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>Sacra estimates Alloy hit $55M in annual recurring revenue (ARR) at the end of 2023, growing approximately 31% from $42M ARR in 2022.</li><li>Growth has moderated significantly in 2024, with revenue remaining roughly flat according to industry sources.</li><li>Alloy is valued at $1.55 billion as of their September 2022 funding round, with Lightspeed Venture Partners and Avenir Growth Capital leading the investment.</li></ul>

Sacra estimates Alloy hit $55M in annual recurring revenue (ARR) at the end of 2023, growing approximately 31% from $42M ARR in 2022.Growth has moderated significantly in 2024, with revenue remaining roughly flat according to industry sources.Alloy is valued at $1.55 billion as of their September 2022 funding round, with Lightspeed Venture Partners and Avenir Growth Capital leading the investment.

Alloy Automation / Private Capital Markets

<ul><li>Alloy was founded in late 2019 by engineers Sara Du and Gregg Mojica as a side project to make automation accessible to non-technical users.</li><li>Alloy&#39;s competitive strategy involves positioning itself as a more developer-friendly and customizable solution compared to universal APIs, while offering deeper integration capabilities than traditional iPaaS platforms.</li><li>Alloy could leverage its integration infrastructure to build data pipelines that extract, transform, and load data from various sources into centralized data warehouses or lakes.</li></ul>

Alloy was founded in late 2019 by engineers Sara Du and Gregg Mojica as a side project to make automation accessible to non-technical users.Alloy&#39;s competitive strategy involves positioning itself as a more developer-friendly and customizable solution compared to universal APIs, while offering deeper integration capabilities than traditional iPaaS platforms.Alloy could leverage its integration infrastructure to build data pipelines that extract, transform, and load data from various sources into centralized data warehouses or lakes.

<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.

United States

Help desk software for Shopify merchants to manage ecommerce customer support tickets

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Gorgias (GORGIAS 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...

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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...

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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...

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