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>Sequence raised $19M in a seed round announced in September 2022, led by Andreessen Horowitz with participation from Salesforce Ventures.</li><li>Sequence is an AI-native quote-to-revenue platform that replaces multiple point solutions in the B2B SaaS billing stack with a single workflow.</li><li>The October 2025 launch of Sequence 2.0 expanded the platform from usage billing into a complete quote-to-revenue suite including CPQ and ASC-606 revenue recognition.</li></ul>

Sequence raised $19M in a seed round announced in September 2022, led by Andreessen Horowitz with participation from Salesforce Ventures.Sequence is an AI-native quote-to-revenue platform that replaces multiple point solutions in the B2B SaaS billing stack with a single workflow.The October 2025 launch of Sequence 2.0 expanded the platform from usage billing into a complete quote-to-revenue suite including CPQ and ASC-606 revenue recognition.

<ul><li>In October 2025, Twilio agreed to acquire Stytch to build an intelligent identity layer for AI agents; Twilio expects the transaction to close in mid‑November 2025.</li><li>Stytch operates a B2B SaaS model serving both consumer-facing applications and B2B software companies.</li><li>The emergence of AI agents as first-class users of software applications creates entirely new authentication and authorization requirements.</li></ul>

In October 2025, Twilio agreed to acquire Stytch to build an intelligent identity layer for AI agents; Twilio expects the transaction to close in mid‑November 2025.Stytch operates a B2B SaaS model serving both consumer-facing applications and B2B software companies.The emergence of AI agents as first-class users of software applications creates entirely new authentication and authorization requirements.

<ul><li>High customer acquisition costs combined with an adverse selection problem doomed Pipe’s direct-to-SMB model, with riskier businesses most likely to self-select into revenue-based financing, creating unsustainable unit economics.</li><li>With Square Banking & QuickBooks Capital veteran Luke Voiles taking over as CEO in 2023, Pipe has shifted to an embedded fintech model, selling capital, cards, and expense management as white-labeled products inside vertical SaaS platforms & marketplaces like Housecall Pro & Uber Eats—giving Pipe distribution into millions of merchants in return for sharing economics on loan & interchange revenue.</li><li>Attach of existing customers to embedded finance products drives the revenue opportunity, with the benchmark of achieving first-party attach rates of a vertically integrated model like Square’s by making the UI and experience feel deeply native to match owned-channel performance.</li></ul>

High customer acquisition costs combined with an adverse selection problem doomed Pipe’s direct-to-SMB model, with riskier businesses most likely to self-select into revenue-based financing, creating unsustainable unit economics.With Square Banking & QuickBooks Capital veteran Luke Voiles taking over as CEO in 2023, Pipe has shifted to an embedded fintech model, selling capital, cards, and expense management as white-labeled products inside vertical SaaS platforms & marketplaces like Housecall Pro & Uber Eats—giving Pipe distribution into millions of merchants in return for sharing economics on loan & interchange revenue.Attach of existing customers to embedded finance products drives the revenue opportunity, with the benchmark of achieving first-party attach rates of a vertically integrated model like Square’s by making the UI and experience feel deeply native to match owned-channel performance.

Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

<ul><li>Rising bot-driven fraud—powered by password breaches &amp; password reuse—leading to account takeovers, fake &amp; spam signups, and promo &amp; referral abuse, made passwordless a necessary feature of identity platforms like Stytch ($30M Series A, Thrive Capital), Clerk ($15M Series A, Madrona) and WorkOS ($15M Series A, Lachy Groom), but it didn’t lead to widespread rip-and-replace of authentication systems.</li><li>MCP connectors and AI agents are emerging as the next big inflection point in authentication, as they force every app developer to add an OAuth2-compliant identity server with role based access control for governing what agents can read + write—so they can integrate into and be positioned to ride the wave of AI adoption.</li><li>And while this shift to passwordless and fraud prevention was the catalyst for launching Stytch and a huge influx of VC funding across the industry at the time, it’s going to pale in comparison to agent identity.</li></ul>

Rising bot-driven fraud—powered by password breaches &amp; password reuse—leading to account takeovers, fake &amp; spam signups, and promo &amp; referral abuse, made passwordless a necessary feature of identity platforms like Stytch ($30M Series A, Thrive Capital), Clerk ($15M Series A, Madrona) and WorkOS ($15M Series A, Lachy Groom), but it didn’t lead to widespread rip-and-replace of authentication systems.MCP connectors and AI agents are emerging as the next big inflection point in authentication, as they force every app developer to add an OAuth2-compliant identity server with role based access control for governing what agents can read + write—so they can integrate into and be positioned to ride the wave of AI adoption.And while this shift to passwordless and fraud prevention was the catalyst for launching Stytch and a huge influx of VC funding across the industry at the time, it’s going to pale in comparison to agent identity.

Reed McGinley-Stempel, CEO Of Stytch, On Authentication For AI Agents

<ul><li>Guideline hit $120M in annual recurring revenue (ARR) in June 2024, up 35% year-over-year, after crossing $100M ARR at the end of 2023.</li><li>On August 27, 2025, Gusto announced its agreement to acquire Guideline, further consolidating its position in the small business retirement plan market.</li><li>Guideline has achieved a 10% market share among new 401(k) plans, indicating strong traction in the small business segment.</li></ul>

Guideline hit $120M in annual recurring revenue (ARR) in June 2024, up 35% year-over-year, after crossing $100M ARR at the end of 2023.On August 27, 2025, Gusto announced its agreement to acquire Guideline, further consolidating its position in the small business retirement plan market.Guideline has achieved a 10% market share among new 401(k) plans, indicating strong traction in the small business segment.

United States

API for fintechs to access and enrich consumer-permissioned bank account data

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Plaid (PLAID US)

Primer: Sequence - 11 Dec 2025

Platform for B2B SaaS companies to automate billing with advanced usage metering and flexible pricing models

Sacra

Primer: Stytch - 31 Oct 2025

API and SDK suite for passwordless authentication and identity management in web apps

Sacra

Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

Can you describe the landscape of financing for small businesses? Our market map includes traditional lending, bank loans, venture debt, and...

Sacra

Primer: Guideline - 30 Aug 2025

Software for small businesses to offer affordable, employer-sponsored 401(k) retirement plans

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Sequence - 11 Dec 2025

Platform for B2B SaaS companies to automate billing with advanced usage metering and flexible pricing models

Sacra

Primer: Stytch - 31 Oct 2025

API and SDK suite for passwordless authentication and identity management in web apps

Sacra

Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

Can you describe the landscape of financing for small businesses? Our market map includes traditional lending, bank loans, venture debt, and...

Sacra

Reed McGinley-Stempel, CEO Of Stytch, On Authentication For AI Agents

What is Stytch in short and what inspired you to build it from your time at Plaid...

Sacra

Primer: Guideline - 30 Aug 2025

Software for small businesses to offer affordable, employer-sponsored 401(k) retirement plans

Sacra