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>Convoy&#39;s revenue peaked at $750M in 2021, growing 50% annually.</li><li>After unsuccessful attempts to raise money or sell the company over a four-month period, Convoy ultimately ran out of funds and shut down operations in 2023.</li><li>Following Convoy&#39;s 2023 shutdown, DAT Freight &amp; Analytics acquired the Convoy Platform (July 2025) and continues operating it as a neutral freight marketplace.</li></ul>

Convoy&#39;s revenue peaked at $750M in 2021, growing 50% annually.After unsuccessful attempts to raise money or sell the company over a four-month period, Convoy ultimately ran out of funds and shut down operations in 2023.Following Convoy&#39;s 2023 shutdown, DAT Freight &amp; Analytics acquired the Convoy Platform (July 2025) and continues operating it as a neutral freight marketplace.

<ul><li>Sacra estimates that Rippling hit $1B in annualized revenue in March 2026, up from $850M at the end of 2025 and growing 78% year-over-year.</li><li>Rippling is valued at $16.8 billion following its May 2025 Series G round, in which the company raised $450 million in new financing and announced a tender offer to repurchase up to $200 million of equity from current and former employees.</li><li>Rippling operates a B2B SaaS model with subscription pricing determined by employee count and the modules utilized.</li></ul>

Sacra estimates that Rippling hit $1B in annualized revenue in March 2026, up from $850M at the end of 2025 and growing 78% year-over-year.Rippling is valued at $16.8 billion following its May 2025 Series G round, in which the company raised $450 million in new financing and announced a tender offer to repurchase up to $200 million of equity from current and former employees.Rippling operates a B2B SaaS model with subscription pricing determined by employee count and the modules utilized.

<ul><li>Justworks made $982.7M in FY2021, an increase of 33% over FY2020.</li><li>Justworks has raised $143M from investors such as FirstMark Capital, Union Square Ventures, and Bain Capital.</li><li>Justworks has two levers to increase its SaaS revenue: subscription price and the number of employees it covers.</li></ul>

Justworks made $982.7M in FY2021, an increase of 33% over FY2020.Justworks has raised $143M from investors such as FirstMark Capital, Union Square Ventures, and Bain Capital.Justworks has two levers to increase its SaaS revenue: subscription price and the number of employees it covers.

<ul><li>After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability.</li><li>Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year.</li><li>Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.</li></ul>

After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability.Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year.Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.

<ul><li>Now at a Sacra-estimated $1.15B in annualized revenue, up 70% YoY, Deel is colliding with Rippling & Gusto as global payroll goes domestic & vice versa as all three fight to own the full stack of payroll & HR.</li><li>Expanding from contractor payments, Deel launched EOR services (late 2020) to help companies hire full-time employees abroad, and then into global payroll (mid 2022) to unify compliance, tax & payments across their entire team, scaling from $4M annualized revenue in early 2020 to $295M by end of 2022, reaching an estimated $1.15B by August 2025 (up 70% YoY) at a $12.6B valuation for a 11x multiple.</li><li>After burning sub-$10M in 2021 and turning profitable in 2022, Deel has continued expanding its margins, hitting 16% EBITDA margin in 2025 with ~85% gross margins (vs. ADP at 46%), positioning the company for its stated goal of going public as early as 2026-2027.</li></ul>

Now at a Sacra-estimated $1.15B in annualized revenue, up 70% YoY, Deel is colliding with Rippling & Gusto as global payroll goes domestic & vice versa as all three fight to own the full stack of payroll & HR.Expanding from contractor payments, Deel launched EOR services (late 2020) to help companies hire full-time employees abroad, and then into global payroll (mid 2022) to unify compliance, tax & payments across their entire team, scaling from $4M annualized revenue in early 2020 to $295M by end of 2022, reaching an estimated $1.15B by August 2025 (up 70% YoY) at a $12.6B valuation for a 11x multiple.After burning sub-$10M in 2021 and turning profitable in 2022, Deel has continued expanding its margins, hitting 16% EBITDA margin in 2025 with ~85% gross margins (vs. ADP at 46%), positioning the company for its stated goal of going public as early as 2026-2027.

United States

Software for hiring, paying, and managing global contractors and employees compliantly

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Deel (DEEL US)

Primer: Convoy - 15 Jun 2026

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

Sacra

Primer: Rippling - 10 May 2026

Workforce management software unifying HR, IT, and contractor payroll for global teams

Sacra

Primer: Justworks - 10 Mar 2026

Payroll and benefits software for SMBs to manage HR, compliance, and payments

Sacra

Brex At $700M/year Growing 50% YoY

TL;DR: After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving...

Sacra

Deel At $1.15B/year Growing 70%+ YoY

TL;DR: Rising domestic labor costs and COVID catalyzed Deel’s explosive growth as a service that let startups hire globally from day one. Now at a...

Sacra

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