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 Outreach hit $250M in annual recurring revenue (ARR) in 2023, growing 11% from $225M ARR in 2022, for a 17.6x forward revenue multiple on their $4.4B valuation from June 2021.</li><li>The company&#39;s growth trajectory shows impressive historical scaling - from $1M ARR in 2016 to $40M by 2022, before accelerating to over $200M ARR.</li><li>Outreach has tailwinds from the digitization of B2B sales and increasing demand for AI-powered sales intelligence, with opportunities to expand into adjacent markets like revenue operations and customer success automation.</li></ul>

Sacra estimates Outreach hit $250M in annual recurring revenue (ARR) in 2023, growing 11% from $225M ARR in 2022, for a 17.6x forward revenue multiple on their $4.4B valuation from June 2021.The company&#39;s growth trajectory shows impressive historical scaling - from $1M ARR in 2016 to $40M by 2022, before accelerating to over $200M ARR.Outreach has tailwinds from the digitization of B2B sales and increasing demand for AI-powered sales intelligence, with opportunities to expand into adjacent markets like revenue operations and customer success automation.

<ul><li>Positioning against the breadth-first appeal of unified APIs, new native product integration infra companies like Ampersand (Matrix, $4.7M seed) enable vendors to build deep custom integrations with the handful of highest revenue generating, enterprise-tier, “fat head” systems of record like Salesforce and HubSpot.</li><li>Our positioning has been: if you want to go very deep natively, whatever you can do on top of the API, you can do with Ampersand, cutting down from 6 months to 6 days.</li><li>We are starting with the go-to-market stack.</li></ul>

Positioning against the breadth-first appeal of unified APIs, new native product integration infra companies like Ampersand (Matrix, $4.7M seed) enable vendors to build deep custom integrations with the handful of highest revenue generating, enterprise-tier, “fat head” systems of record like Salesforce and HubSpot.Our positioning has been: if you want to go very deep natively, whatever you can do on top of the API, you can do with Ampersand, cutting down from 6 months to 6 days.We are starting with the go-to-market stack.

Ayan Barua, CEO Of Ampersand, On Going Upmarket With Deep Native Product Integrations

<ul><li>Pure product-led growth is giving way to a hybrid of self-serve plus inbound sales, requiring go-to-market teams to create forms (Typeform), enrich new leads (Clearbit), qualify them (HubSpot), route & schedule meetings (Calendly), and start email sequences (Outreach), with Zapier to stitch it all together.</li><li>As budget for all these tools for automation has begun to exceed the cost of CRM itself, companies like Default (Craft Ventures, $11.3M raised), Calendly ($270M ARR), and Clay (Sequoia, $62M raised) have begun bundling scheduling with lead capture, enrichment, qualification, and routing into a unified revenue ops dashboard.</li><li>I might be wrong, but I think in the next 3 to 4 years, we're going to see a lot of the same solutions, either through hardcore R&D like ZoomInfo is doing or aggressive M&A like Clari's approach.</li></ul>

Pure product-led growth is giving way to a hybrid of self-serve plus inbound sales, requiring go-to-market teams to create forms (Typeform), enrich new leads (Clearbit), qualify them (HubSpot), route & schedule meetings (Calendly), and start email sequences (Outreach), with Zapier to stitch it all together.As budget for all these tools for automation has begun to exceed the cost of CRM itself, companies like Default (Craft Ventures, $11.3M raised), Calendly ($270M ARR), and Clay (Sequoia, $62M raised) have begun bundling scheduling with lead capture, enrichment, qualification, and routing into a unified revenue ops dashboard.I might be wrong, but I think in the next 3 to 4 years, we're going to see a lot of the same solutions, either through hardcore R&D like ZoomInfo is doing or aggressive M&A like Clari's approach.

Nico Ferreyra, CEO Of Default, On Building An end-to-end Inbound Sales Platform

<ul><li>Calendly hit $270M in annual recurring revenue (ARR) at the end of 2023, up 46% year-over-year, as they push into the enterprise and fend off challenges from the bundles of Microsoft and Google.</li><li>Calendly has continued to grow close to 50% year-over-year at $100M+ revenue scale, hitting $270M ARR at the end of 2023, by integrating into hardcore B2B workflows that write to the calendar like sales (CRM), recruiting (ATS), and marketing (MAP).</li><li>At the same time, Calendly has moved upmarket to the enterprise, capitalizing on its strong bottom-up adoption in large organizations—with users in 86% of Fortune 500 companies—and leveraging its cross-functionality across different productivity suites and systems of record.</li></ul>

Calendly hit $270M in annual recurring revenue (ARR) at the end of 2023, up 46% year-over-year, as they push into the enterprise and fend off challenges from the bundles of Microsoft and Google.Calendly has continued to grow close to 50% year-over-year at $100M+ revenue scale, hitting $270M ARR at the end of 2023, by integrating into hardcore B2B workflows that write to the calendar like sales (CRM), recruiting (ATS), and marketing (MAP).At the same time, Calendly has moved upmarket to the enterprise, capitalizing on its strong bottom-up adoption in large organizations—with users in 86% of Fortune 500 companies—and leveraging its cross-functionality across different productivity suites and systems of record.

<ul><li>The rise of the API economy drove an unbundling wave across all-in-one solutions like RJMetrics (founded by Bob in 2008), fostering a cooperative ecosystem.</li><li>Partnership management products like Crossbeam ($117M raised), PartnerStack ($36M raised), and Impartner ($145M raised) give partnership teams software to make it easy to identify overlaps in customers.</li><li>Partnership products amass a trove of “second-party” data—the rich, proprietary data shared between partners—which has the potential to power an alternative ad network for B2B.</li></ul>

The rise of the API economy drove an unbundling wave across all-in-one solutions like RJMetrics (founded by Bob in 2008), fostering a cooperative ecosystem.Partnership management products like Crossbeam ($117M raised), PartnerStack ($36M raised), and Impartner ($145M raised) give partnership teams software to make it easy to identify overlaps in customers.Partnership products amass a trove of “second-party” data—the rich, proprietary data shared between partners—which has the potential to power an alternative ad network for B2B.

Bob Moore, CEO And co-founder Of Crossbeam, On ecosystem-led Growth

United States

Sales engagement software for automating outreach and tracking performance across the sales cycle

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Outreach (OUTREACH US)

Primer: Outreach - 08 Dec 2024

Sales engagement software for automating outreach and tracking performance across the sales cycle

Sacra

Ayan Barua, CEO Of Ampersand, On Going Upmarket With Deep Native Product Integrations

Before starting Ampersand, you were VP of Engineering at G2, and you got there via the acquisition of your startup Siftery. Can you talk about...

Sacra

Nico Ferreyra, CEO Of Default, On Building An end-to-end Inbound Sales Platform

What is Default and what inspired you to start the company...

Sacra

Calendly At $270M ARR

TL;DR: Sacra estimates that Calendly hit $270M in annual recurring revenue (ARR) at the end of 2023, up 46% year-over-year, as they push into the...

Sacra

Bob Moore, CEO And co-founder Of Crossbeam, On ecosystem-led Growth

You previously co-founded RJMetrics, a seminal analytics company, and Stitch, which was a precursor to many of the ETL/ELT-type companies in the...

Sacra

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