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>Intercom is betting their $250M/year business 100% on customer service and leveraging LLMs to turn their chat window real estate on 25,000 customer sites into their next step function in growth.</li><li>Today, Sacra estimates that Intercom is doing about $250M revenue, growing 25% year-over-year, with more than 25,000 companies as customers and 600M+ users sending 500M+ messages every month.</li><li>In its upside case, Fin catalyzes Intercom’s colonization of the entire customer service software suite, by offering customers more personalized chatbot responses and faster resolution times in return for adopting more to all of the Intercom customer service platform.</li></ul>

Intercom is betting their $250M/year business 100% on customer service and leveraging LLMs to turn their chat window real estate on 25,000 customer sites into their next step function in growth.Today, Sacra estimates that Intercom is doing about $250M revenue, growing 25% year-over-year, with more than 25,000 companies as customers and 600M+ users sending 500M+ messages every month.In its upside case, Fin catalyzes Intercom’s colonization of the entire customer service software suite, by offering customers more personalized chatbot responses and faster resolution times in return for adopting more to all of the Intercom customer service platform.

<ul><li>The reality is that Intercom has had an ML team for six years and we have some really outstanding leaders in our R&amp;D organization, and what we’re doing in AI started from the bottom-up.</li><li>We have spent a lot of time and attention trying to tease apart the strategic implications of AI for customer service, which led us to believe that not only was betting on it like this a giant opportunity, but not betting on it was a serious risk.</li><li>The standards for customer service online—and all businesses are going online, so let&#39;s just say the standard for customer service—is terrible.</li></ul>

The reality is that Intercom has had an ML team for six years and we have some really outstanding leaders in our R&amp;D organization, and what we’re doing in AI started from the bottom-up.We have spent a lot of time and attention trying to tease apart the strategic implications of AI for customer service, which led us to believe that not only was betting on it like this a giant opportunity, but not betting on it was a serious risk.The standards for customer service online—and all businesses are going online, so let&#39;s just say the standard for customer service—is terrible.

Eoghan McCabe & Des Traynor, CEO And CSO Of Intercom, On The AI Transformation Of Customer Service

<ul><li>Sacra estimates that Drift hit $135M in annual recurring revenue (ARR) at the end of 2022, up 35% from $100M at the end of 2021.</li><li>Drift’s packages now start at $2,500 per month (they removed their previously entry-level $40 per month package in 2022); users are billed annually.</li><li>In 2022, Drift setup operations in Guadalajara, Mexico, its sixth global location, to cover the Latin America market.</li></ul>

Sacra estimates that Drift hit $135M in annual recurring revenue (ARR) at the end of 2022, up 35% from $100M at the end of 2021.Drift’s packages now start at $2,500 per month (they removed their previously entry-level $40 per month package in 2022); users are billed annually.In 2022, Drift setup operations in Guadalajara, Mexico, its sixth global location, to cover the Latin America market.

United States

Chatbot and live chat tool for sales and marketing teams to engage website visitors

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Drift (DRIFT 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

Intercom's $250M/year AI Bet

TL;DR: Intercom is betting their $250M/year business 100% on customer service and leveraging LLMs to turn their chat window real estate on 25,000...

Sacra

Eoghan McCabe & Des Traynor, CEO And CSO Of Intercom, On The AI Transformation Of Customer Service

Sacra interview with Eoghan McCabe & Des Traynor, CEO and CSO of Intercom.

Sacra

Primer: Drift - 18 Apr 2023

Chatbot and live chat tool for sales and marketing teams to engage website visitors

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)