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>Plaid (2021 valuation: $13.4B) grew 47% in 2021 to reach $250M in revenue and crossed 500M+ connected bank accounts acting as a middleware for fintechs like Block (NYSE: SQ) and Robinhood (NASDAQ: HOOD) to connect to their customers’ bank accounts for moving money to their app or fast-tracking customer onboarding.</li><li>Plaid became a consumer brand—going beyond serving as a white-label account linking service—by putting its logo on the bank linking experience inside fintech apps, sitting in the middle of a 3-sided, Visa-like network of 500M customers, 11,000 banks, and 2,600 fintechs.</li><li>In recent years, data aggregation has stagnated and become commoditized—the major players Plaid, Yodlee, Finicity (acquired by Mastercard for $825M) and MX (2020 valuation: $1.9B) build proprietary connections with only the top ~500 banks while outsourcing development to offshore software companies in India or reselling connections from other data aggregators for the long tail of 11,000+ banks.</li></ul>

Plaid (2021 valuation: $13.4B) grew 47% in 2021 to reach $250M in revenue and crossed 500M+ connected bank accounts acting as a middleware for fintechs like Block (NYSE: SQ) and Robinhood (NASDAQ: HOOD) to connect to their customers’ bank accounts for moving money to their app or fast-tracking customer onboarding.Plaid became a consumer brand—going beyond serving as a white-label account linking service—by putting its logo on the bank linking experience inside fintech apps, sitting in the middle of a 3-sided, Visa-like network of 500M customers, 11,000 banks, and 2,600 fintechs.In recent years, data aggregation has stagnated and become commoditized—the major players Plaid, Yodlee, Finicity (acquired by Mastercard for $825M) and MX (2020 valuation: $1.9B) build proprietary connections with only the top ~500 banks while outsourcing development to offshore software companies in India or reselling connections from other data aggregators for the long tail of 11,000+ banks.

The Future Of Plaid's $250M Screen Scraping Business

<ul><li>Since launching in 2015, Figma has quickly become an indispensable tool for design teams, displacing Sketch, InVision and Adobe XD as the primary tool for UX and product design.</li><li>The switch and the creation of content took about a month to get to having everything in place.</li><li>The decision of what software to buy sat with the head of IT, because the adoption and implementation cycle was much longer.</li></ul>

Since launching in 2015, Figma has quickly become an indispensable tool for design teams, displacing Sketch, InVision and Adobe XD as the primary tool for UX and product design.The switch and the creation of content took about a month to get to having everything in place.The decision of what software to buy sat with the head of IT, because the adoption and implementation cycle was much longer.

Head Of Brand Design At A Series E Startup On Figma's wall-to-wall Adoption

<ul><li>Customer.io is at $1.67M in MRR, growing at 6% month-over-month.</li><li>Customer.io’s 131% net dollar retention is comparable to Front (137%) and in the top quartile of IPO’ing companies.</li><li>Customer.io's ability to retain customers and drive ever-greater revenue from them over time is a characteristic of the best SaaS companies.</li></ul>

Customer.io is at $1.67M in MRR, growing at 6% month-over-month.Customer.io’s 131% net dollar retention is comparable to Front (137%) and in the top quartile of IPO’ing companies.Customer.io's ability to retain customers and drive ever-greater revenue from them over time is a characteristic of the best SaaS companies.

Customer.Io: The $400M HubSpot Of Product-Led Growth

<ul><li>Front is like Slack for your email, except instead of creating another distracting, noisy, always-on tool, Front allows users to spin up ephemeral chats within email threads themselves.</li><li>Front has consumer-grade engagement, elite compounding revenue from their land and expand strategy, and increasingly broad adoption inside teams.</li><li>Front’s relatively slow and steady growth has been buoyed by impressive net dollar retention, though: 150% by their Series B and 137% by their Series C.</li></ul>

Front is like Slack for your email, except instead of creating another distracting, noisy, always-on tool, Front allows users to spin up ephemeral chats within email threads themselves.Front has consumer-grade engagement, elite compounding revenue from their land and expand strategy, and increasingly broad adoption inside teams.Front’s relatively slow and steady growth has been buoyed by impressive net dollar retention, though: 150% by their Series B and 137% by their Series C.

Front: Inside The $1.3B Startup Slackifying Email

<ul><li>All together, Front has raised $138M from 39 investors, including Y Combinator (Seed), Social Capital, Tribe Capital, and Sequoia.</li><li>Front is in the high-end of companies on employee efficiency: comparable to Salesforce and Wix at IPO, and trailing just behind Atlassian.</li><li>Front compares favorably to other email tools and enterprise-focused collaboration competitors.</li></ul>

All together, Front has raised $138M from 39 investors, including Y Combinator (Seed), Social Capital, Tribe Capital, and Sequoia.Front is in the high-end of companies on employee efficiency: comparable to Salesforce and Wix at IPO, and trailing just behind Atlassian.Front compares favorably to other email tools and enterprise-focused collaboration competitors.

Front Fundraising, Leadership, Employees And Competitors

United States

Shared inbox software for teams to collaborate and manage high-volume customer email communication

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Front (FRONT US)

The Future Of Plaid's $250M Screen Scraping Business

Plaid (dataset) indexed on the explosive growth of consumer fintech, growing 50% annually for the last 5 years and hitting $250M in revenue in...

Sacra

Head Of Brand Design At A Series E Startup On Figma's wall-to-wall Adoption

We interview the Head of Brand Design at a fast-growing Series E startup about how his team uses Figma and Figjam.

Sacra

Customer.Io: The $400M HubSpot Of Product-Led Growth

Customer.io is a customer messaging platform for sending personalized, behaviorally-targeted campaigns through email, push, and SMS. Our base case...

Sacra

Front: Inside The $1.3B Startup Slackifying Email

Front is a B2B team email product, competitive with Zendesk and Intercom, with 137% net dollar retention. We value Front at $1.3B with a price per...

Sacra

Front Fundraising, Leadership, Employees And Competitors

We value Front at $1.3B with a price per share of $11. Sacra members get access to full Front fundraising history, leadership breakdown, and...

Sacra

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