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.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis. </li>
<li>Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share. </li>
<li>Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24. </li>
</ul>


Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis. 
Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share. 
Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24. 


Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

Equity Capital Markets

<ul>
<li>Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.</li>
<li>The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.</li>
<li>Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis. </li>
</ul>


Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.
The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.
Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis. 


Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

<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>We talked to Colin to better understand the trade-offs and upsides of the platform vs. all-in-one approaches to building marketing automation tools, Customer.io&#39;s newly launched customer data platform (CDP), and Customer.io&#39;s new positioning amid a market of many customer data products, including Segment, mParticle, Rudderstack, Klaviyo, Intercom, Amplitude, and more.</li><li>One of the things that we wanted to make sure with our first new product—when you go from single product to platform—is that we weren&#39;t trying to sell to a completely new buyer.</li><li>In five years’ time, if we&#39;re successful, potentially we&#39;re firmly in people&#39;s minds as the platform for PLG companies to use to manage all of their customer interactions.</li></ul>

We talked to Colin to better understand the trade-offs and upsides of the platform vs. all-in-one approaches to building marketing automation tools, Customer.io&#39;s newly launched customer data platform (CDP), and Customer.io&#39;s new positioning amid a market of many customer data products, including Segment, mParticle, Rudderstack, Klaviyo, Intercom, Amplitude, and more.One of the things that we wanted to make sure with our first new product—when you go from single product to platform—is that we weren&#39;t trying to sell to a completely new buyer.In five years’ time, if we&#39;re successful, potentially we&#39;re firmly in people&#39;s minds as the platform for PLG companies to use to manage all of their customer interactions.

Colin Nederkoorn, Founder & CEO At Customer.Io, On The CDP Layer In Messaging

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)

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

Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

Braze shares could outperform its peers in 2023, and the company’s management sees signs of stabilization. I see shares as undervalued and would be...

Andrei Zakharov

Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

Klaviyo, a fast-growing marketing automation unicorn, filed to go public and may raise ~$286M. IPO valuation looks attractive, and I see 30%+...

Andrei Zakharov

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

Colin Nederkoorn, Founder & CEO At Customer.Io, On The CDP Layer In Messaging

Sacra interview with Colin Nederkoorn, founder & CEO at Customer.io.

Sacra

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