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>Snyk (2015) grew to 100K developers in 2 years with its free vulnerability scanning tool that made it easy for Node.js developers to hook up a GitHub repo and automatically scan all its open source dependencies for known vulnerabilities.</li><li>Shrinking development cycles have obsoleted the traditional security review, shifting responsibility for app security from security teams to developers themselves, giving Snyk tailwinds such that Sacra estimates ARR hit $250M in 2023, up 25% year-over-year.</li><li>Snyk is now rebundling security around the developer, taking on incumbents like Palo Alto Networks and Wiz as they expand into container security (Aqua Security), infrastructure-as-code protection (HashiCorp), and cloud security (Wiz).</li></ul>

Snyk (2015) grew to 100K developers in 2 years with its free vulnerability scanning tool that made it easy for Node.js developers to hook up a GitHub repo and automatically scan all its open source dependencies for known vulnerabilities.Shrinking development cycles have obsoleted the traditional security review, shifting responsibility for app security from security teams to developers themselves, giving Snyk tailwinds such that Sacra estimates ARR hit $250M in 2023, up 25% year-over-year.Snyk is now rebundling security around the developer, taking on incumbents like Palo Alto Networks and Wiz as they expand into container security (Aqua Security), infrastructure-as-code protection (HashiCorp), and cloud security (Wiz).

<ul><li>Sacra estimates that Arctic Wolf hit $438M in annual recurring revenue (ARR) in 2023, up 36% year-over-year, with over 5,000 customers across 30 countries.</li><li>Arctic Wolf is now aggressively expanding upmarket to compete for enterprise contracts against companies like CrowdStrike (NASDAQ: CRWD) and SentinelOne (NYSE: S).</li><li>Arctic Wolf is driving towards SaaS-like gross margins of 70-80% by automating the work of their human analysts—with big potential upside from AI.</li></ul>

Sacra estimates that Arctic Wolf hit $438M in annual recurring revenue (ARR) in 2023, up 36% year-over-year, with over 5,000 customers across 30 countries.Arctic Wolf is now aggressively expanding upmarket to compete for enterprise contracts against companies like CrowdStrike (NASDAQ: CRWD) and SentinelOne (NYSE: S).Arctic Wolf is driving towards SaaS-like gross margins of 70-80% by automating the work of their human analysts—with big potential upside from AI.

<ul><li>Netskope hit $500M in annual recurring revenue, growing &gt;30% year-over-year through the worst SaaS downturn in years.</li><li>Sacra estimates that Netskope hit $487M in annual recurring revenue (ARR) at the end of 2023, up 49% year-over-year.</li><li>Both Zscaler and Netskope are growing 30%+ YoY through the worst SaaS downturn in years with 1) cybersecurity’s resistance to budget cuts, 2) continued enterprise migration to the cloud, and 3) the rise of generative AI as a data exfiltration risk surface.</li></ul>

Netskope hit $500M in annual recurring revenue, growing &gt;30% year-over-year through the worst SaaS downturn in years.Sacra estimates that Netskope hit $487M in annual recurring revenue (ARR) at the end of 2023, up 49% year-over-year.Both Zscaler and Netskope are growing 30%+ YoY through the worst SaaS downturn in years with 1) cybersecurity’s resistance to budget cuts, 2) continued enterprise migration to the cloud, and 3) the rise of generative AI as a data exfiltration risk surface.

<ul><li>Wiz (founded January 2020) went from $1M ARR to $100M in 18 months, faster than any software company in history, with their agentless scanner that hooks into your AWS, Azure, and/or Google Cloud and prioritizes the most vulnerable attack surfaces.</li><li>Sacra estimates that Wiz is at $396M ARR as of April 2024, up 128% year-over-year, with about 800 customers for an annual contract value of $495K.</li><li>Wiz is betting that their “suicide plan” for building a cybersecurity giant—raising $900M and hiring 750 employees—can get them into multi-year contracts in the enterprise before incumbents can get traction with their own CNAPPs.</li></ul>

Wiz (founded January 2020) went from $1M ARR to $100M in 18 months, faster than any software company in history, with their agentless scanner that hooks into your AWS, Azure, and/or Google Cloud and prioritizes the most vulnerable attack surfaces.Sacra estimates that Wiz is at $396M ARR as of April 2024, up 128% year-over-year, with about 800 customers for an annual contract value of $495K.Wiz is betting that their “suicide plan” for building a cybersecurity giant—raising $900M and hiring 750 employees—can get them into multi-year contracts in the enterprise before incumbents can get traction with their own CNAPPs.

<ul><li>Sacra estimates that Rubrik hit $784M in annual recurring revenue (ARR) in 2023, up 47% from $533M in 2022.</li><li>Rubrik’s Microsoft 365 SaaS offering is their fastest growing product, aided by a partnership the two companies signed in August 2021 and the 2,000+ mutual customers shared by them.</li><li>Rubrik has raised a total of $565.2M from investors like Bain Capital Ventures, Khosla Ventures, Microsoft and Lightspeed Venture Partners.</li></ul>

Sacra estimates that Rubrik hit $784M in annual recurring revenue (ARR) in 2023, up 47% from $533M in 2022.Rubrik’s Microsoft 365 SaaS offering is their fastest growing product, aided by a partnership the two companies signed in August 2021 and the 2,000+ mutual customers shared by them.Rubrik has raised a total of $565.2M from investors like Bain Capital Ventures, Khosla Ventures, Microsoft and Lightspeed Venture Partners.

United States

Data security software for managing access controls across cloud data platforms like Snowflake

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Immuta (IMMUTA US)

Snyk At $250M ARR

TL;DR: Sacra estimates that Snyk hit $250M annual recurring revenue (ARR) in 2023, up 25% year-over-year, as they rebundle the entire app security...

Sacra

Arctic Wolf At $438M ARR

TL;DR: Sacra estimates that Arctic Wolf hit $438M in annual recurring revenue (ARR) in 2023, up 36% year-over-year, with over 5,000 customers...

Sacra

Netskope At $500M/year Growing >30%

TL;DR: In 2024, Netskope hit $500M in annual recurring revenue, growing >30% year-over-year through the worst SaaS downturn in years, powered by...

Sacra

Israel's YC Of Cybersecurity

TL;DR: Wiz went from $1M to $100M ARR in 18 months, faster than any software company before—today, Sacra estimates Wiz is at $396M ARR, up 128%...

Sacra

Primer: Rubrik - 05 Apr 2024

Software for cloud-based data backups, ransomware recovery, and enterprise data security compliance

Sacra

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