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>Rewind pivoted from its previous product, Scribe.ai—a Zoom bot that recorded meetings and turned them into searchable transcripts—as the AI-powered call recording app category got crowded with competitors like Otter.ai, Grain, Fathom, Fireflies.ai, and Multi and as every B2B SaaS app got “Gong-ified,” tacking on call recordings as a feature.</li><li>Last month, Rewind launched the AI wearable Pendant to capture both on- and offline conversations, announced it was returning its focus back to meeting recordings and split meeting recordings into a separate platform from Rewind branded as Limitless.</li><li>Today, Limitless is a multi-product company with $2.2M ARR split across two different apps—Limitless with $100K ARR and $1.3M in Pendant sales and Rewind, which is no longer receiving updates, with $2.1M ARR.</li></ul>

Rewind pivoted from its previous product, Scribe.ai—a Zoom bot that recorded meetings and turned them into searchable transcripts—as the AI-powered call recording app category got crowded with competitors like Otter.ai, Grain, Fathom, Fireflies.ai, and Multi and as every B2B SaaS app got “Gong-ified,” tacking on call recordings as a feature.Last month, Rewind launched the AI wearable Pendant to capture both on- and offline conversations, announced it was returning its focus back to meeting recordings and split meeting recordings into a separate platform from Rewind branded as Limitless.Today, Limitless is a multi-product company with $2.2M ARR split across two different apps—Limitless with $100K ARR and $1.3M in Pendant sales and Rewind, which is no longer receiving updates, with $2.1M ARR.

<ul><li>In 2009, Strava launched their combination fitness tracker and “proof of workout” social layer, indexed on interoperability with all 3rd-party hardware and software.</li><li>Sacra estimates that Strava hit $265M ARR in 2023 with 100 million users and a $1.5B valuation as of their $110M Series F in November 2020 led by TCV and Sequoia.</li><li>While the biggest social networks are seeing engagement decay as they skew more towards supernodes like celebrity and meme accounts, Strava’s proof of workout mechanism feeds more bottom-up organic participation.</li></ul>

In 2009, Strava launched their combination fitness tracker and “proof of workout” social layer, indexed on interoperability with all 3rd-party hardware and software.Sacra estimates that Strava hit $265M ARR in 2023 with 100 million users and a $1.5B valuation as of their $110M Series F in November 2020 led by TCV and Sequoia.While the biggest social networks are seeing engagement decay as they skew more towards supernodes like celebrity and meme accounts, Strava’s proof of workout mechanism feeds more bottom-up organic participation.

Strava: The $265M/year Whole Foods Of Social Networks

<ul><li>NordicTrack’s ski machine (1975) and Bowflex’s 2000X (1986) kickstarted the home fitness era, and machines for doing different kinds of exercises at home—running, elliptical, rowing, weights—proliferated on the market.</li><li>Peloton (NASDAQ: PTON) took spin classes out of the studio and delivered them on-demand via subscription SaaS (70% gross margin) to high-resale-value bikes they manufactured themselves, notching LTV of $7K+—but post COVID, with CAC up by 20-30%, demand waning and the resale value of the bikes falling, their economics went upside down.</li><li>Under new CEO Barry McCarthy, Peloton has explored new business models like gaming that can drive more software margins—unlike content which requires paying live instructors and 30%+ royalties to music labels—along with becoming an app store by up the Peloton ecosystem to third-party app developers.</li></ul>

NordicTrack’s ski machine (1975) and Bowflex’s 2000X (1986) kickstarted the home fitness era, and machines for doing different kinds of exercises at home—running, elliptical, rowing, weights—proliferated on the market.Peloton (NASDAQ: PTON) took spin classes out of the studio and delivered them on-demand via subscription SaaS (70% gross margin) to high-resale-value bikes they manufactured themselves, notching LTV of $7K+—but post COVID, with CAC up by 20-30%, demand waning and the resale value of the bikes falling, their economics went upside down.Under new CEO Barry McCarthy, Peloton has explored new business models like gaming that can drive more software margins—unlike content which requires paying live instructors and 30%+ royalties to music labels—along with becoming an app store by up the Peloton ecosystem to third-party app developers.

<ul><li>Once the pandemic hit and we made the decision to pivot to a direct to consumer product is where we truly experienced volume and hence product-market fit.</li><li>Our monthly usage is a lot higher than a Peloton because customers are getting on more frequently because the workouts are shorter and because more people are using it in your household.</li><li>Our costs are very manageable and predictable, which gives us better margins and allows us to be more aggressive in our ads, and to have a higher CAC because we can afford to market while our competitors can't.</li></ul>

Once the pandemic hit and we made the decision to pivot to a direct to consumer product is where we truly experienced volume and hence product-market fit.Our monthly usage is a lot higher than a Peloton because customers are getting on more frequently because the workouts are shorter and because more people are using it in your household.Our costs are very manageable and predictable, which gives us better margins and allows us to be more aggressive in our ads, and to have a higher CAC because we can afford to market while our competitors can't.

Andy Hoang, CEO Of Aviron, On The Unit Economics Of Connected Fitness

Finland

Smart ring for sleep, activity, and temperature tracking with optional health subscription

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Oura (OURA FI)

Apple Vs. Limitless Vs. Gong

TL;DR: Last month, Rewind AI (valued at $350M) hit $2.2M in annual recurring revenue (ARR) rebranded as Limitless and announced the AI wearable...

Sacra

Aviron And The Xbox Of Connected Fitness

Post-COVID headwinds broke the unit economics of connected fitness—now, we’re seeing startups vie to build the core fitness "gaming console" of...

Sacra

Andy Hoang, CEO Of Aviron, On The Unit Economics Of Connected Fitness

Sacra interview with Andy Hoang, CEO of Aviron.

Sacra

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52-week Range

Market Cap (USDm)

P/E

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Apple Vs. Limitless Vs. Gong

TL;DR: Last month, Rewind AI (valued at $350M) hit $2.2M in annual recurring revenue (ARR) rebranded as Limitless and announced the AI wearable...

Sacra

Strava: The $265M/year Whole Foods Of Social Networks

TL;DR: Sacra estimates that Strava hit $265M in annual recurring revenue (ARR) this year with their asset-light fitness social layer. Now, they’re...

Sacra

Aviron And The Xbox Of Connected Fitness

Post-COVID headwinds broke the unit economics of connected fitness—now, we’re seeing startups vie to build the core fitness "gaming console" of...

Sacra

Andy Hoang, CEO Of Aviron, On The Unit Economics Of Connected Fitness

Sacra interview with Andy Hoang, CEO of Aviron.

Sacra