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 Intercom re-accelerated in 2024, hitting $343M in revenue at the end of 2024, up 25% year-over-year.</li><li>Intercom has kept tiered per-seat pricing in place—layering in AI as a base feature to raise the revenue per seat.</li><li>While autonomous AI-native agent startups aim to automate high volume ticket resolution, Intercom offers AI agents as part of an all-in-one customer service SaaS platform.</li></ul>

Sacra estimates Intercom re-accelerated in 2024, hitting $343M in revenue at the end of 2024, up 25% year-over-year.Intercom has kept tiered per-seat pricing in place—layering in AI as a base feature to raise the revenue per seat.While autonomous AI-native agent startups aim to automate high volume ticket resolution, Intercom offers AI agents as part of an all-in-one customer service SaaS platform.

<ul><li>Founded in Paris (2014) as a Chrome writing extension for turning short typed abbreviations (“sup”) into templated phrases (“Hello there!”)—Gorgias launched an ecommerce helpdesk (late 2016) after noticing that 70% of their users were support agents at Shopify stores.</li><li>Riding the growth of Shopify ($292B GMV in 2024, up 24% YoY) as the top customer service app in the store (4.2 stars, 712 reviews), Gorgias hit $69M ARR in 2024, up 34% year-over-year from $51M in 2023, valued at $530M as of their May Series C for a ~8.8x forward revenue multiple.</li><li>With Gorgias's existing pricing already tiered based on usage, it’s been resilient to the threat of business model cannibalization posed by AI agents increasingly replacing humans on support teams.</li></ul>

Founded in Paris (2014) as a Chrome writing extension for turning short typed abbreviations (“sup”) into templated phrases (“Hello there!”)—Gorgias launched an ecommerce helpdesk (late 2016) after noticing that 70% of their users were support agents at Shopify stores.Riding the growth of Shopify ($292B GMV in 2024, up 24% YoY) as the top customer service app in the store (4.2 stars, 712 reviews), Gorgias hit $69M ARR in 2024, up 34% year-over-year from $51M in 2023, valued at $530M as of their May Series C for a ~8.8x forward revenue multiple.With Gorgias's existing pricing already tiered based on usage, it’s been resilient to the threat of business model cannibalization posed by AI agents increasingly replacing humans on support teams.

<ul><li>Sacra estimates that Iterable hit $200M annual recurring revenue (ARR) at the end of 2023, up 38% from $145M in 2022.</li><li>Iterable is valued at $2 billion as of 2024.</li><li>The company has raised $342.9 million across 10 funding rounds, with backing from prominent investors including Silver Lake, Viking Global Investors, and CRV.</li></ul>

Sacra estimates that Iterable hit $200M annual recurring revenue (ARR) at the end of 2023, up 38% from $145M in 2022.Iterable is valued at $2 billion as of 2024.The company has raised $342.9 million across 10 funding rounds, with backing from prominent investors including Silver Lake, Viking Global Investors, and CRV.

<ul><li>Customer.io is on track to hit $78M annual recurring revenue (ARR) at the end of 2024, up 35% YoY.</li><li>When we first covered Customer.io in May 2021, the company had crossed $20M ARR, growing 70% year-over-year, on less than $4M raised.</li><li>We followed up with Customer.io in August 2023, where we interviewed CEO Colin Nederkoorn and published an update on Customer.io passing the $50M ARR milestone.</li></ul>

Customer.io is on track to hit $78M annual recurring revenue (ARR) at the end of 2024, up 35% YoY.When we first covered Customer.io in May 2021, the company had crossed $20M ARR, growing 70% year-over-year, on less than $4M raised.We followed up with Customer.io in August 2023, where we interviewed CEO Colin Nederkoorn and published an update on Customer.io passing the $50M ARR milestone.

<ul><li>In 2023, Google, Yahoo and Apple announced they would begin requiring anyone sending email to their users to have DMARC enabled—or end up in spam—accelerating demand for Vailmail to 43% YoY, with Sacra estimating that Valimail will hit $30M in annual recurring revenue (ARR) by the end of 2024, with 65,000 customers for average revenue per customer (ARPC) of about $460.</li><li>As phishing continues to rise ($3B stolen in 2023, up 9% YoY), Valimail serves as a solution both as a deliverability tool for marketers sending outgoing mail (as a way to keep newsletters out of spam) and as a cybersecurity tool for incoming mail (preventing “CEO fraud” where attackers spoof your corporate domain).</li><li>The email authentication protocol DMARC gained attention in 2015 when Gmail, Yahoo Mail and AOL Mail started using it to prevent their domains from being spoofed—creating the opportunity for Valimail (2015) to launch a DMARC-as-a-service tool for any company regardless of IT capacity.</li></ul>

In 2023, Google, Yahoo and Apple announced they would begin requiring anyone sending email to their users to have DMARC enabled—or end up in spam—accelerating demand for Vailmail to 43% YoY, with Sacra estimating that Valimail will hit $30M in annual recurring revenue (ARR) by the end of 2024, with 65,000 customers for average revenue per customer (ARPC) of about $460.As phishing continues to rise ($3B stolen in 2023, up 9% YoY), Valimail serves as a solution both as a deliverability tool for marketers sending outgoing mail (as a way to keep newsletters out of spam) and as a cybersecurity tool for incoming mail (preventing “CEO fraud” where attackers spoof your corporate domain).The email authentication protocol DMARC gained attention in 2015 when Gmail, Yahoo Mail and AOL Mail started using it to prevent their domains from being spoofed—creating the opportunity for Valimail (2015) to launch a DMARC-as-a-service tool for any company regardless of IT capacity.

United States

Messaging automation software for developers to send behavior-based emails, SMS, and push notifications

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Customer.io (IO US)

Intercom At $343M/year

TL;DR: After Intercom’s growth slowed to 10% YoY in 2023 as customer services teams shrank, Sacra estimates that Intercom hit $343M in revenue in...

Sacra

Gorgias At $69M ARR

TL;DR: Founded in Paris as a Chrome extension for text expansion, Gorgias built a help desk product that has become the dominant support app on...

Sacra

Primer: Iterable - 07 Dec 2024

Customer communication software for marketers to send personalized messages across channels

Sacra

Customer.Io Passes $70M ARR

TL;DR: Sacra projects that Customer.io is on track to hit $78M annual recurring revenue (ARR) at the end of 2024, up 35% YoY. Since we first...

Sacra

Valimail At $30M ARR

TL;DR: Sacra estimates that Valimail will hit $30M annualized recurring revenue (ARR) in 2024, up 43% YoY, re-accelerating as Google, Yahoo and...

Sacra

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