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>Based on those conversations, we revised our revenue model—which previously showed significant deceleration in 2024 ARR growth—to reflect ARR growth holding in the mid-60% range in 2023 with acceleration through 2024.</li><li>Today, with companies consolidating tools to save on cost and reduce complexity, a rebundling cycle is in effect centered around the data warehouse, with Snowflake, Databricks and the hyperscalers simultaneously integrating with dbt and launching cloud-native data products that compete with dbt.</li><li>In 2024, data clouds had their "VHS moment" as Apache Iceberg emerged as the open table standard—particularly with Databricks, the company behind competing Delta Lake, acquiring Tabular for over $1B to bring the founders of Iceberg in under one roof—making multi-cloud a tangible reality and throwing tailwinds behind cross-cloud solutions like dbt that abstract away the underlying infrastructure and offer an orchestration layer on top.</li></ul>

Based on those conversations, we revised our revenue model—which previously showed significant deceleration in 2024 ARR growth—to reflect ARR growth holding in the mid-60% range in 2023 with acceleration through 2024.Today, with companies consolidating tools to save on cost and reduce complexity, a rebundling cycle is in effect centered around the data warehouse, with Snowflake, Databricks and the hyperscalers simultaneously integrating with dbt and launching cloud-native data products that compete with dbt.In 2024, data clouds had their "VHS moment" as Apache Iceberg emerged as the open table standard—particularly with Databricks, the company behind competing Delta Lake, acquiring Tabular for over $1B to bring the founders of Iceberg in under one roof—making multi-cloud a tangible reality and throwing tailwinds behind cross-cloud solutions like dbt that abstract away the underlying infrastructure and offer an orchestration layer on top.

Tristan Handy, CEO Of Dbt Labs, On Dbt’s multi-cloud Tailwinds

<ul><li>dbt Labs hit $96M in annual recurring revenue (ARR) at the end of 2024, up 14% YoY, as they expand into cataloging, orchestration, and observability.</li><li>Sacra estimates that dbt Labs hit $96M in annual recurring revenue (ARR) at the end of 2024, growing about 14% year-over-year, with over 5,000 paying customers and 50,000 teams using dbt weekly.</li><li>Under pressure from Snowflake and Databricks (building native transformations) and from startups “re-bundling” dbt with better orchestration and scheduling (Dagster, Meltano), dbt is now expanding into cataloging (Collibra), orchestration (Airflow), and observability (Metaplane) to defend their position as the key interface where data engineering teams define their business metrics.</li></ul>

dbt Labs hit $96M in annual recurring revenue (ARR) at the end of 2024, up 14% YoY, as they expand into cataloging, orchestration, and observability.Sacra estimates that dbt Labs hit $96M in annual recurring revenue (ARR) at the end of 2024, growing about 14% year-over-year, with over 5,000 paying customers and 50,000 teams using dbt weekly.Under pressure from Snowflake and Databricks (building native transformations) and from startups “re-bundling” dbt with better orchestration and scheduling (Dagster, Meltano), dbt is now expanding into cataloging (Collibra), orchestration (Airflow), and observability (Metaplane) to defend their position as the key interface where data engineering teams define their business metrics.

<ul><li>Sacra estimates that Databricks hit $2.4B in annualized revenue in June 2024, up 60% year-over-year, for a 18x multiple on their $43B valuation (from September 2023), challenging the narrative of a slowdown in enterprise tech spending.</li><li>Databricks' $1.3B acquisition of MosaicML in 2023 (which trains LLMs at 40% of the price of OpenAI) has further positioned the company as a formidable player in the enterprise AI market, while their open source LLMs are increasingly gaining traction on Hugging Face, from DBRX Instruct (40K+ downloads per month) to Dolly v2 3B (350K+).</li><li>Databricks' Unity Catalog is the wedge product that’s become core to their AI strategy, becoming a category leader in the sparsely-populated data-governance-for-AI space with 10,000+ enterprise customers in less than two years after launch.</li></ul>

Sacra estimates that Databricks hit $2.4B in annualized revenue in June 2024, up 60% year-over-year, for a 18x multiple on their $43B valuation (from September 2023), challenging the narrative of a slowdown in enterprise tech spending.Databricks' $1.3B acquisition of MosaicML in 2023 (which trains LLMs at 40% of the price of OpenAI) has further positioned the company as a formidable player in the enterprise AI market, while their open source LLMs are increasingly gaining traction on Hugging Face, from DBRX Instruct (40K+ downloads per month) to Dolly v2 3B (350K+).Databricks' Unity Catalog is the wedge product that’s become core to their AI strategy, becoming a category leader in the sparsely-populated data-governance-for-AI space with 10,000+ enterprise customers in less than two years after launch.

