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 Faire generated $616M in revenue in 2023, up 74% year-over-year from an estimated $355M in 2022, for a 35x revenue multiple on their $12.6B valuation as of their Series G extension in May 2022.</li><li>Faire began an aggressive geographic expansion in 2021-2, launching first into the UK and Australia—they’re now the clear market leader with 100+ countries around the world, 2x bigger than their main European competitors, Ankorstore and Qogita.</li><li>Today, Faire’s average gross margin per order is around 73-75%—compare to Etsy (NASDAQ: ETSY) at ~69% with its B2C model, which incurs higher support and infrastructure costs compared to a Faire’s higher-AOV B2B marketplace.</li></ul>

Sacra estimates that Faire generated $616M in revenue in 2023, up 74% year-over-year from an estimated $355M in 2022, for a 35x revenue multiple on their $12.6B valuation as of their Series G extension in May 2022.Faire began an aggressive geographic expansion in 2021-2, launching first into the UK and Australia—they’re now the clear market leader with 100+ countries around the world, 2x bigger than their main European competitors, Ankorstore and Qogita.Today, Faire’s average gross margin per order is around 73-75%—compare to Etsy (NASDAQ: ETSY) at ~69% with its B2C model, which incurs higher support and infrastructure costs compared to a Faire’s higher-AOV B2B marketplace.

<ul><li>Historically, startup founders have struggled opening bank accounts and getting credit cards—particularly without giving a personal guarantee.</li><li>In 2018, Brex launched a credit card for startups and hit 1,000 customers in 5 months underwriting cash in the bank, not historical financials, with 10x the credit limit of American Express and no personal guarantee.</li><li>Today, Sacra estimates that Brex is at $400M revenue, growing 67% year-over-year and doing $17.5B in annualized transaction volume, last valued at $12.3B or a 31x multiple to current revenue with 50,000+ customers (~40% of U.S. startups).</li></ul>

Historically, startup founders have struggled opening bank accounts and getting credit cards—particularly without giving a personal guarantee.In 2018, Brex launched a credit card for startups and hit 1,000 customers in 5 months underwriting cash in the bank, not historical financials, with 10x the credit limit of American Express and no personal guarantee.Today, Sacra estimates that Brex is at $400M revenue, growing 67% year-over-year and doing $17.5B in annualized transaction volume, last valued at $12.3B or a 31x multiple to current revenue with 50,000+ customers (~40% of U.S. startups).

<ul><li>Flexport's revenue reached $3.3 billion in 2022, with a user base exceeding 10,000 businesses globally.</li><li>Despite macroeconomic headwinds, Flexport managed to achieve a growth rate of 20% year-over-year.</li><li>The company is valued at $8 billion after its latest funding round.</li></ul>

Flexport's revenue reached $3.3 billion in 2022, with a user base exceeding 10,000 businesses globally.Despite macroeconomic headwinds, Flexport managed to achieve a growth rate of 20% year-over-year.The company is valued at $8 billion after its latest funding round.

Flexport Revenue, Users, Growth, And Valuation

<ul><li>Workrise is projected to achieve a valuation of $2.9 billion, driven by its strong growth trajectory and increased user adoption.</li><li>The company has seen a significant increase in its user base, growing from 10,000 to 100,000 in the past year.</li><li>Workrise's revenue has grown by 150% year over year, reflecting robust demand for its platform.</li></ul>

Workrise is projected to achieve a valuation of $2.9 billion, driven by its strong growth trajectory and increased user adoption.The company has seen a significant increase in its user base, growing from 10,000 to 100,000 in the past year.Workrise's revenue has grown by 150% year over year, reflecting robust demand for its platform.

Workrise Revenue, Users, Growth, And Valuation

<ul><li>Tradeshift has raised $1.1B from notable investors such as Goldman Sachs, PayPal Ventures, West River, and Koch Industries.</li><li>Tradeshift&#39;s share in the procurement market is estimated to be less than 1%, with the market leaders being SAP Ariba (16% market share) and Coupa (15% market share).</li><li>Tradeshift leverages the data flowing through its platform to provide working capital finance in the form of early payments to suppliers.</li></ul>

Tradeshift has raised $1.1B from notable investors such as Goldman Sachs, PayPal Ventures, West River, and Koch Industries.Tradeshift&#39;s share in the procurement market is estimated to be less than 1%, with the market leaders being SAP Ariba (16% market share) and Coupa (15% market share).Tradeshift leverages the data flowing through its platform to provide working capital finance in the form of early payments to suppliers.

United States

Marketplace connecting shippers with truckers for real-time freight booking and tracking

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Convoy (CONVOY US)

Faire At $616M/year Growing 74%

TL;DR: Sacra estimates that Faire hit $616M in revenue in 2023, up 74%, as they expanded their B2B wholesale retail marketplace to 100+ countries....

Sacra

Brex: The $400M/year anti-Amex

Brex and Ramp are the PayPal and X.com of corporate spend—competitive with each other, but more importantly chasing the bigger prize of disrupting...

Sacra

Flexport Revenue, Users, Growth, And Valuation

Sacra model for Flexport's revenue, comps, and growth rate.

Sacra

Workrise Revenue, Users, Growth, And Valuation

Sacra model for Workrise's revenue, comps, and growth rate.

Sacra

Primer: Tradeshift - 05 Aug 2022

Business commerce platform for managing procurement, invoicing, and payments between buyers and suppliers

Sacra

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