outbound, companies are turning to "warm outbound", where personalized outreach is triggered based on specific behavior data that a prospect is engaged in either on your own website (e.g., via Clearbit) or elsewhere on the web (e.g., on G2).AI-native tools like Unify ($17.9M raised), Default ($11.3M raised), and Attention ($3.1M raised) stitch together multi-tool workflows to automate the sending of highly personalized messages, at scale, eliminating the need for $60K/year SDRs.

Austin Hughes, CEO And co-founder Of Unify, On The Death Of The SDR

<ul><li>In November, Intuit announced it was shutting down Mint—one of the first and most popular personal finance apps with 25M registered accounts—resulting in a massive migration of users into personal finance startups.</li><li>Modern personal finance apps are increasingly building multi-sided, networked products, capturing users and financial planners & advisors onto one platform, reminiscent to how Carta brought founders, VCs and lawyers into one system of record for cap tables.</li><li>The original personal finance dashboard, Mint.com’s relatively meager ARPU of $2-$3 proved “they had the wrong business model”, said ex-Mint.com product manager and Monarch Money CEO Val Agostino—giving the product away for free and monetizing off referrals.</li></ul>

In November, Intuit announced it was shutting down Mint—one of the first and most popular personal finance apps with 25M registered accounts—resulting in a massive migration of users into personal finance startups.Modern personal finance apps are increasingly building multi-sided, networked products, capturing users and financial planners & advisors onto one platform, reminiscent to how Carta brought founders, VCs and lawyers into one system of record for cap tables.The original personal finance dashboard, Mint.com’s relatively meager ARPU of $2-$3 proved “they had the wrong business model”, said ex-Mint.com product manager and Monarch Money CEO Val Agostino—giving the product away for free and monetizing off referrals.

<ul><li>Carta's decision to get out of the secondaries business appeared to happen quickly, but it was the end product of years of internal deliberation over the best way for Carta to unlock liquidity in the ecosystem while maintaining alignment with their customers.</li><li>Because Carta is a system of record and controls the cap table for ~35% of venture-backed startups, it will still be a crucial player in facilitating secondary sales—the decision to get out of the secondaries business has more to do with whether they want to broker deals themselves or let other companies do the dirty work.</li><li>Ultimately, the ecosystem does still need liquidity as private companies progress from the "heads down and build" stage where being private is about control, and towards the pre-IPO stage where liquidity relieves the pressure to go public.</li></ul>

Carta's decision to get out of the secondaries business appeared to happen quickly, but it was the end product of years of internal deliberation over the best way for Carta to unlock liquidity in the ecosystem while maintaining alignment with their customers.Because Carta is a system of record and controls the cap table for ~35% of venture-backed startups, it will still be a crucial player in facilitating secondary sales—the decision to get out of the secondaries business has more to do with whether they want to broker deals themselves or let other companies do the dirty work.Ultimately, the ecosystem does still need liquidity as private companies progress from the "heads down and build" stage where being private is about control, and towards the pre-IPO stage where liquidity relieves the pressure to go public.

<ul><li>Noel Moldvai and Adam Crawley are the co-founders of Augment.</li><li>Augment solves lead gen by being a platform, but also opens it up to the broader ecosystem, allowing these independent brokers to be able to capture a larger audience, and do more deals.</li><li>Our ATS went live in July and gave us the freedom to push harder.</li></ul>

Noel Moldvai and Adam Crawley are the co-founders of Augment.Augment solves lead gen by being a platform, but also opens it up to the broader ecosystem, allowing these independent brokers to be able to capture a larger audience, and do more deals.Our ATS went live in July and gave us the freedom to push harder.

Noel Moldvai And Adam Crawley, co-founders Of Augment, On software-enabled Secondaries Markets

United States

Software for managing cap tables, valuations, and liquidity for private companies

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Carta (CARTA US)

Primer: Pilot - 07 Dec 2024

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

Sacra

Austin Hughes, CEO And co-founder Of Unify, On The Death Of The SDR

What is Unify in short and what inspired you to start the company...

Sacra

Why Mint.Com Failed

In November, Intuit announced it was shutting down Mint—one of the first and most popular personal finance apps with 25M registered...

Sacra

Carta And The Future Of Liquidity

First, Karri Saarinen from Linear tweeted a screenshot of a Carta sales rep reaching out to a Linear investor to gauge their interest in selling...

Sacra

Noel Moldvai And Adam Crawley, co-founders Of Augment, On software-enabled Secondaries Markets

What is Augment? What inspired you to build it...

Sacra

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