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 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.

<ul><li>Rubrik found product-market fit with a combined hardware-and-software appliance you installed next to your on-prem servers to perpetually back them up, simplifying procurement process for IT departments by charging one inclusive price for the whole bundle.</li><li>Rubrik switched focus 100% to the cloud, going after recurring subscription revenue and layering on value-add services around cybersecurity, particularly ransomware prevention, and compliance.</li><li>Rubrik’s current focus of subscription revenue grew 40% from $385M to $538M to become 86% of all TTM revenue, up from 39% in 2020.</li></ul>

Rubrik found product-market fit with a combined hardware-and-software appliance you installed next to your on-prem servers to perpetually back them up, simplifying procurement process for IT departments by charging one inclusive price for the whole bundle.Rubrik switched focus 100% to the cloud, going after recurring subscription revenue and layering on value-add services around cybersecurity, particularly ransomware prevention, and compliance.Rubrik’s current focus of subscription revenue grew 40% from $385M to $538M to become 86% of all TTM revenue, up from 39% in 2020.

United States

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

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Immuta (IMMUTA US)

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

Rubrik: The Netflix Of Data Backups

TL;DR: Rubrik was founded as a hybrid hardware appliance for data backups, reaching $100M in revenue in 2 years. Its trajectory since then has been...

Sacra

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