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>Sacra estimates that Super.com hit $200M in annualized revenue in July 2025, with just over 200 employees, following its 2022 relaunch into a savings-and-travel superapp anchored by the Super+ membership.</li><li>The company originated as SnapTravel’s hotel-deals bot and, after surpassing $1B in annual travel GMV in 2024, expanded beyond OTA economics into financial services inside a single wallet.</li><li>Super.com employs a B2C super app model that combines transactional, subscription, and financial service revenue streams.</li></ul>

Sacra estimates that Super.com hit $200M in annualized revenue in July 2025, with just over 200 employees, following its 2022 relaunch into a savings-and-travel superapp anchored by the Super+ membership.The company originated as SnapTravel’s hotel-deals bot and, after surpassing $1B in annual travel GMV in 2024, expanded beyond OTA economics into financial services inside a single wallet.Super.com employs a B2C super app model that combines transactional, subscription, and financial service revenue streams.

<ul><li>Historically, immigrants to the UK have been overpriced by legacy car insurers (~51% above market average) because of their lack of UK driving history, inspiring Marshmallow (2016) to use international driving records &amp; telematics to underwrite immigrants’ car insurance, delivering ~£220 average savings vs incumbents.</li><li>Riding a historic surge of immigration to the UK with 1.3M arrivals in 2023 (the most ever in one year) and 948K in 2024—both double from pre-2020 levels of ~550K annually—Sacra estimates Marshmallow hit $370M revenue in 2024, up 62% YoY from $229M, generating $25.9M net profit (7% margin) valued at $2B+ (5.4x revenue) after a $90M Series C in April 2025 (Portage Capital).</li><li>After using car insurance as a wedge into the wallet of 1M+ UK immigrants, Marshmallow is now getting into competition with neobanks Monzo &amp; Revolut, building a one-stop financial shop for “thin file” immigrants across personal lending (£300-500M TAM), credit cards (£900M-1.4B), and home insurance (£100-150M), cross-selling into their existing base for cheaper CAC.</li></ul>

Historically, immigrants to the UK have been overpriced by legacy car insurers (~51% above market average) because of their lack of UK driving history, inspiring Marshmallow (2016) to use international driving records &amp; telematics to underwrite immigrants’ car insurance, delivering ~£220 average savings vs incumbents.Riding a historic surge of immigration to the UK with 1.3M arrivals in 2023 (the most ever in one year) and 948K in 2024—both double from pre-2020 levels of ~550K annually—Sacra estimates Marshmallow hit $370M revenue in 2024, up 62% YoY from $229M, generating $25.9M net profit (7% margin) valued at $2B+ (5.4x revenue) after a $90M Series C in April 2025 (Portage Capital).After using car insurance as a wedge into the wallet of 1M+ UK immigrants, Marshmallow is now getting into competition with neobanks Monzo &amp; Revolut, building a one-stop financial shop for “thin file” immigrants across personal lending (£300-500M TAM), credit cards (£900M-1.4B), and home insurance (£100-150M), cross-selling into their existing base for cheaper CAC.

Marshmallow At $370M/year Growing 62% YoY

<ul><li>Petal grew revenue 4.5X in 2021, from $11M to $50M.</li><li>Petal was acquired by Empower Finance in April 2024.</li><li>Recently, Petal announced it would be spinning out the software it uses to run this process—CashScore—and selling it to other fintechs under the name Prism Data.</li></ul>

Petal grew revenue 4.5X in 2021, from $11M to $50M.Petal was acquired by Empower Finance in April 2024.Recently, Petal announced it would be spinning out the software it uses to run this process—CashScore—and selling it to other fintechs under the name Prism Data.

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> will be excluded from the one US index due to foreign SEC filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> will be excluded from the one Global index due to insufficient float cap.</li>
<li>
<a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> is expected to be added to Global SmallCap in November 2025 and to US-R1000 in December 2025 despite its foreign filings.</li>
</ul>



Bullish US (BLSH US) will be excluded from the one US index due to foreign SEC filings.

Bullish US (BLSH US) will be excluded from the one Global index due to insufficient float cap.

Bullish US (BLSH US) is expected to be added to Global SmallCap in November 2025 and to US-R1000 in December 2025 despite its foreign filings.


Bullish (BLSH US): Split Inclusion Across Global & US Indices

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.</li>
<li>Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.</li>
<li>The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.</li>
</ul>


Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.
Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.
The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.


Figma Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

United States

Chime Financial, Inc. develops online banking software. The Company designs financial software to provides online banking, mobile payment, debit and credit cards, and savings and spending account opening services. Chime Financial serves customers in the State of California.

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Chime Financial (CHYM US)

Primer: Super.com - 01 Sep 2025

All-in-one app to save money, earn cash, and book discounted hotels with cashback and financial services

Sacra

Marshmallow At $370M/year Growing 62% YoY

TL;DR: Immigrants in the UK have historically paid ~51% above market rates for car insurance due to lack of local driving history, inspiring...

Sacra

Primer: Petal - 15 Aug 2025

Credit card and mobile app offering cash flow underwriting for underserved consumers

Sacra

Bullish (BLSH US): Split Inclusion Across Global & US Indices

BLSH US faces exclusion from select US and Global indices due to foreign filings and insufficient float cap, while it is expected to be added to...

Dimitris Ioannidis

Figma Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Super.com - 01 Sep 2025

All-in-one app to save money, earn cash, and book discounted hotels with cashback and financial services

Sacra

Marshmallow At $370M/year Growing 62% YoY

TL;DR: Immigrants in the UK have historically paid ~51% above market rates for car insurance due to lack of local driving history, inspiring...

Sacra

Primer: Petal - 15 Aug 2025

Credit card and mobile app offering cash flow underwriting for underserved consumers

Sacra

Bullish (BLSH US): Split Inclusion Across Global & US Indices

BLSH US faces exclusion from select US and Global indices due to foreign filings and insufficient float cap, while it is expected to be added to...

Dimitris Ioannidis

Figma Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

​Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

IPO Boutique

Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.