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 Ontop hit $13.6M in ARR in 2024, up 23% from $11.1M in 2023.</li><li>Ontop reached a post-money valuation of $150M following its $20M Series A-II round in January 2023.</li><li>Ontop operates at the intersection of HR technology and fintech, solving a critical pain point for businesses hiring internationally.</li></ul>

Sacra estimates that Ontop hit $13.6M in ARR in 2024, up 23% from $11.1M in 2023.Ontop reached a post-money valuation of $150M following its $20M Series A-II round in January 2023.Ontop operates at the intersection of HR technology and fintech, solving a critical pain point for businesses hiring internationally.

<ul><li>Granola (founded 2023) is an AI notetaker app that wakes up whenever your microphone is live on a Zoom/Teams/Google Meet call, records your call, and returns an AI‑enhanced transcript plus action‑items minutes after the call.</li><li>In October 2024, Granola raised a $20M Series A led by Spark Capital.</li><li>As the video call has been commoditized, the battleground has shifted from the lowest latency &amp; highest quality video calls to the vertically integrated meeting productivity app.</li></ul>

Granola (founded 2023) is an AI notetaker app that wakes up whenever your microphone is live on a Zoom/Teams/Google Meet call, records your call, and returns an AI‑enhanced transcript plus action‑items minutes after the call.In October 2024, Granola raised a $20M Series A led by Spark Capital.As the video call has been commoditized, the battleground has shifted from the lowest latency &amp; highest quality video calls to the vertically integrated meeting productivity app.

<ul><li>Sacra estimates that Kapital hit $184M in annualized revenue at the end of 2024, up 156% year-over-year from $72M in 2023.</li><li>Flex is Kapital’s “star product”, propelling total payment volume to $8.4B in 2024, up 298% from $2.1B in 2023.</li><li>The lack of LatAm competition in SMB fintech SaaS and digital native banks has enabled Kapital’s all-in-one expansion from the bank account.</li></ul>

Sacra estimates that Kapital hit $184M in annualized revenue at the end of 2024, up 156% year-over-year from $72M in 2023.Flex is Kapital’s “star product”, propelling total payment volume to $8.4B in 2024, up 298% from $2.1B in 2023.The lack of LatAm competition in SMB fintech SaaS and digital native banks has enabled Kapital’s all-in-one expansion from the bank account.

<ul><li>Sacra estimates that Airwallex hit $700M in annualized revenue in March 2025, up 69.7% from ~$413M in March 2024, with transaction volume increasing to $130B across 150,000 businesses globally.</li><li>Founded in 2015 in Melbourne, Airwallex operates a global payments infrastructure that bypasses traditional banking rails, allowing businesses to hold, convert, and move money across borders at drastically lower costs than banks through a proprietary network that processes 93% of transactions outside of SWIFT.</li><li>Airwallex’s push into Latin America—through acquiring MexPago (Mexico) and securing a payment institution license in Brazil—positions Airwallex to capture the region's exploding cross-border commerce flows (cross-border represents 22% of Mexico's e-commerce with 44% annual growth), while its recent acquisition of CTIN Pay in Vietnam and announced expansion into Malaysia and South Korea extend its already-dominant APAC footprint where revenues grew 83% year-over-year in Q3 2024.</li></ul>

Sacra estimates that Airwallex hit $700M in annualized revenue in March 2025, up 69.7% from ~$413M in March 2024, with transaction volume increasing to $130B across 150,000 businesses globally.Founded in 2015 in Melbourne, Airwallex operates a global payments infrastructure that bypasses traditional banking rails, allowing businesses to hold, convert, and move money across borders at drastically lower costs than banks through a proprietary network that processes 93% of transactions outside of SWIFT.Airwallex’s push into Latin America—through acquiring MexPago (Mexico) and securing a payment institution license in Brazil—positions Airwallex to capture the region's exploding cross-border commerce flows (cross-border represents 22% of Mexico's e-commerce with 44% annual growth), while its recent acquisition of CTIN Pay in Vietnam and announced expansion into Malaysia and South Korea extend its already-dominant APAC footprint where revenues grew 83% year-over-year in Q3 2024.

<ul><li>After a slowdown amid sales team hiring freezes in 2023, Gong's revenue growth re-accelerated in 2024 as they increased attach rate and expanded their average contract value (ACV) across their 4,500 customers.</li><li>Gong's annual recurring revenue (ARR) exploded during COVID when all sales activity moved online, decelerated post-COVID and hit a bottom in 2023 when growth dipped to 16% year-over-year (YoY), before reaccelerating to 28% YoY growth in 2024—with Sacra estimating that Gong crossed $300M in ARR in January 2025.</li><li>By extracting structured data from customers’ call recordings via the AI-powered Gong Data Engine (2024) and feeding it into Gong Forecast (revenue ops) and Gong Engage (sales engagement), Gong is leveraging AI at the core of its multiproduct strategy to make its rich repository of data useful across a range of use cases, increasing attach rate (25% of customers buying multiple products) and revenue per seat to drive its 2024 re-acceleration.</li></ul>

After a slowdown amid sales team hiring freezes in 2023, Gong's revenue growth re-accelerated in 2024 as they increased attach rate and expanded their average contract value (ACV) across their 4,500 customers.Gong's annual recurring revenue (ARR) exploded during COVID when all sales activity moved online, decelerated post-COVID and hit a bottom in 2023 when growth dipped to 16% year-over-year (YoY), before reaccelerating to 28% YoY growth in 2024—with Sacra estimating that Gong crossed $300M in ARR in January 2025.By extracting structured data from customers’ call recordings via the AI-powered Gong Data Engine (2024) and feeding it into Gong Forecast (revenue ops) and Gong Engage (sales engagement), Gong is leveraging AI at the core of its multiproduct strategy to make its rich repository of data useful across a range of use cases, increasing attach rate (25% of customers buying multiple products) and revenue per seat to drive its 2024 re-acceleration.

United States

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

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Deel (DEEL US)

Primer: Ontop - 05 May 2025

Software for hiring, paying, and managing global contractors and employees across 150+ countries

Sacra

Granola Vs Zoom

TL;DR: Granola’s cross‑platform, always‑on meeting recorder turns every video call into structured, searchable data, collapsing Zoom, Meet, and...

Sacra

Kapital At $184M/yr Growing 156% YoY

TL;DR: Over the past year, Kapital has layered lending, stablecoins, and treasury tools on top of its core banking platform to meet the cash flow...

Sacra

Airwallex At $700M Revenue

TL;DR: Airwallex is evolving from a cross-border payments provider to global-first financial infrastructure, with corporate cards and payments now...

Sacra

Gong At $300M ARR

TL;DR: After a slowdown amid sales team hiring freezes in 2023, Gong's revenue growth re-accelerated in 2024 as they increased attach rate and...

Sacra

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