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>Despite billions flowing into ESG and climate tech startups during 2020-2021, most have failed to gain traction because they don’t deliver tangible financial and operational savings to owners &amp; operators of real estate.</li><li>Building-control incumbents—Honeywell, Johnson Controls, Siemens—still ship mostly hardware with thin software layers and sell through HVAC middlemen, while a new wave of vertically integrated platforms such as Runwise go direct to owners.</li><li>We&#39;ve created a way of putting a modern operating system - a new brain - into buildings that&#39;s 20-30 times cheaper than what historically existed because we do it completely wirelessly.</li></ul>

Despite billions flowing into ESG and climate tech startups during 2020-2021, most have failed to gain traction because they don’t deliver tangible financial and operational savings to owners &amp; operators of real estate.Building-control incumbents—Honeywell, Johnson Controls, Siemens—still ship mostly hardware with thin software layers and sell through HVAC middlemen, while a new wave of vertically integrated platforms such as Runwise go direct to owners.We&#39;ve created a way of putting a modern operating system - a new brain - into buildings that&#39;s 20-30 times cheaper than what historically existed because we do it completely wirelessly.

Lee Hoffman, co-founder Of Runwise, On The Operating System For Buildings

<ul><li>Sacra estimates that HoneyBook hit $140M ARR in March 2025, maintaining a 12% growth rate through 2024 and early 2025.</li><li>Sacra estimates that HoneyBook reached $140M in annualized recurring revenue (ARR) as of March 2025, showing a moderation in growth from 17% in 2023 to 12% in 2024 and early 2025 as the company shifts focus from user acquisition to monetization through new embedded financial services and AI-powered workflow enhancements.</li><li>HoneyBook's strategic expansion into embedded financial services through the launch of HoneyBook Finance in 2024—integrating a debit card, checking account, and money management tools—represents a significant evolution from its initial client management focus to a vertical ERP for independent service providers, mirroring a broader industry shift where vertically-focused software platforms increasingly absorb both workflow and cash flow to deliver higher-margin financial products to their users.</li></ul>

Sacra estimates that HoneyBook hit $140M ARR in March 2025, maintaining a 12% growth rate through 2024 and early 2025.Sacra estimates that HoneyBook reached $140M in annualized recurring revenue (ARR) as of March 2025, showing a moderation in growth from 17% in 2023 to 12% in 2024 and early 2025 as the company shifts focus from user acquisition to monetization through new embedded financial services and AI-powered workflow enhancements.HoneyBook's strategic expansion into embedded financial services through the launch of HoneyBook Finance in 2024—integrating a debit card, checking account, and money management tools—represents a significant evolution from its initial client management focus to a vertical ERP for independent service providers, mirroring a broader industry shift where vertically-focused software platforms increasingly absorb both workflow and cash flow to deliver higher-margin financial products to their users.

EquipmentShare.com / Private Capital Markets

<ul><li>EquipmentShare launched as an Airbnb for construction equipment, undercutting traditional rental companies like United Rentals (NYSE: URI) on price by ~30% by connecting SMBs and small contractors with underutilized forklifts, dozers, and lifts installed with telematics to help owners track how their equipment is being used.</li><li>EquipmentShare’s revenue grew more than 10x from $200M in 2019 to $2.3B in 2023, valued at $3.75B for a 1.6x revenue multiple, propelled by a steadily growing US market for nonresidential construction (94% of their revenue) and continuing post-COVID equipment shortages, with EquipmentShare spending 85% of all of their rental revenues on buying equipment.</li><li>To get there,EquipmentShare will aim to shift their revenue mix (35% equipment sales/65% rentals) more towards their SaaS telematics platform—T3—which can drive sticky, 70% gross margin revenue (vs. the ~20-30% of their equipment rentals business) that’s more resistant to sector-specific downturns, a la the horizontal fleet operations SaaS Samsara (NYSE: IOT) at $1.1B in revenue, valued at $26.45B for a 24x revenue multiple.</li></ul>

