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

Legendary Foods / Private Capital Markets

<ul><li>Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year, up 63% year-over-year.</li><li>Ron Penna waited out his 3-year non-compete before launching Legendary Foods as a line of high-protein, low-carb versions of junk foods.</li><li>Expanding from fitness-focused DTC into mass retail distribution across 100,000+ locations, Sacra estimates Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year.</li></ul>

Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year, up 63% year-over-year.Ron Penna waited out his 3-year non-compete before launching Legendary Foods as a line of high-protein, low-carb versions of junk foods.Expanding from fitness-focused DTC into mass retail distribution across 100,000+ locations, Sacra estimates Legendary Foods generated $123M of revenue through August 2025, on track for $180M for the year.

<ul><li>Gopuff raised $250 million in November 2025 in a growth round led by Eldridge Industries and Valor Equity Partners that valued the company at $8.5 billion.</li><li>Gopuff runs a vertically integrated B2C instant commerce model, owning inventory, warehouses, and the customer relationship, and using independent contractors for last-mile delivery.</li><li>Fresh grocery represents Gopuff's largest TAM expansion opportunity, moving beyond the $41 billion US convenience store market into the $1 trillion grocery sector.</li></ul>

Gopuff raised $250 million in November 2025 in a growth round led by Eldridge Industries and Valor Equity Partners that valued the company at $8.5 billion.Gopuff runs a vertically integrated B2C instant commerce model, owning inventory, warehouses, and the customer relationship, and using independent contractors for last-mile delivery.Fresh grocery represents Gopuff's largest TAM expansion opportunity, moving beyond the $41 billion US convenience store market into the $1 trillion grocery sector.

<ul><li>Partiful was valued at $140 million in its most recent funding round.</li><li>Partiful operates on a freemium B2C model where all core event planning features remain free for hosts and guests.</li><li>The Group Order integration with Instacart enables Partiful to target a portion of the $120 billion U.S. alcohol and convenience delivery market.</li></ul>

Partiful was valued at $140 million in its most recent funding round.Partiful operates on a freemium B2C model where all core event planning features remain free for hosts and guests.The Group Order integration with Instacart enables Partiful to target a portion of the $120 billion U.S. alcohol and convenience delivery market.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Instacart's second quarter of 2025 financial results demonstrated significant progress and dynamism across key metrics, driven by both strategic initiatives and technological advancements.</li><li>The company exhibited strong growth in several areas, with gross transaction value (GTV) growing 11% year-over-year, driven by a 17% increase in orders.</li><li>However, this growth was slightly offset by a 5% decline in average order value, attributed to the incorporation of restaurant orders and a lower basket minimum for Instacart+ members.</li></ul>

Instacart's second quarter of 2025 financial results demonstrated significant progress and dynamism across key metrics, driven by both strategic initiatives and technological advancements.The company exhibited strong growth in several areas, with gross transaction value (GTV) growing 11% year-over-year, driven by a 17% increase in orders.However, this growth was slightly offset by a 5% decline in average order value, attributed to the incorporation of restaurant orders and a lower basket minimum for Instacart+ members.

Maplebear’s (Instacart) AI Efficiencies Are Growing—Can Faster Deliveries Positively Change Consumer Behavior In Their Favor?

<ul><li>Instacart's first quarter financial results for 2025 highlight both growth opportunities and challenges as the company seeks to expand its footprint in the online grocery market.</li><li>The adoption of online grocery services remains a key growth area, with Instacart reaching 98% of households in North America.</li><li>Despite the ongoing macroeconomic uncertainties, consumer behavior has not shifted unexpectedly, maintaining robust demand across various retail categories.</li></ul>

Instacart's first quarter financial results for 2025 highlight both growth opportunities and challenges as the company seeks to expand its footprint in the online grocery market.The adoption of online grocery services remains a key growth area, with Instacart reaching 98% of households in North America.Despite the ongoing macroeconomic uncertainties, consumer behavior has not shifted unexpectedly, maintaining robust demand across various retail categories.

Maplebear Inc (Instacart): A Focus On Enhanced Shopper Efficiency & Experience & Other Major Drivers!

United States

Instacart Inc. provides online grocery shopping services. The Company allows customers to select groceries through an online application platform from various retailers and have them delivered by personal shoppers. Instacart serves customers in the United States.

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