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>It&#39;s supposed to be north of 50% of the population in the next five to 10 years, and there are more freelancers today than there were yesterday.</li><li>We&#39;re saving significant time and money for companies, and we provide a much better experience for the end contractors.</li><li>We just have more conviction than ever.</li></ul>

It&#39;s supposed to be north of 50% of the population in the next five to 10 years, and there are more freelancers today than there were yesterday.We&#39;re saving significant time and money for companies, and we provide a much better experience for the end contractors.We just have more conviction than ever.

Anthony Mironov, CEO Of Wingspan, On The Convergence In back-office SaaS

<ul><li>In opposition to incumbent 401(k) providers like Fidelity/Vanguard charged savers 1%-2% of assets under management (AUM), TaskRabbit co-founder Kevin Busque founded Guideline ($80M ARR) in 2015—as an employee-centric 401(k) benefits companies could use to attract talent.</li><li>Guideline’s business model shifted the burden of paying for benefits from the individual to the company—with a flat monthly SaaS fee, a $8 per/mo charge per employee, and a nominal 0.08% take rate on AUM.</li><li>Zooming out, Guideline’s opportunity from here is large—all U.S. 401(k) plans held $7.3 trillion in assets, and Guideline has roughly $8.5B on the platform, or about 0.1% of that 401(k) total.</li></ul>

In opposition to incumbent 401(k) providers like Fidelity/Vanguard charged savers 1%-2% of assets under management (AUM), TaskRabbit co-founder Kevin Busque founded Guideline ($80M ARR) in 2015—as an employee-centric 401(k) benefits companies could use to attract talent.Guideline’s business model shifted the burden of paying for benefits from the individual to the company—with a flat monthly SaaS fee, a $8 per/mo charge per employee, and a nominal 0.08% take rate on AUM.Zooming out, Guideline’s opportunity from here is large—all U.S. 401(k) plans held $7.3 trillion in assets, and Guideline has roughly $8.5B on the platform, or about 0.1% of that 401(k) total.

<ul><li>We have approximately 40,000 customers on our platform, and we've been filing the required forms since year one.</li><li>Guideline services small businesses, with 92% of our clients having never had a 401(k) before.</li><li>Now, we have over $8 billion on the platform, which is significant.</li></ul>

We have approximately 40,000 customers on our platform, and we've been filing the required forms since year one.Guideline services small businesses, with 92% of our clients having never had a 401(k) before.Now, we have over $8 billion on the platform, which is significant.

Kevin Busque And Steven Wu, CEO And CFO Of Guideline, On The 401(k) And Payroll Ecosystem

<ul><li>Pilot (dataset) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system of record in QuickBooks.</li><li>Sacra estimates that Pilot has $43M in annual recurring revenue (ARR) growing 30% year-over-year with industry leading gross margins at 60%.</li><li>Every SMB needs bookkeeping and accounting and today they spend some $60B/yr on it, meaning Pilot today is a leader with only 0.4% penetration into a massive opportunity.</li></ul>

Pilot (dataset) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system of record in QuickBooks.Sacra estimates that Pilot has $43M in annual recurring revenue (ARR) growing 30% year-over-year with industry leading gross margins at 60%.Every SMB needs bookkeeping and accounting and today they spend some $60B/yr on it, meaning Pilot today is a leader with only 0.4% penetration into a massive opportunity.

Pilot: The $43M Per Year Mechanical Bookkeeper

<ul><li>We talked to Andy to get his perspective on the last 8 years of evolution in the tech-enabled bookkeeping space, the geographical labor arbitrage behind the business models of InDinero and Pilot, and the steelman case for the upside of companies like Pilot.</li><li>We opened the office in The Philippines and we did that labor arbitrage.</li><li>Another platform that does really well is Xero.</li></ul>

We talked to Andy to get his perspective on the last 8 years of evolution in the tech-enabled bookkeeping space, the geographical labor arbitrage behind the business models of InDinero and Pilot, and the steelman case for the upside of companies like Pilot.We opened the office in The Philippines and we did that labor arbitrage.Another platform that does really well is Xero.

Andy Su, co-founder Of InDinero, On tech-enabled Bookkeeping's 14-year Evolution

United States

Payroll software for SMBs to manage employee and contractor payments, taxes, and benefits

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Gusto (GUSTO US)

Anthony Mironov, CEO Of Wingspan, On The Convergence In back-office SaaS

Sacra interview with Anthony Mironov, CEO of Wingspan.

Sacra

Guideline: The $80M/year 401(k)

Gusto, Rippling and Deel have turned into app stores for HR, benefits and finance, both enabling new companies through the access to clean payroll...

Sacra

Kevin Busque And Steven Wu, CEO And CFO Of Guideline, On The 401(k) And Payroll Ecosystem

Sacra interview with Kevin Busque and Steven Wu, CEO and CFO of Guideline.

Sacra

Pilot: The $43M Per Year Mechanical Bookkeeper

TL;DR: Pilot ($43M ARR) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system...

Sacra

Andy Su, co-founder Of InDinero, On tech-enabled Bookkeeping's 14-year Evolution

Sacra interview with Andy Su, co-founder of InDinero.

Sacra

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