EquipmentShare launched as an Airbnb for construction equipment, undercutting traditional rental companies like United Rentals (NYSE: URI) on price by ~30% by connecting SMBs and small contractors with underutilized forklifts, dozers, and lifts installed with telematics to help owners track how their equipment is being used.EquipmentShare’s revenue grew more than 10x from $200M in 2019 to $2.3B in 2023, valued at $3.75B for a 1.6x revenue multiple, propelled by a steadily growing US market for nonresidential construction (94% of their revenue) and continuing post-COVID equipment shortages, with EquipmentShare spending 85% of all of their rental revenues on buying equipment.To get there,EquipmentShare will aim to shift their revenue mix (35% equipment sales/65% rentals) more towards their SaaS telematics platform—T3—which can drive sticky, 70% gross margin revenue (vs. the ~20-30% of their equipment rentals business) that’s more resistant to sector-specific downturns, a la the horizontal fleet operations SaaS Samsara (NYSE: IOT) at $1.1B in revenue, valued at $26.45B for a 24x revenue multiple.

<ul><li>ServiceTitan launched in 2012 as vertical software for plumbing, electrical, and HVAC businesses, giving owners a SaaS dashboard master view into their cash flow, scheduling, and marketing performance, along with a mobile app for technicians to access customer information in the field.</li><li>The rising trend of private equity (PE) roll-ups in the trades has been a big tailwind—total buyout deal value in the U.S. grew from ~$200B in 2020 to $600B in 2021—as new PE owners look for tech to optimize their operations and get end-to-end metrics across all of their holdings.</li><li>Sacra estimates that ServiceTitan did $577M in revenue in 2023, up 25% from $460M in 2022, with card payments and upsells by field techs via their Square-like mobile app as their fastest-growing source of revenue.</li></ul>

ServiceTitan launched in 2012 as vertical software for plumbing, electrical, and HVAC businesses, giving owners a SaaS dashboard master view into their cash flow, scheduling, and marketing performance, along with a mobile app for technicians to access customer information in the field.The rising trend of private equity (PE) roll-ups in the trades has been a big tailwind—total buyout deal value in the U.S. grew from ~$200B in 2020 to $600B in 2021—as new PE owners look for tech to optimize their operations and get end-to-end metrics across all of their holdings.Sacra estimates that ServiceTitan did $577M in revenue in 2023, up 25% from $460M in 2022, with card payments and upsells by field techs via their Square-like mobile app as their fastest-growing source of revenue.

ServiceTitan: The $577M/year Vertical SaaS For Your Lawn

<ul><li>The residential side was actually pretty busy during pandemic whereas the commercial side was significantly down during that first year.</li><li>We&#39;re already building features comparable to those of ServiceTitan, and we get requests all the time from service providers who want to use OpenWrench to manage their business.</li><li>The first thing they want is to improve the profitability of the business by creating a more efficient business process.</li></ul>

The residential side was actually pretty busy during pandemic whereas the commercial side was significantly down during that first year.We&#39;re already building features comparable to those of ServiceTitan, and we get requests all the time from service providers who want to use OpenWrench to manage their business.The first thing they want is to improve the profitability of the business by creating a more efficient business process.

Matt Velker, CEO Of OpenWrench, On The Taxonomy Of The Maintenance Services SaaS Space

United States

Marketplace software for multi-site businesses to manage commercial maintenance and service providers

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

OpenWrench (OPENWRENCH US)

Lee Hoffman, co-founder Of Runwise, On The Operating System For Buildings

In short, what is Runwise...

Sacra

HoneyBook At $135M ARR

TL;DR: HoneyBook continues to expand its business management platform for independent service providers with embedded financial services and AI...

Sacra

EquipmentShare At $2.3B Revenue

TL;DR: Sacra estimates that EquipmentShare generated $2.3B of revenue in 2023, up 35% from $1.7B in 2022, as they rode a wave of post-COVID...

Sacra

ServiceTitan: The $577M/year Vertical SaaS For Your Lawn

TL;DR: Riding on the wave of COVID digital transformation and private equity roll-ups of trade businesses, ServiceTitan hit $577M in revenue in...

Sacra

Matt Velker, CEO Of OpenWrench, On The Taxonomy Of The Maintenance Services SaaS Space

Can you talk a bit about the segments and categories in this space...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)