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>Merge found initial traction with B2B SaaS companies struggling to build and maintain integrations.</li><li>Early customers like Ramp used Merge to quickly build HR integrations for their "Ramp for HR" product.</li><li>By October 2022, Merge had grown to 55 employees and raised $75 million in funding, positioning itself as a key player in the B2B integration space.</li></ul>

Merge found initial traction with B2B SaaS companies struggling to build and maintain integrations.Early customers like Ramp used Merge to quickly build HR integrations for their "Ramp for HR" product.By October 2022, Merge had grown to 55 employees and raised $75 million in funding, positioning itself as a key player in the B2B integration space.

<ul><li>Make was formerly known as Integromat—built by the Czech systems integrator Integrators.cz as part of their work doing integration consulting work for large Czech companies like banks.</li><li>For several years, Make differentiated from Zapier on the basis of being lower-cost, having a visual automation builder (as opposed to Zapier&#39;s more linear, table-based builder), and having 2x more API endpoints per app (though fewer apps overall, with Make boasting 1,600 app integrations to Zapier&#39;s 5,000+).</li><li>In August 2023, Zapier released a visual builder to go along with their more linear builder experience, but the pricing is still a point of differentiation—the core paid plan on Make is $9/month with an allowance for 10,0000 tasks per month, while on Zapier the equivalent plan costs $19/month and only allows for 750 tasks per month.</li></ul>

Make was formerly known as Integromat—built by the Czech systems integrator Integrators.cz as part of their work doing integration consulting work for large Czech companies like banks.For several years, Make differentiated from Zapier on the basis of being lower-cost, having a visual automation builder (as opposed to Zapier&#39;s more linear, table-based builder), and having 2x more API endpoints per app (though fewer apps overall, with Make boasting 1,600 app integrations to Zapier&#39;s 5,000+).In August 2023, Zapier released a visual builder to go along with their more linear builder experience, but the pricing is still a point of differentiation—the core paid plan on Make is $9/month with an allowance for 10,0000 tasks per month, while on Zapier the equivalent plan costs $19/month and only allows for 750 tasks per month.

<ul><li>The first piece is there&#39;s a lot more B2B SaaS out there. The amount has exponentially grown year over year.</li><li>We&#39;re now seeing the same thing happen in customer-facing integrations, where this whole idea of should we build in-house or should we outsource is becoming a lot more about which outsourced tools we should use, not should we build it ourselves.</li><li>The long-term vision for Vessel is that when you go to build your first customer-facing integration, it&#39;s not about, &quot;Well, let me go pull up the Salesforce docs and figure out how to do that.&quot;</li></ul>

The first piece is there&#39;s a lot more B2B SaaS out there. The amount has exponentially grown year over year.We&#39;re now seeing the same thing happen in customer-facing integrations, where this whole idea of should we build in-house or should we outsource is becoming a lot more about which outsourced tools we should use, not should we build it ourselves.The long-term vision for Vessel is that when you go to build your first customer-facing integration, it&#39;s not about, &quot;Well, let me go pull up the Salesforce docs and figure out how to do that.&quot;

Zachary Kirby, co-founder Of Vessel, On Building The Vercel For Integrations

<ul><li>In early March, Zapier announced a valuation of $5B and annually recurring revenue of $140M—a remarkable feat on just $1.4M raised.</li><li>Our model values Zapier at $7B in the company’s base case, about 40% higher than the $5B price at which early investors recently sold stock to Sequoia and Steadfast Financial in a secondary sale.</li><li>In our bull case, Zapier builds the no-code super aggregator and is able to grow at 50% CAGR for the next five years, growing into a nearly $30B valuation.</li></ul>

In early March, Zapier announced a valuation of $5B and annually recurring revenue of $140M—a remarkable feat on just $1.4M raised.Our model values Zapier at $7B in the company’s base case, about 40% higher than the $5B price at which early investors recently sold stock to Sequoia and Steadfast Financial in a secondary sale.In our bull case, Zapier builds the no-code super aggregator and is able to grow at 50% CAGR for the next five years, growing into a nearly $30B valuation.

<ul><li>It seemed clear that they were going to be collecting a ton of information on our user behavior, but they were really not used to this more two way street-type relationship.</li><li>There&#39;s Tray.io, and something called Paragon that’s more developer-centric, and both are basically trying to build at the developer level and integration layer so you can deliver more integrations faster and they manage them.</li><li>Zapier is not going to be able to be better than the apps themselves at providing integrations.</li></ul>

It seemed clear that they were going to be collecting a ton of information on our user behavior, but they were really not used to this more two way street-type relationship.There&#39;s Tray.io, and something called Paragon that’s more developer-centric, and both are basically trying to build at the developer level and integration layer so you can deliver more integrations faster and they manage them.Zapier is not going to be able to be better than the apps themselves at providing integrations.

Former Zapier Partner On Zapier's Commoditization Of SaaS

United States

Embedded integration tool for SaaS developers to connect third-party apps and workflows

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Paragon (PARAGON US)

Primer: Merge - 02 Sep 2024

API for accessing multiple third-party services through a unified data model

Sacra

Primer: Make - 06 Oct 2023

No-code automation tool for building workflows across thousands of integrated apps

Sacra

Zachary Kirby, co-founder Of Vessel, On Building The Vercel For Integrations

You're a B2B SaaS company in 2023. How do you build integrations and how has that process changed over the last 5 years? What will it look like...

Sacra

Zapier: The $7B Netflix Of Productivity

Zapier is an integration platform and marketplace competitive with Integromat and Automate.io. Our base model values Zapier at $7B, up 40% from...

Sacra

Former Zapier Partner On Zapier's Commoditization Of SaaS

Our second of 3 expert interviews with senior executives and founders on the future of Zapier and the no-code industry.

Sacra

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