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 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

<ul><li>Fivetran beat Airbyte to that by a number of years, and Stitch has been around for a while too.</li><li>The challenge is that it’s really expensive to maintain those connectors to the level of quality that Fivetran does, and so they can charge more, but I'm sure it also costs them a lot more to keep building and maintaining this long list of connectors around the clock all hours of the day.</li><li>I don't see Fivetran going away anytime soon, but I could imagine them getting nervous whenever a SaaS company behind one of their more popular connectors decides to offer a native data warehouse connection and impair that revenue stream.</li></ul>

Fivetran beat Airbyte to that by a number of years, and Stitch has been around for a while too.The challenge is that it’s really expensive to maintain those connectors to the level of quality that Fivetran does, and so they can charge more, but I'm sure it also costs them a lot more to keep building and maintaining this long list of connectors around the clock all hours of the day.I don't see Fivetran going away anytime soon, but I could imagine them getting nervous whenever a SaaS company behind one of their more popular connectors decides to offer a native data warehouse connection and impair that revenue stream.

Conor McCarter, co-founder Of Prequel, On Fivetran's Existential Risk

<ul><li>Fivetran ($5.6B) found initial product-market fit as the “Zapier” of ETL, saving data engineers time piping data from SaaS apps into a data warehouse by building and maintaining ~200 connectors for the most popular applications.</li><li>Fivetran made $95M in 2021, growing revenue by $30M after acquiring enterprise competitor HVR to move upmarket—they’re now projected to hit $190M by the end of 2022.</li><li>Today, there’s a growing trend of SaaS companies like Stripe, Salesforce and Customer.io offering native data warehouse integrations that increase retention/activation and revenue (Stripe charges $0.03 per transaction).</li></ul>

Fivetran ($5.6B) found initial product-market fit as the “Zapier” of ETL, saving data engineers time piping data from SaaS apps into a data warehouse by building and maintaining ~200 connectors for the most popular applications.Fivetran made $95M in 2021, growing revenue by $30M after acquiring enterprise competitor HVR to move upmarket—they’re now projected to hit $190M by the end of 2022.Today, there’s a growing trend of SaaS companies like Stripe, Salesforce and Customer.io offering native data warehouse integrations that increase retention/activation and revenue (Stripe charges $0.03 per transaction).

<ul><li>After a year of watching the company closely, my conviction only grew.</li><li>dbt Labs is a very long term-focused company, so, we want to make sure that it doesn&#39;t ever feel like you go to that Slack and are being sold something.</li><li>We see customers of dbt running dbt transformations at increments of 15 minutes or faster, which means that they have some kind of real-time data need.</li></ul>

After a year of watching the company closely, my conviction only grew.dbt Labs is a very long term-focused company, so, we want to make sure that it doesn&#39;t ever feel like you go to that Slack and are being sold something.We see customers of dbt running dbt transformations at increments of 15 minutes or faster, which means that they have some kind of real-time data need.

Julia Schottenstein, Product Manager At Dbt Labs, On The Business Model Of Open Source

<ul><li>The data warehouse becoming the center of gravity in the organization.</li><li>Product-led growth as a capital efficient, low-CAC strategy for growth.</li><li>For medium and established companies, we&#39;ve focused more on the sales motion, in particular the bottoms-up product-led motion.</li></ul>

The data warehouse becoming the center of gravity in the organization.Product-led growth as a capital efficient, low-CAC strategy for growth.For medium and established companies, we&#39;ve focused more on the sales motion, in particular the bottoms-up product-led motion.

Thomas Schiavone, co-founder And CEO Of Calixa, On The PLG Data Pipeline

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Data pipeline tool for syncing SaaS and database data into cloud data warehouses

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Fivetran (FIVETRAN US)

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

Conor McCarter, co-founder Of Prequel, On Fivetran's Existential Risk

Sacra interview with Prequel co-founder Conor McCarter.

Sacra

Fivetran: The $200M/yr Zapier Of ETL

Fivetran ($5.6B) has built a ~$190M a year business as the Zapier of ETL, but like Zapier, they face an existential threat as SaaS companies like...

Sacra

Julia Schottenstein, Product Manager At Dbt Labs, On The Business Model Of Open Source

Sacra interview with Julia Schottenstein, Product Manager at dbt Labs.

Sacra

Thomas Schiavone, co-founder And CEO Of Calixa, On The PLG Data Pipeline

Sacra interview with Thomas Schiavone, the co-founder and CEO of Calixa.

Sacra

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