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 Deel hit $1.5B in annualized revenue in June 2026, up from $1.3B at the end of 2025.</li><li>Deel&#39;s revenue growth has been driven by both organic expansion and strategic acquisitions, including Playgroup (payroll and HCM), Capbase (equity management), and Safeguard Global&#39;s enterprise payroll division (effective March 2025).</li><li>Deel has raised approximately $1.6B since its 2019 founding.</li></ul>

Sacra estimates that Deel hit $1.5B in annualized revenue in June 2026, up from $1.3B at the end of 2025.Deel&#39;s revenue growth has been driven by both organic expansion and strategic acquisitions, including Playgroup (payroll and HCM), Capbase (equity management), and Safeguard Global&#39;s enterprise payroll division (effective March 2025).Deel has raised approximately $1.6B since its 2019 founding.

<ul><li>Deel announced that it had appointed ex-Credit Karma CEO &amp; CFO Joe Kauffman as CFO, moving co-founder &amp; CEO Alex Bouaziz’s father Philippe from CFO to CSO as it prepares to go public.</li><li>Deel’s global payroll push required investment in physical infrastructure—local entities &amp; licenses, in-country legal/HR staff, and jurisdiction-specific compliance engines—taking on that operational &amp; compliance responsibility for customers and creating a moat against competition that upstarts &amp; rivals cannot replicate through code alone.</li><li>Its fastest growing customer segment, Deel’s approach to the enterprise (recent wins with FedEx, Databricks, Verizon) looks to bypass the decade-long Workday displacement cycle with its bundle-unbundle strategy of selling any single product for any number of seats and expanding from there—with a 2026-7 IPO eyed to strengthen its positioning as enterprise-grade.</li></ul>

Deel announced that it had appointed ex-Credit Karma CEO &amp; CFO Joe Kauffman as CFO, moving co-founder &amp; CEO Alex Bouaziz’s father Philippe from CFO to CSO as it prepares to go public.Deel’s global payroll push required investment in physical infrastructure—local entities &amp; licenses, in-country legal/HR staff, and jurisdiction-specific compliance engines—taking on that operational &amp; compliance responsibility for customers and creating a moat against competition that upstarts &amp; rivals cannot replicate through code alone.Its fastest growing customer segment, Deel’s approach to the enterprise (recent wins with FedEx, Databricks, Verizon) looks to bypass the decade-long Workday displacement cycle with its bundle-unbundle strategy of selling any single product for any number of seats and expanding from there—with a 2026-7 IPO eyed to strengthen its positioning as enterprise-grade.

Alex Bouaziz, CEO Of Deel, On Deel's bundle-unbundle Strategy

<ul><li>Now at a Sacra-estimated $1.15B in annualized revenue, up 70% YoY, Deel is colliding with Rippling & Gusto as global payroll goes domestic & vice versa as all three fight to own the full stack of payroll & HR.</li><li>Expanding from contractor payments, Deel launched EOR services (late 2020) to help companies hire full-time employees abroad, and then into global payroll (mid 2022) to unify compliance, tax & payments across their entire team, scaling from $4M annualized revenue in early 2020 to $295M by end of 2022, reaching an estimated $1.15B by August 2025 (up 70% YoY) at a $12.6B valuation for a 11x multiple.</li><li>After burning sub-$10M in 2021 and turning profitable in 2022, Deel has continued expanding its margins, hitting 16% EBITDA margin in 2025 with ~85% gross margins (vs. ADP at 46%), positioning the company for its stated goal of going public as early as 2026-2027.</li></ul>

Now at a Sacra-estimated $1.15B in annualized revenue, up 70% YoY, Deel is colliding with Rippling & Gusto as global payroll goes domestic & vice versa as all three fight to own the full stack of payroll & HR.Expanding from contractor payments, Deel launched EOR services (late 2020) to help companies hire full-time employees abroad, and then into global payroll (mid 2022) to unify compliance, tax & payments across their entire team, scaling from $4M annualized revenue in early 2020 to $295M by end of 2022, reaching an estimated $1.15B by August 2025 (up 70% YoY) at a $12.6B valuation for a 11x multiple.After burning sub-$10M in 2021 and turning profitable in 2022, Deel has continued expanding its margins, hitting 16% EBITDA margin in 2025 with ~85% gross margins (vs. ADP at 46%), positioning the company for its stated goal of going public as early as 2026-2027.

Employment Hero / Private Capital Markets

<ul><li>Sacra estimates that Employment Hero hit $163M ARR in January 2025.</li><li>Employment Hero raised A$263 million in a Series F round led by TCV in October 2023, bringing total funding to A$650 million.</li><li>Employment Hero&#39;s recent revenue growth corresponds to its geographic expansion from Australia into the UK, Southeast Asia, and Canada, facilitated by its acquisition of Toronto-based Humi.</li></ul>

Sacra estimates that Employment Hero hit $163M ARR in January 2025.Employment Hero raised A$263 million in a Series F round led by TCV in October 2023, bringing total funding to A$650 million.Employment Hero&#39;s recent revenue growth corresponds to its geographic expansion from Australia into the UK, Southeast Asia, and Canada, facilitated by its acquisition of Toronto-based Humi.

<ul><li>With the rise of remote work driving a 63% increase in U.S. companies hiring Latin American talent, Ontop combines compliant contracts, mass payouts, and virtual USD wallets with Visa cards across 150+ countries.</li><li>Sacra estimates that Ontop hit $15M in annualized revenue in March 2025.</li><li>Ontop is positioning itself as a comprehensive cross-border workforce platform by launching Ontop+ for ad-hoc payments, an API for enterprise integration, and expanding their contractor compliance stack into 80 countries.</li></ul>

With the rise of remote work driving a 63% increase in U.S. companies hiring Latin American talent, Ontop combines compliant contracts, mass payouts, and virtual USD wallets with Visa cards across 150+ countries.Sacra estimates that Ontop hit $15M in annualized revenue in March 2025.Ontop is positioning itself as a comprehensive cross-border workforce platform by launching Ontop+ for ad-hoc payments, an API for enterprise integration, and expanding their contractor compliance stack into 80 countries.

United States

Software for hiring, paying, and managing global contractors and employees across 150+ countries

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Ontop (ONTOP US)

Primer: Deel - 17 Aug 2026

Software for hiring, paying, and managing global contractors and employees compliantly

Sacra

Alex Bouaziz, CEO Of Deel, On Deel's bundle-unbundle Strategy

Congratulations on the Series E. Can you talk about why you raised, the timing, who's leading, who's involved, and the milestone moment...

Sacra

Deel At $1.15B/year Growing 70%+ YoY

TL;DR: Rising domestic labor costs and COVID catalyzed Deel’s explosive growth as a service that let startups hire globally from day one. Now at a...

Sacra

Primer: Employment Hero - 27 Aug 2025

Cloud-based platform for businesses to manage HR, payroll, and employee benefits

Sacra

Ontop At $15M Annualized Revenue

TL;DR: With the rise of remote work driving a 63% increase in U.S. companies hiring Latin American talent, Ontop combines compliant contracts, mass...

Sacra

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