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>During 2017-2018, initial coin offerings (ICOs) showed extreme product-market fit for capital formation but failed investors by severing economic rights from company performance through "utility token" gymnastics needed to dodge securities law, leaving token holders with no claim on revenue &amp; inspiring today&#39;s tokenized private &amp; public stock securities to focus on delivering economic rights under existing regulations like Reg D and Reg S.</li><li>Just as millennial demand drove Robinhood to fractionalize Tesla and Apple shares, millennial HENRYs with disposable income but sub-accredited net worth are now demanding fractional SpaceX and Stripe ownership—but in most cases, the most democratic and accessible option available to them is 3rd and 4th-layer SPVs that come with smaller minimum ticket sizes but increased risk &amp; far higher costs.</li><li>With Robinhood and Kraken already live with 24/7 tokenized Tesla and Apple trading, and Nasdaq announcing plans to tokenize its entire public market by 2025, the endgame isn&#39;t a separate category of "blockchain-based securities" but blockchain becoming invisible settlement infrastructure, the same way Venmo users don&#39;t think about ACH.</li></ul>

During 2017-2018, initial coin offerings (ICOs) showed extreme product-market fit for capital formation but failed investors by severing economic rights from company performance through "utility token" gymnastics needed to dodge securities law, leaving token holders with no claim on revenue &amp; inspiring today&#39;s tokenized private &amp; public stock securities to focus on delivering economic rights under existing regulations like Reg D and Reg S.Just as millennial demand drove Robinhood to fractionalize Tesla and Apple shares, millennial HENRYs with disposable income but sub-accredited net worth are now demanding fractional SpaceX and Stripe ownership—but in most cases, the most democratic and accessible option available to them is 3rd and 4th-layer SPVs that come with smaller minimum ticket sizes but increased risk &amp; far higher costs.With Robinhood and Kraken already live with 24/7 tokenized Tesla and Apple trading, and Nasdaq announcing plans to tokenize its entire public market by 2025, the endgame isn&#39;t a separate category of "blockchain-based securities" but blockchain becoming invisible settlement infrastructure, the same way Venmo users don&#39;t think about ACH.

Han Qin, co-founder & CEO Of Jarsy, On The Rise Of Fractional pre-IPO Investing

<ul><li>Jarsy raised a $5 million pre-seed round in June 2025 led by Breyer Capital.</li><li>Jarsy runs a marketplace for tokenized pre-IPO equity with a catalog-style interface for private company shares.</li><li>Multiple startups are converging on similar tokenized equity models with different regulatory approaches and target markets.</li></ul>

Jarsy raised a $5 million pre-seed round in June 2025 led by Breyer Capital.Jarsy runs a marketplace for tokenized pre-IPO equity with a catalog-style interface for private company shares.Multiple startups are converging on similar tokenized equity models with different regulatory approaches and target markets.

<ul><li>Sacra estimates that StartEngine generated $106M in revenue in the twelve months ending September 2025, with growth driven primarily by the rapid expansion of its StartEngine Private product line.</li><li>StartEngine has raised approximately $101 million in total funding across various Regulation A+, Regulation Crowdfunding, and private placement offerings.</li><li>StartEngine is migrating over 400 portfolio companies representing approximately $3B in equity value to tokenized securities using ERC-1450 smart contracts.</li></ul>

Sacra estimates that StartEngine generated $106M in revenue in the twelve months ending September 2025, with growth driven primarily by the rapid expansion of its StartEngine Private product line.StartEngine has raised approximately $101 million in total funding across various Regulation A+, Regulation Crowdfunding, and private placement offerings.StartEngine is migrating over 400 portfolio companies representing approximately $3B in equity value to tokenized securities using ERC-1450 smart contracts.

<ul><li>Monark raised $8.1 million in a strategic financing round in February 2026, led by F-Prime with participation from The Treasury, Commerce Ventures, Grit Capital Partners, and BBAE Holdings, bringing total funding to $11.7 million across three rounds since 2022.</li><li>Monark's integrations with major fintech platforms including Apex Fintech Solutions, Altruist Financial, and BBAE give it access to over 30 million retail investors with $450 billion in captive assets.</li><li>The business benefits from network effects as additional brokerages join the platform, increasing liquidity pools for secondary trading and expanding distribution reach for issuers.</li></ul>

Monark raised $8.1 million in a strategic financing round in February 2026, led by F-Prime with participation from The Treasury, Commerce Ventures, Grit Capital Partners, and BBAE Holdings, bringing total funding to $11.7 million across three rounds since 2022.Monark's integrations with major fintech platforms including Apex Fintech Solutions, Altruist Financial, and BBAE give it access to over 30 million retail investors with $450 billion in captive assets.The business benefits from network effects as additional brokerages join the platform, increasing liquidity pools for secondary trading and expanding distribution reach for issuers.

<ul><li>We recently caught up with Noel to discuss Augment's growth to now $750M in AUM and its vision for building the Robinhood for private markets.</li><li>Matching marketplaces still see ~50% of deals fail due to company ROFRs, transfer restrictions, and non-responsive issuers, pushing platforms toward a principal-trading model where they buy shares directly from sellers, warehouse them in SPVs, and resell slices to investors with instant settlement, no company approval, and retail-accessible minimums.</li><li>Consolidation by big banks and wealth management platforms—Morgan Stanley acquiring EquityZen, Charles Schwab acquiring Forge, and Goldman Sachs acquiring Industry Ventures—brings more participants into the ecosystem and creates an opening for those that stay independent to build direct-to-consumer brands and serve the broader retail market.</li></ul>

We recently caught up with Noel to discuss Augment's growth to now $750M in AUM and its vision for building the Robinhood for private markets.Matching marketplaces still see ~50% of deals fail due to company ROFRs, transfer restrictions, and non-responsive issuers, pushing platforms toward a principal-trading model where they buy shares directly from sellers, warehouse them in SPVs, and resell slices to investors with instant settlement, no company approval, and retail-accessible minimums.Consolidation by big banks and wealth management platforms—Morgan Stanley acquiring EquityZen, Charles Schwab acquiring Forge, and Goldman Sachs acquiring Industry Ventures—brings more participants into the ecosystem and creates an opening for those that stay independent to build direct-to-consumer brands and serve the broader retail market.

Noel Moldvai, CEO Of Augment, On Building The Robinhood For Private Markets

United States

Platform enabling retail investors to access tokenized equity in high-growth private companies with investments starting from $10

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Jarsy (JARSY US)

Han Qin, co-founder & CEO Of Jarsy, On The Rise Of Fractional pre-IPO Investing

What is Jarsy in short? What inspired you to start the company...

Sacra

Primer: Jarsy - 22 Oct 2025

Platform enabling retail investors to access tokenized equity in high-growth private companies with investments starting from $10

Sacra

Primer: StartEngine - 25 May 2026

Equity crowdfunding platform enabling individuals to invest in startups and early-stage companies

Sacra

Primer: Monark - 26 Feb 2026

Back-end infrastructure connecting brokerages, advisors, and custodians to private markets

Sacra

Noel Moldvai, CEO Of Augment, On Building The Robinhood For Private Markets

You were just starting Augment in the early stages when we last spoke in 2023. Can you talk us through the last two years and what the key...

Sacra

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