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 Customer.io hit $100M in annual recurring revenue (ARR) in September 2025, up 37% year-over-year and up from $78M at the end of 2024.</li><li>Customer.io has historically been highly capital efficient, getting to $30M ARR in 2021 on less than $4M raised.</li><li>Today, Customer.io is putting itself in competition with a wider array of companies, including Twilio and Litmus, as it moves towards becoming a multi-product, platform company.</li></ul>

Sacra estimates that Customer.io hit $100M in annual recurring revenue (ARR) in September 2025, up 37% year-over-year and up from $78M at the end of 2024.Customer.io has historically been highly capital efficient, getting to $30M ARR in 2021 on less than $4M raised.Today, Customer.io is putting itself in competition with a wider array of companies, including Twilio and Litmus, as it moves towards becoming a multi-product, platform company.

<ul><li>Vibe closed a $50M Series B in September 2025 led by Hedosophia at a $410M post-money valuation.</li><li>Vibe operates as a self-serve connected TV advertising platform with a B2B go-to-market model targeting performance marketers and direct-to-consumer brands.</li><li>Vibe's 10,000 current advertisers represent a small fraction of the hundreds of thousands of small and medium businesses that spend under $50,000 annually on Meta and Google advertising.</li></ul>

Vibe closed a $50M Series B in September 2025 led by Hedosophia at a $410M post-money valuation.Vibe operates as a self-serve connected TV advertising platform with a B2B go-to-market model targeting performance marketers and direct-to-consumer brands.Vibe's 10,000 current advertisers represent a small fraction of the hundreds of thousands of small and medium businesses that spend under $50,000 annually on Meta and Google advertising.

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.</li>
<li>According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions. </li>
<li>At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.</li>
</ul>


Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.
According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions. 
At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.


Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case

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>Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges.</li><li>The company reported strong growth, with revenues of $293 million, marking a 32% year-over-year increase.</li><li>This growth is driven by Klaviyo's focus on its role as a consumer relationship management (CRM) platform tailored for B2C businesses.</li></ul>

Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges.The company reported strong growth, with revenues of $293 million, marking a 32% year-over-year increase.This growth is driven by Klaviyo's focus on its role as a consumer relationship management (CRM) platform tailored for B2C businesses.

Klaviyo Inc.: Initiation of Coverage- What Makes Its Unified CRM Stack a Game-Changer!

<ul><li>With tariffs increasing in both size and scope, duty payments—typically due within 10 days of entry—create not just margin pressure but working capital drag, with landed costs front loaded on entry and any duty drawback refund arriving months later.</li><li>Re/nearshoring has the potential to explode the complexity of tariff compliance and duty drawback as companies shift from importing finished goods to sourcing a fragmented web of components from across global trade zones—each with distinct HTS codes, tariff treatments, and refund implications.</li><li>In a market historically centered around legacy, enterprise providers like Charter Brokerage, AI-native startups like Pax and tech-forward logistics leaders like Flexport have the potential to expand duty drawback across Fortune 500 through SMB by using large language models (LLMs) to automate the structuring of unstandardized customs &amp; business records—bills of lading, invoices, HTS classifications—to dramatically speed up &amp; lower the cost of calculating a claim.</li></ul>

With tariffs increasing in both size and scope, duty payments—typically due within 10 days of entry—create not just margin pressure but working capital drag, with landed costs front loaded on entry and any duty drawback refund arriving months later.Re/nearshoring has the potential to explode the complexity of tariff compliance and duty drawback as companies shift from importing finished goods to sourcing a fragmented web of components from across global trade zones—each with distinct HTS codes, tariff treatments, and refund implications.In a market historically centered around legacy, enterprise providers like Charter Brokerage, AI-native startups like Pax and tech-forward logistics leaders like Flexport have the potential to expand duty drawback across Fortune 500 through SMB by using large language models (LLMs) to automate the structuring of unstandardized customs &amp; business records—bills of lading, invoices, HTS classifications—to dramatically speed up &amp; lower the cost of calculating a claim.

Penny Chen, CEO Of Pax, On Building AI-powered Tariff Refunds

United States

Klaviyo, Inc. provides e-marketing solutions. The Company offers marketing automation and email platform which enables users to access, store, analyze, and use transactional and behavioral data to power highly-targeted email and advertising campaigns. Klaviyo serves customers worldwide.

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Klaviyo (KVYO US)

Primer: Customer.io - 26 Oct 2025

Messaging automation software for developers to send behavior-based emails, SMS, and push notifications

Sacra

Primer: Vibe - 01 Oct 2025

Self-serve ad platform enabling performance marketers to create, target, and optimize connected TV advertising campaigns

Sacra

Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case

Pattern Group to offer 21.4 million shares at $13-$15, set to debut Friday, September 19, with an enterprise value of around $2.5bn at the $14.00...

IPO Boutique

Klaviyo Inc.: Initiation of Coverage- What Makes Its Unified CRM Stack a Game-Changer!

Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges. The company reported...

Baptista Research

Penny Chen, CEO Of Pax, On Building AI-powered Tariff Refunds

It'd be great to sort of get the simple explanation of what duty drawback is but then also given that every kind of tax or tariff scheme is about...

Sacra

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Primer: Customer.io - 26 Oct 2025

Messaging automation software for developers to send behavior-based emails, SMS, and push notifications

Sacra

Primer: Vibe - 01 Oct 2025

Self-serve ad platform enabling performance marketers to create, target, and optimize connected TV advertising campaigns

Sacra

Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case

​Pattern Group to offer 21.4 million shares at $13-$15, set to debut Friday, September 19, with an enterprise value of around $2.5bn at the $14.00...

IPO Boutique

Klaviyo Inc.: Initiation of Coverage- What Makes Its Unified CRM Stack a Game-Changer!

Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges. The company reported...

Baptista Research

Penny Chen, CEO Of Pax, On Building AI-powered Tariff Refunds

It'd be great to sort of get the simple explanation of what duty drawback is but then also given that every kind of tax or tariff scheme is about...

Sacra

Pattern Group to offer 21.4 million shares at $13-$15, set to debut Friday, September 19, with an enterprise value of around $2.5bn at the $14.00...