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>PreStocks raised a $2.1M seed round led by Republic Capital, bringing total funding to $3.2M over two rounds.</li><li>PreStocks operates a B2C tokenization platform that transforms illiquid private equity exposure into tradeable digital assets.</li><li>PreStocks can expand beyond individual company tokens into tokenized exposure to private equity funds, venture capital portfolios, and sector-specific baskets.</li></ul>

PreStocks raised a $2.1M seed round led by Republic Capital, bringing total funding to $3.2M over two rounds.PreStocks operates a B2C tokenization platform that transforms illiquid private equity exposure into tradeable digital assets.PreStocks can expand beyond individual company tokens into tokenized exposure to private equity funds, venture capital portfolios, and sector-specific baskets.

<ul><li>The EU loosening restrictions on on-chain stock trading and the SEC signalling its new-found enthusiasm for tokenization, along with more consumer-friendly crypto wallet UX and now near-zero transaction fees on Solana & Ethereum, have kicked off the tokenization of equities—starting with public companies, with Coinbase & Kraken launching always-on, fractional blockchain versions of Apple and Tesla stock that can be traded 24/7 outside of the U.S.</li><li>To tokenize private stock, a special purpose vehicle (SPV) buys up the underlying shares of e.g. OpenAI or Canva—or acquires an interest in an SPV that does—and then a blockchain token is issued that represents a proportional, non-voting interest in that SPV, enabling investors to get exposure to private stocks without needing issuer cap-table approval.</li><li>With different approaches fragmenting along regulatory regimes and blockchains, Republic operates in the US under Reg CF rules that cap investments at $5K and enforce a year-long lockup, while in Europe, Robinhood’s tokens (under MiFID-II) trade only on Robinhood’s L2 blockchain and can’t be traded to other wallets or platforms, while PreStocks’s Solana tokens (under Reg S) can flow into any Solana exchange, wallet, or DeFi app.</li></ul>

The EU loosening restrictions on on-chain stock trading and the SEC signalling its new-found enthusiasm for tokenization, along with more consumer-friendly crypto wallet UX and now near-zero transaction fees on Solana & Ethereum, have kicked off the tokenization of equities—starting with public companies, with Coinbase & Kraken launching always-on, fractional blockchain versions of Apple and Tesla stock that can be traded 24/7 outside of the U.S.To tokenize private stock, a special purpose vehicle (SPV) buys up the underlying shares of e.g. OpenAI or Canva—or acquires an interest in an SPV that does—and then a blockchain token is issued that represents a proportional, non-voting interest in that SPV, enabling investors to get exposure to private stocks without needing issuer cap-table approval.With different approaches fragmenting along regulatory regimes and blockchains, Republic operates in the US under Reg CF rules that cap investments at $5K and enforce a year-long lockup, while in Europe, Robinhood’s tokens (under MiFID-II) trade only on Robinhood’s L2 blockchain and can’t be traded to other wallets or platforms, while PreStocks’s Solana tokens (under Reg S) can flow into any Solana exchange, wallet, or DeFi app.

Xavier Ekkel, Founder Of PreStocks, On 24/7 Tokenized pre-IPO Stock

<ul><li>EquityZen raised $6.5 million in total funding through 2017, with their most recent Series A round of $3 million led by Draper Associates in July 2017.</li><li>EquityZen is a two-sided online marketplace that connects employees and early shareholders in late-stage private companies who want liquidity with accredited investors seeking pre-IPO exposure.</li><li>The platform has grown to 710,000+ registered users as of March 2025, benefiting from the SEC's 2024 broadened accredited investor definition that enlarged the addressable US investor pool by approximately 13%.</li></ul>

EquityZen raised $6.5 million in total funding through 2017, with their most recent Series A round of $3 million led by Draper Associates in July 2017.EquityZen is a two-sided online marketplace that connects employees and early shareholders in late-stage private companies who want liquidity with accredited investors seeking pre-IPO exposure.The platform has grown to 710,000+ registered users as of March 2025, benefiting from the SEC's 2024 broadened accredited investor definition that enlarged the addressable US investor pool by approximately 13%.

<ul><li>Velvet raised a seed round in 2020, with investors in the company including Winklevoss Capital, Material V, Singularity Capital, Atma Capital, IronPine, Alumni Ventures, and Arieli Capital.</li><li>By automating what Velvet claims is 80% of the workflow from initial pitch deck review to investment decision, the software allows smaller investment teams to evaluate more deals while maintaining thorough due diligence standards.</li><li>Velvet's partnership with Templum for secondary trading creates opportunities to earn transaction fees on private share trades rather than just SaaS subscriptions.</li></ul>

Velvet raised a seed round in 2020, with investors in the company including Winklevoss Capital, Material V, Singularity Capital, Atma Capital, IronPine, Alumni Ventures, and Arieli Capital.By automating what Velvet claims is 80% of the workflow from initial pitch deck review to investment decision, the software allows smaller investment teams to evaluate more deals while maintaining thorough due diligence standards.Velvet's partnership with Templum for secondary trading creates opportunities to earn transaction fees on private share trades rather than just SaaS subscriptions.

<ul><li>Addepar hit $275M ARR in 2024, up 31% YoY.</li><li>Among the RIAs that are Addepar’s main growth market in the years ahead, Addepar has 2.7% market share today—compare to Envestnet’s Tamarac at 18% market share with $1.34B in revenue in 2024, up 9.5% year-over-year, acquired by Bain Capital for $4.5B in November 2024.</li><li>Addepar's deal with Itaú Private ($180B AUM, Brazil) proves out Addepar’s ability to localize to multi-currency, tax-lot regimes outside the U.S.</li></ul>

Addepar hit $275M ARR in 2024, up 31% YoY.Among the RIAs that are Addepar’s main growth market in the years ahead, Addepar has 2.7% market share today—compare to Envestnet’s Tamarac at 18% market share with $1.34B in revenue in 2024, up 9.5% year-over-year, acquired by Bain Capital for $4.5B in November 2024.Addepar's deal with Itaú Private ($180B AUM, Brazil) proves out Addepar’s ability to localize to multi-currency, tax-lot regimes outside the U.S.

United States

Workflow software for private fund managers to onboard and verify investors at scale

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Passthrough (PASSTHROUGH US)

Primer: PreStocks - 03 Aug 2025

Platform for trading shares of top pre-IPO companies with unmatched liquidity, speed, and simplicity

Sacra

Xavier Ekkel, Founder Of PreStocks, On 24/7 Tokenized pre-IPO Stock

Before PreStocks, you were a software engineer at Canva. Did your experience at Canva inspire you to start PreStocks...

Sacra

Primer: EquityZen - 14 Jul 2025

Marketplace for buying and selling pre-IPO shares in late-stage private companies

Sacra

Primer: Velvet - 02 Jun 2025

AI copilot for private market investors to automate investment processes, harness data, and accelerate due diligence

Sacra

Addepar At $275M/year

TL;DR: Founded in 2009 by Palantir veterans Joe Lonsdale and Jason Mirra, Addepar began by building a wealth management dashboard for family office...

Sacra

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