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>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

<ul><li>Mercury is becoming the Booking.com of startup banking, aggregating demand using free checking accounts and the best banking experience to commoditize suppliers (partner banks) who pay for access to Mercury’s customer base.</li><li>SVB got unbundled during COVID and then unwound completely in 48 hours, with Mercury and Brex initially emerging as the primary beneficiaries, with Mercury adding $2B+ in deposits and thousands of customers in a week.</li><li>SVB’s growth left it vulnerable to bottom-up disruption from Mercury and Brex (both founded in 2017), which offered bank accounts and corporate cards to underserved startups outside the core Silicon Valley clique (e.g., international startups).</li></ul>

Mercury is becoming the Booking.com of startup banking, aggregating demand using free checking accounts and the best banking experience to commoditize suppliers (partner banks) who pay for access to Mercury’s customer base.SVB got unbundled during COVID and then unwound completely in 48 hours, with Mercury and Brex initially emerging as the primary beneficiaries, with Mercury adding $2B+ in deposits and thousands of customers in a week.SVB’s growth left it vulnerable to bottom-up disruption from Mercury and Brex (both founded in 2017), which offered bank accounts and corporate cards to underserved startups outside the core Silicon Valley clique (e.g., international startups).

Mercury: The Unbundling Of Silicon Valley Bank

United States

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

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Carta (CARTA US)

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

Mercury: The Unbundling Of Silicon Valley Bank

TL;DR: As Silicon Valley Bank collapsed last week, $3B+ in funds flowed through the startup ecosystem to other startups, particularly neobanks...

Sacra

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