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>Zanbato raised $20.5M in a Series C round in February 2021, with J.P. Morgan participating as a strategic investor.</li><li>The platform connects over 100 broker-dealer trading desks, enabling them to post buy and sell orders for pre-IPO and late-stage private company shares.</li><li>The business model relies on network effects, where an increase in broker-dealers on the platform enhances liquidity pools, attracting more institutional participants.</li></ul>

Zanbato raised $20.5M in a Series C round in February 2021, with J.P. Morgan participating as a strategic investor.The platform connects over 100 broker-dealer trading desks, enabling them to post buy and sell orders for pre-IPO and late-stage private company shares.The business model relies on network effects, where an increase in broker-dealers on the platform enhances liquidity pools, attracting more institutional participants.

<ul><li>Sacra estimates that Augment hit $10M in annual revenue run rate in October 2025, reaching profitability within 18 months of launch.</li><li>For issuers, Augment provides a compliance console that allows companies to approve or deny participants, batch-sign transfer documents, and embed custom terms like volume caps or trading blackout periods.</li><li>Augment raised a $12M Series A in October 2025 led by Builders VC, with participation from Neo, Golden Section, E1 Ventures, Corp Capital, and OPCO Ventures.</li></ul>

Sacra estimates that Augment hit $10M in annual revenue run rate in October 2025, reaching profitability within 18 months of launch.For issuers, Augment provides a compliance console that allows companies to approve or deny participants, batch-sign transfer documents, and embed custom terms like volume caps or trading blackout periods.Augment raised a $12M Series A in October 2025 led by Builders VC, with participation from Neo, Golden Section, E1 Ventures, Corp Capital, and OPCO Ventures.

<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>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>When Robinhood (founded 2012) popularized zero-commission stock trading funded by payment-for-order-flow (PFOF), it pushed Schwab, Fidelity, and TD Ameritrade to give up their lucrative $5-10 per-trade stock commissions—today, private alternative assets like pre-IPO stocks, private equity funds & real estate give brokerages a new source of high-margin, 2-3% commission revenue.</li><li>Alternative asset infrastructure companies for pre-IPO (Monark, Zanbato), private credit (iCapital), and crypto (Alpaca) are selling 1) into brokerage-as-a-service providers like ViewTrade as white-labeled APIs, and 2) as product features directly integrated into consumer-facing brokerages & wealth management apps like SoFi and eToro.</li><li>With $14 trillion in new AUM potentially unlocked by Trump's August 2025 executive order paving the way for 401(k) plans to include crypto & other private assets, Schwab, SoFi, and Robinhood are preparing to bundle up pre-IPO stock and other alternative assets onto their platforms to maximize wallet share.</li></ul>

When Robinhood (founded 2012) popularized zero-commission stock trading funded by payment-for-order-flow (PFOF), it pushed Schwab, Fidelity, and TD Ameritrade to give up their lucrative $5-10 per-trade stock commissions—today, private alternative assets like pre-IPO stocks, private equity funds & real estate give brokerages a new source of high-margin, 2-3% commission revenue.Alternative asset infrastructure companies for pre-IPO (Monark, Zanbato), private credit (iCapital), and crypto (Alpaca) are selling 1) into brokerage-as-a-service providers like ViewTrade as white-labeled APIs, and 2) as product features directly integrated into consumer-facing brokerages & wealth management apps like SoFi and eToro.With $14 trillion in new AUM potentially unlocked by Trump's August 2025 executive order paving the way for 401(k) plans to include crypto & other private assets, Schwab, SoFi, and Robinhood are preparing to bundle up pre-IPO stock and other alternative assets onto their platforms to maximize wallet share.

Ben Haber, CEO Of Monark, On Building The DTCC For The Private Markets

United States

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

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Monark (MONARK US)

Primer: Zanbato - 07 Dec 2025

Marketplace for institutional investors to trade private company stock via broker-dealers

Sacra

Primer: Augment - 02 Dec 2025

Marketplace and software suite for trading private company shares across brokers and investors

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

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

Ben Haber, CEO Of Monark, On Building The DTCC For The Private Markets

What is Monark in short? What was the founding insight and how did you get inspired to start it...

Sacra

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