<ul><li>Sacra estimates that Grafana hit $270M annual recurring revenue (ARR) in June 2024, up 69% year-over-year, monetizing just 1% of its 20M users.</li><li>Grafana is one of the fastest-growing devops companies by revenue, one of the biggest open source projects in the world by contributions and users—and yet it only monetizes 1% of its total user base.</li><li>Grafana&#39;s open source model and &quot;big tent&quot; interoperability have enabled it to efficiently acquire customers and expand their $50B+ observability TAM as data volumes and sources proliferate.</li></ul>

Sacra estimates that Grafana hit $270M annual recurring revenue (ARR) in June 2024, up 69% year-over-year, monetizing just 1% of its 20M users.Grafana is one of the fastest-growing devops companies by revenue, one of the biggest open source projects in the world by contributions and users—and yet it only monetizes 1% of its total user base.Grafana&#39;s open source model and &quot;big tent&quot; interoperability have enabled it to efficiently acquire customers and expand their $50B+ observability TAM as data volumes and sources proliferate.

<ul><li>Sacra estimates that PostHog is at $9.5M annual recurring revenue (ARR) as of March 2024, up 138% year-over-year and 87x since March 2021 when they turned on their self-serve, cloud-hosted product.</li><li>PostHog (launched 2020) found product-market fit cutting the time developers spend setting up product analytics, feature flagging, and session replay to ~1 day instead of ~2 weeks by auto-capturing events via a Javascript snippet (“posthog.js”) embedded on the site.</li><li>PostHog is building an Atlassian-esque, all-in-one platform with an embedded CDP to take on Segment, an embedded data warehouse to take on Snowflake, and embedded ETL to take on Fivetran, with the goal of becoming a company’s core router for customer and user data.</li></ul>

Sacra estimates that PostHog is at $9.5M annual recurring revenue (ARR) as of March 2024, up 138% year-over-year and 87x since March 2021 when they turned on their self-serve, cloud-hosted product.PostHog (launched 2020) found product-market fit cutting the time developers spend setting up product analytics, feature flagging, and session replay to ~1 day instead of ~2 weeks by auto-capturing events via a Javascript snippet (“posthog.js”) embedded on the site.PostHog is building an Atlassian-esque, all-in-one platform with an embedded CDP to take on Segment, an embedded data warehouse to take on Snowflake, and embedded ETL to take on Fivetran, with the goal of becoming a company’s core router for customer and user data.

PostHog: The $9.5M/year Anti Modern Data Stack Company

United States

Tool for analytics engineers to transform, test, and document data in cloud warehouses

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dbt Labs (LABS US)

Tristan Handy, CEO Of Dbt Labs, On Dbt’s multi-cloud Tailwinds

How did dbt Labs find product-market fit for its commercial product, coming from its open source software origins? What was that journey like and...

Sacra

Dbt Labs Vs Databricks Vs Snowflake

TL;DR: After building the de-facto standard for the T in ETL—transformations—dbt Labs is now under pressure from partners (Snowflake, Databricks)...

Sacra

Databricks At $2.4B ARR Growing 60%

TL;DR: Sacra estimates that Databricks hit $2.4B in annualized revenue in June 2024, up 60% year-over-year, as it retools as an AI company to take...

Sacra

Grafana At $270M/year Growing 69%

TL;DR: Sacra estimates that Grafana hit $270M annual recurring revenue (ARR) in June 2024, up 69% year-over-year, monetizing just 1% of its 20M...

Sacra

PostHog: The $9.5M/year Anti Modern Data Stack Company

TL;DR: PostHog hit $9.5M annual recurring revenue (ARR) this month, up 138% year-over-year, with their all-in-one analytics platform that bundles...

Sacra

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