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>On Wednesday, HubSpot (NYSE: HUBS) announced that it was acquiring data enrichment platform Clearbit and its data on 20 million companies and 500 million people.</li><li>Clearbit launched in 2014 as an API for business data and found product-market fit as a way for technical marketers to easily bring data into their sales &amp; marketing automation tools to personalize their go-to-market campaigns.</li><li>Bundling is occurring across revenue operations (revops) tools, bringing tools like HubSpot (CRM), Zoominfo (go-to-market), 6sense (account-based marketing) and Gong (revenue intelligence) into fierce competition.</li></ul>

On Wednesday, HubSpot (NYSE: HUBS) announced that it was acquiring data enrichment platform Clearbit and its data on 20 million companies and 500 million people.Clearbit launched in 2014 as an API for business data and found product-market fit as a way for technical marketers to easily bring data into their sales &amp; marketing automation tools to personalize their go-to-market campaigns.Bundling is occurring across revenue operations (revops) tools, bringing tools like HubSpot (CRM), Zoominfo (go-to-market), 6sense (account-based marketing) and Gong (revenue intelligence) into fierce competition.

<ul><li>Ramp (founded in 2019) launched a free corporate card with 1.5% cash back on the front end powered by real-time, programmatic expense management on the back end.</li><li>By December 2020, ten months after launching, Ramp hit $200M in annualized gross payment volume (TPV) and $8M in annualized revenue—today, Sacra estimates that Ramp does about $16B in annualized TPV and $327M in annualized revenue, up 98% year-over-year, on track to hit $381M at the end of the year.</li><li>With card issuing as its initial wedge, Ramp set out to colonize the entire finance back office, starting by layering on optical character recognition (OCR) to go after Expensify (NASDAQ: EXFY) and the $2B expense management market.</li></ul>

Ramp (founded in 2019) launched a free corporate card with 1.5% cash back on the front end powered by real-time, programmatic expense management on the back end.By December 2020, ten months after launching, Ramp hit $200M in annualized gross payment volume (TPV) and $8M in annualized revenue—today, Sacra estimates that Ramp does about $16B in annualized TPV and $327M in annualized revenue, up 98% year-over-year, on track to hit $381M at the end of the year.With card issuing as its initial wedge, Ramp set out to colonize the entire finance back office, starting by layering on optical character recognition (OCR) to go after Expensify (NASDAQ: EXFY) and the $2B expense management market.

<ul><li>Customer.io has grown annual recurring revenue (ARR) to $50M, up 35% year-over-year, riding the rise of product-led growth.</li><li>Customer.io’s net new ARR declined by 20.8% from Q1’22 to Q1’23, down from $3.5M to $2.8M.</li><li>Customer.io is on track to cross $100M in the next 2 years and challenge Twilio (NYSE: TWLO) across all these adjacent segments.</li></ul>

Customer.io has grown annual recurring revenue (ARR) to $50M, up 35% year-over-year, riding the rise of product-led growth.Customer.io’s net new ARR declined by 20.8% from Q1’22 to Q1’23, down from $3.5M to $2.8M.Customer.io is on track to cross $100M in the next 2 years and challenge Twilio (NYSE: TWLO) across all these adjacent segments.

<ul><li>Gamma started as a kind of Notion for slides which made it easy to create slides—to be presented and read.</li><li>Last summer, we were at a point where we’d come a long way as a product.</li><li>The difference between our original launch in August and our launch in March was like night and day.</li></ul>

Gamma started as a kind of Notion for slides which made it easy to create slides—to be presented and read.Last summer, we were at a point where we’d come a long way as a product.The difference between our original launch in August and our launch in March was like night and day.

Jon Noronha, co-founder Of Gamma, On Building AI-powered Slides

<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

Customer service software with AI chatbot, help desk, and agent assist tools

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Intercom (INTERCOM US)

Why HubSpot Acquired Clearbit

On Wednesday, HubSpot (NYSE: HUBS) announced that it was acquiring data enrichment platform Clearbit and its data on 20 million companies and 500...

Sacra

Ramp's LLM Workflow

TL;DR: In August, Ramp raised $300M at a $5.8B valuation—down 28% from their last round, but with annualized payment volume rising to $16B. Using...

Sacra

Customer.Io's Path To $100M

TL;DR: Customer.io has grown annual recurring revenue (ARR) to $50M, up 35% year-over-year, riding the rise of product-led growth. Now, they’re...

Sacra

Jon Noronha, co-founder Of Gamma, On Building AI-powered Slides

Sacra interview with Jon Noronha, co-founder of Gamma.

Sacra

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...

Sacra

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