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>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.

Employment Hero / Private Capital Markets

<ul><li>Employment Hero is defending its core market for HR & payroll while opening a North American beachhead via its acquisition of Humi in Canada.</li><li>Sacra estimates Employment Hero reached $163M in annual recurring revenue (ARR) in January 2025, up from $155M in December 2024 and $110M in December 2023.</li><li>Now geographic expansion has brought its competitors to Australia’s shores, with Deel and Rippling both invading Australia in 2024 going after Employment Hero's core geography where it serves 20% of all private companies.</li></ul>

Employment Hero is defending its core market for HR & payroll while opening a North American beachhead via its acquisition of Humi in Canada.Sacra estimates Employment Hero reached $163M in annual recurring revenue (ARR) in January 2025, up from $155M in December 2024 and $110M in December 2023.Now geographic expansion has brought its competitors to Australia’s shores, with Deel and Rippling both invading Australia in 2024 going after Employment Hero's core geography where it serves 20% of all private companies.

<ul><li>Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY.</li><li>Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025).</li><li>Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip.</li></ul>

Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY.Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025).Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip.

<ul><li>Sacra estimates that Employment Hero hit $163M ARR in January 2025.</li><li>Employment Hero raised A$263 million in a Series F round led by TCV in October 2023, bringing total funding to A$650 million.</li><li>Employment Hero&#39;s recent revenue growth corresponds to its geographic expansion from Australia into the UK, Southeast Asia, and Canada, facilitated by its acquisition of Toronto-based Humi.</li></ul>

Sacra estimates that Employment Hero hit $163M ARR in January 2025.Employment Hero raised A$263 million in a Series F round led by TCV in October 2023, bringing total funding to A$650 million.Employment Hero&#39;s recent revenue growth corresponds to its geographic expansion from Australia into the UK, Southeast Asia, and Canada, facilitated by its acquisition of Toronto-based Humi.

<ul><li>With the rise of remote work driving a 63% increase in U.S. companies hiring Latin American talent, Ontop combines compliant contracts, mass payouts, and virtual USD wallets with Visa cards across 150+ countries.</li><li>Sacra estimates that Ontop hit $15M in annualized revenue in March 2025.</li><li>Ontop is positioning itself as a comprehensive cross-border workforce platform by launching Ontop+ for ad-hoc payments, an API for enterprise integration, and expanding their contractor compliance stack into 80 countries.</li></ul>

With the rise of remote work driving a 63% increase in U.S. companies hiring Latin American talent, Ontop combines compliant contracts, mass payouts, and virtual USD wallets with Visa cards across 150+ countries.Sacra estimates that Ontop hit $15M in annualized revenue in March 2025.Ontop is positioning itself as a comprehensive cross-border workforce platform by launching Ontop+ for ad-hoc payments, an API for enterprise integration, and expanding their contractor compliance stack into 80 countries.

United States

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

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Deel (DEEL US)

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

$163M/year Gusto Of Australia

TL;DR: With Deel and Rippling invading Australia, Employment Hero is defending its core market for HR & payroll while opening a North American...

Sacra

Ramp At $1B/year

TL;DR: Growing 100%+ YoY every year from $50M through hundreds of millions in revenue scale, Sacra estimates Ramp reached $1B in annualized revenue...

Sacra

Primer: Employment Hero - 27 Aug 2025

Cloud-based platform for businesses to manage HR, payroll, and employee benefits

Sacra

Ontop At $15M Annualized Revenue

TL;DR: With the rise of remote work driving a 63% increase in U.S. companies hiring Latin American talent, Ontop combines compliant contracts, mass...

Sacra

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