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

EquipmentShare.com / Private Capital Markets

<ul><li>EquipmentShare launched as an Airbnb for construction equipment, undercutting traditional rental companies like United Rentals (NYSE: URI) on price by ~30% by connecting SMBs and small contractors with underutilized forklifts, dozers, and lifts installed with telematics to help owners track how their equipment is being used.</li><li>EquipmentShare’s revenue grew more than 10x from $200M in 2019 to $2.3B in 2023, valued at $3.75B for a 1.6x revenue multiple, propelled by a steadily growing US market for nonresidential construction (94% of their revenue) and continuing post-COVID equipment shortages, with EquipmentShare spending 85% of all of their rental revenues on buying equipment.</li><li>To get there,EquipmentShare will aim to shift their revenue mix (35% equipment sales/65% rentals) more towards their SaaS telematics platform—T3—which can drive sticky, 70% gross margin revenue (vs. the ~20-30% of their equipment rentals business) that’s more resistant to sector-specific downturns, a la the horizontal fleet operations SaaS Samsara (NYSE: IOT) at $1.1B in revenue, valued at $26.45B for a 24x revenue multiple.</li></ul>

EquipmentShare launched as an Airbnb for construction equipment, undercutting traditional rental companies like United Rentals (NYSE: URI) on price by ~30% by connecting SMBs and small contractors with underutilized forklifts, dozers, and lifts installed with telematics to help owners track how their equipment is being used.EquipmentShare’s revenue grew more than 10x from $200M in 2019 to $2.3B in 2023, valued at $3.75B for a 1.6x revenue multiple, propelled by a steadily growing US market for nonresidential construction (94% of their revenue) and continuing post-COVID equipment shortages, with EquipmentShare spending 85% of all of their rental revenues on buying equipment.To get there,EquipmentShare will aim to shift their revenue mix (35% equipment sales/65% rentals) more towards their SaaS telematics platform—T3—which can drive sticky, 70% gross margin revenue (vs. the ~20-30% of their equipment rentals business) that’s more resistant to sector-specific downturns, a la the horizontal fleet operations SaaS Samsara (NYSE: IOT) at $1.1B in revenue, valued at $26.45B for a 24x revenue multiple.

<ul><li>ServiceTitan launched in 2012 as vertical software for plumbing, electrical, and HVAC businesses, giving owners a SaaS dashboard master view into their cash flow, scheduling, and marketing performance, along with a mobile app for technicians to access customer information in the field.</li><li>The rising trend of private equity (PE) roll-ups in the trades has been a big tailwind—total buyout deal value in the U.S. grew from ~$200B in 2020 to $600B in 2021—as new PE owners look for tech to optimize their operations and get end-to-end metrics across all of their holdings.</li><li>Sacra estimates that ServiceTitan did $577M in revenue in 2023, up 25% from $460M in 2022, with card payments and upsells by field techs via their Square-like mobile app as their fastest-growing source of revenue.</li></ul>

ServiceTitan launched in 2012 as vertical software for plumbing, electrical, and HVAC businesses, giving owners a SaaS dashboard master view into their cash flow, scheduling, and marketing performance, along with a mobile app for technicians to access customer information in the field.The rising trend of private equity (PE) roll-ups in the trades has been a big tailwind—total buyout deal value in the U.S. grew from ~$200B in 2020 to $600B in 2021—as new PE owners look for tech to optimize their operations and get end-to-end metrics across all of their holdings.Sacra estimates that ServiceTitan did $577M in revenue in 2023, up 25% from $460M in 2022, with card payments and upsells by field techs via their Square-like mobile app as their fastest-growing source of revenue.

ServiceTitan: The $577M/year Vertical SaaS For Your Lawn

<ul><li>Workrise is projected to achieve a valuation of $2.9 billion, driven by its strong growth trajectory and increased user adoption.</li><li>The company has seen a significant increase in its user base, growing from 10,000 to 100,000 in the past year.</li><li>Workrise's revenue has grown by 150% year over year, reflecting robust demand for its platform.</li></ul>

Workrise is projected to achieve a valuation of $2.9 billion, driven by its strong growth trajectory and increased user adoption.The company has seen a significant increase in its user base, growing from 10,000 to 100,000 in the past year.Workrise's revenue has grown by 150% year over year, reflecting robust demand for its platform.

Workrise Revenue, Users, Growth, And Valuation

<ul><li>We&#39;ve onboarded about 50 since June, and they span all the trades.</li><li>We&#39;ll be able to get you help.</li><li>Home improvement is pretty big—the full home improvement space is almost a $500 billion market.</li></ul>

We&#39;ve onboarded about 50 since June, and they span all the trades.We&#39;ll be able to get you help.Home improvement is pretty big—the full home improvement space is almost a $500 billion market.

Q&A With Dan Spinosa And Drew Stanley From Fixable On Building A Managed Marketplace For DIYers

United States

Marketplace for DIYers to get virtual help from vetted home improvement pros

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Fixable (FIXABLE US)

EquipmentShare At $2.3B Revenue

TL;DR: Sacra estimates that EquipmentShare generated $2.3B of revenue in 2023, up 35% from $1.7B in 2022, as they rode a wave of post-COVID...

Sacra

ServiceTitan: The $577M/year Vertical SaaS For Your Lawn

TL;DR: Riding on the wave of COVID digital transformation and private equity roll-ups of trade businesses, ServiceTitan hit $577M in revenue in...

Sacra

Workrise Revenue, Users, Growth, And Valuation

Sacra model for Workrise's revenue, comps, and growth rate.

Sacra

Q&A With Dan Spinosa And Drew Stanley From Fixable On Building A Managed Marketplace For DIYers

Sacra Q&A with Dan Spinosa and Drew Stanley, co-founders of Fixable.

Sacra

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