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>The dawn of JavaScript and automating repetitive tasks came first, and there were many things that it couldn&#39;t handle.</li><li>Now, the exciting thing is we&#39;re at a new inflection point with AI and the technologies that GPT-3 brings to us.</li><li>Now, we can read those invoices and contracts with AI and make a recommendation for what it is.</li></ul>

The dawn of JavaScript and automating repetitive tasks came first, and there were many things that it couldn&#39;t handle.Now, the exciting thing is we&#39;re at a new inflection point with AI and the technologies that GPT-3 brings to us.Now, we can read those invoices and contracts with AI and make a recommendation for what it is.

Alex Lee, CEO Of Truewind, On The Potential Of GPT-powered Bookkeeping

<ul><li>Pilot (dataset) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system of record in QuickBooks.</li><li>Sacra estimates that Pilot has $43M in annual recurring revenue (ARR) growing 30% year-over-year with industry leading gross margins at 60%.</li><li>Every SMB needs bookkeeping and accounting and today they spend some $60B/yr on it, meaning Pilot today is a leader with only 0.4% penetration into a massive opportunity.</li></ul>

Pilot (dataset) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system of record in QuickBooks.Sacra estimates that Pilot has $43M in annual recurring revenue (ARR) growing 30% year-over-year with industry leading gross margins at 60%.Every SMB needs bookkeeping and accounting and today they spend some $60B/yr on it, meaning Pilot today is a leader with only 0.4% penetration into a massive opportunity.

Pilot: The $43M Per Year Mechanical Bookkeeper

<ul><li>With growing income inequality as a tailwind, we&#39;ve seen Match.com give way to Raya, Uber give way to Blade, and Mint give way to Compound.</li><li>Among these high-ARPU &quot;luxury&quot; apps, Compound is unique in having the potential for asymmetric upside as they grow upmarket from the rich to the ultra-rich.</li><li>The ambition for these modern wealth management platforms is to break the dominance of prestige wealth management brands like J.P. Morgan and Goldman Sachs: to capture the tech workers who would be future clients of those firms by catering to their liquidity and diversification needs <em>before </em>IPO.</li></ul>

With growing income inequality as a tailwind, we&#39;ve seen Match.com give way to Raya, Uber give way to Blade, and Mint give way to Compound.Among these high-ARPU &quot;luxury&quot; apps, Compound is unique in having the potential for asymmetric upside as they grow upmarket from the rich to the ultra-rich.The ambition for these modern wealth management platforms is to break the dominance of prestige wealth management brands like J.P. Morgan and Goldman Sachs: to capture the tech workers who would be future clients of those firms by catering to their liquidity and diversification needs before IPO.

Compound, Savvy, And The Mint For The 0.1%

<ul><li>The first big secondary trading platform, SecondMarket, launched in 2009 and did $100M in transaction volume, growing to $360M in 2010 and $558M in 2011.</li><li>Now, we’re seeing the emergence of a new atomic unit of value that companies like AngelList, Carta, Sydecar and Allocations are going after—LP interests in funds and SPVs.</li><li>LP interests in funds and SPVs have the potential to unlock private markets liquidity because they sit on top of the cap table and can be traded permissionlessly, without company approval.</li></ul>

The first big secondary trading platform, SecondMarket, launched in 2009 and did $100M in transaction volume, growing to $360M in 2010 and $558M in 2011.Now, we’re seeing the emergence of a new atomic unit of value that companies like AngelList, Carta, Sydecar and Allocations are going after—LP interests in funds and SPVs.LP interests in funds and SPVs have the potential to unlock private markets liquidity because they sit on top of the cap table and can be traded permissionlessly, without company approval.

Sydecar And The New Atomic Unit Of The Private Markets

<ul><li>EquityList is a full stack equity management solution where we give a suite of tools to founders, finance and legal teams to manage their cap table, ESOP operations, data room operations, and other compliance related workflows.</li><li>The majority of the startups are still using Excel sheets and Google sheets, which is fairly unfortunate because this data gets very complex as the company matures.</li><li>It&#39;s a great inflection point that the ecosystem is where a lot of its first generation entrepreneurs are backing second generation entrepreneurs and high-growth operators within the very same companies are now starting up themselves.</li></ul>

EquityList is a full stack equity management solution where we give a suite of tools to founders, finance and legal teams to manage their cap table, ESOP operations, data room operations, and other compliance related workflows.The majority of the startups are still using Excel sheets and Google sheets, which is fairly unfortunate because this data gets very complex as the company matures.It&#39;s a great inflection point that the ecosystem is where a lot of its first generation entrepreneurs are backing second generation entrepreneurs and high-growth operators within the very same companies are now starting up themselves.

Kashish Sharma, CEO Of EquityList On Building Carta Of India

United States

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

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Carta (CARTA US)

Alex Lee, CEO Of Truewind, On The Potential Of GPT-powered Bookkeeping

Sacra interview with Alex Lee, co-founder and CEO of Truewind.

Sacra

Pilot: The $43M Per Year Mechanical Bookkeeper

TL;DR: Pilot ($43M ARR) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system...

Sacra

Compound, Savvy, And The Mint For The 0.1%

TL;DR: We interviewed Carta CFO Charly Kevers, Savvy CEO Ritik Malhotra, and produced a report on Betterment to learn more about the evolution of...

Sacra

Sydecar And The New Atomic Unit Of The Private Markets

LP interests in SPVs are the next frontier, taking over from the cap table as the atomic unit of the private markets. Read our interviews...

Sacra

Kashish Sharma, CEO Of EquityList On Building Carta Of India

Sacra interview with Kashish Sharma, CEO of EquityList

Sacra

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