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>Founded in Australia in 2012, Rokt's core product is an SDK that big ecommerce retailers like Ticketmaster add to their checkout page to show offers for related products from 3rd-party brands.</li><li>After ending the year at $600M in ARR and acquiring the customer data platform (CDP) mParticle, Rokt has its sights set on expanding outside advertising.</li><li>With its acquisitions of mParticle and Shopify upsell app AfterSell (2024), Rokt is expanding across platforms, accumulating first-party data and streaming it at low latency across all customer interactions.</li></ul>

Founded in Australia in 2012, Rokt's core product is an SDK that big ecommerce retailers like Ticketmaster add to their checkout page to show offers for related products from 3rd-party brands.After ending the year at $600M in ARR and acquiring the customer data platform (CDP) mParticle, Rokt has its sights set on expanding outside advertising.With its acquisitions of mParticle and Shopify upsell app AfterSell (2024), Rokt is expanding across platforms, accumulating first-party data and streaming it at low latency across all customer interactions.

<ul><li>Whatnot has cracked livestream commerce in the U.S where companies like Meta and Amazon struggled.</li><li>Sacra estimates that Whatnot grew 102% YoY to $359M in revenue in 2024.</li><li>As Whatnot expands beyond collectibles into larger TAM verticals, it’s begun to compete against vertical-focused ecommerce retailers.</li></ul>

Whatnot has cracked livestream commerce in the U.S where companies like Meta and Amazon struggled.Sacra estimates that Whatnot grew 102% YoY to $359M in revenue in 2024.As Whatnot expands beyond collectibles into larger TAM verticals, it’s begun to compete against vertical-focused ecommerce retailers.

<ul><li>Sacra estimates that Iterable hit $200M annual recurring revenue (ARR) at the end of 2023, up 38% from $145M in 2022.</li><li>Iterable is valued at $2 billion as of 2024.</li><li>The company has raised $342.9 million across 10 funding rounds, with backing from prominent investors including Silver Lake, Viking Global Investors, and CRV.</li></ul>

Sacra estimates that Iterable hit $200M annual recurring revenue (ARR) at the end of 2023, up 38% from $145M in 2022.Iterable is valued at $2 billion as of 2024.The company has raised $342.9 million across 10 funding rounds, with backing from prominent investors including Silver Lake, Viking Global Investors, and CRV.

<ul><li>Customer.io is on track to hit $78M annual recurring revenue (ARR) at the end of 2024, up 35% YoY.</li><li>When we first covered Customer.io in May 2021, the company had crossed $20M ARR, growing 70% year-over-year, on less than $4M raised.</li><li>We followed up with Customer.io in August 2023, where we interviewed CEO Colin Nederkoorn and published an update on Customer.io passing the $50M ARR milestone.</li></ul>

Customer.io is on track to hit $78M annual recurring revenue (ARR) at the end of 2024, up 35% YoY.When we first covered Customer.io in May 2021, the company had crossed $20M ARR, growing 70% year-over-year, on less than $4M raised.We followed up with Customer.io in August 2023, where we interviewed CEO Colin Nederkoorn and published an update on Customer.io passing the $50M ARR milestone.

<ul><li>In 2023, Google, Yahoo and Apple announced they would begin requiring anyone sending email to their users to have DMARC enabled—or end up in spam—accelerating demand for Vailmail to 43% YoY, with Sacra estimating that Valimail will hit $30M in annual recurring revenue (ARR) by the end of 2024, with 65,000 customers for average revenue per customer (ARPC) of about $460.</li><li>As phishing continues to rise ($3B stolen in 2023, up 9% YoY), Valimail serves as a solution both as a deliverability tool for marketers sending outgoing mail (as a way to keep newsletters out of spam) and as a cybersecurity tool for incoming mail (preventing “CEO fraud” where attackers spoof your corporate domain).</li><li>The email authentication protocol DMARC gained attention in 2015 when Gmail, Yahoo Mail and AOL Mail started using it to prevent their domains from being spoofed—creating the opportunity for Valimail (2015) to launch a DMARC-as-a-service tool for any company regardless of IT capacity.</li></ul>

In 2023, Google, Yahoo and Apple announced they would begin requiring anyone sending email to their users to have DMARC enabled—or end up in spam—accelerating demand for Vailmail to 43% YoY, with Sacra estimating that Valimail will hit $30M in annual recurring revenue (ARR) by the end of 2024, with 65,000 customers for average revenue per customer (ARPC) of about $460.As phishing continues to rise ($3B stolen in 2023, up 9% YoY), Valimail serves as a solution both as a deliverability tool for marketers sending outgoing mail (as a way to keep newsletters out of spam) and as a cybersecurity tool for incoming mail (preventing “CEO fraud” where attackers spoof your corporate domain).The email authentication protocol DMARC gained attention in 2015 when Gmail, Yahoo Mail and AOL Mail started using it to prevent their domains from being spoofed—creating the opportunity for Valimail (2015) to launch a DMARC-as-a-service tool for any company regardless of IT capacity.

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)

Rokt At $600M/yr Growing 43% YoY

TL;DR: With its acquisition of customer data platform (CDP) mParticle at the beginning of 2025, Rokt is looking beyond the advertising business...

Sacra

Whatnot At $359M/yr

TL;DR: With their entertainment-first design, Whatnot has cracked livestream commerce in the U.S where companies like Meta and Amazon struggled....

Sacra

Primer: Iterable - 07 Dec 2024

Customer communication software for marketers to send personalized messages across channels

Sacra

Customer.Io Passes $70M ARR

TL;DR: Sacra projects that Customer.io is on track to hit $78M annual recurring revenue (ARR) at the end of 2024, up 35% YoY. Since we first...

Sacra

Valimail At $30M ARR

TL;DR: Sacra estimates that Valimail will hit $30M annualized recurring revenue (ARR) in 2024, up 43% YoY, re-accelerating as Google, Yahoo and...

Sacra

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