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

Employment Hero / Private Capital Markets

<ul><li>Sacra estimates that Employment Hero hit $163M ARR in January 2025.</li><li>Employment Hero raised A$263 million in a Series F round led by TCV in October 2023, bringing total funding to A$650 million.</li><li>Employment Hero&#39;s recent revenue growth corresponds to its geographic expansion from Australia into the UK, Southeast Asia, and Canada, facilitated by its acquisition of Toronto-based Humi.</li></ul>

Sacra estimates that Employment Hero hit $163M ARR in January 2025.Employment Hero raised A$263 million in a Series F round led by TCV in October 2023, bringing total funding to A$650 million.Employment Hero&#39;s recent revenue growth corresponds to its geographic expansion from Australia into the UK, Southeast Asia, and Canada, facilitated by its acquisition of Toronto-based Humi.

<ul><li>One out of three US workers now does some form of contract or freelance work on a 1099—up from 10% in 2005—a trend that has accelerated & gone “upmarket” as the rise of frontier model AI labs has created huge demand to hire physics PhDs, software engineers, lawyers & others on short-term data labeling contracts.</li><li>Standard back-office SaaS & payments tools (Chase Bill Pay, QuickBooks, Gusto) can handle 5-10 contractors fine, but at 50+ the operational burden explodes—insurance certificates need verification across dozens of formats, state-by-state compliance multiplies, and payment reconciliation becomes full-time work.</li><li>Payroll platforms, professional employer organizations (PEOs), and vertical SaaS platforms alike are all going after the opportunity to handle mixed W-2/1099 workforces to prevent churn & prevent payments leaking outside their platforms to Bill.com & Quickbooks, with the divergent approaches of building their own contractor rails (Rippling) vs. partnering with contractor payroll platforms like Wingspan (Insperity).</li></ul>

One out of three US workers now does some form of contract or freelance work on a 1099—up from 10% in 2005—a trend that has accelerated & gone “upmarket” as the rise of frontier model AI labs has created huge demand to hire physics PhDs, software engineers, lawyers & others on short-term data labeling contracts.Standard back-office SaaS & payments tools (Chase Bill Pay, QuickBooks, Gusto) can handle 5-10 contractors fine, but at 50+ the operational burden explodes—insurance certificates need verification across dozens of formats, state-by-state compliance multiplies, and payment reconciliation becomes full-time work.Payroll platforms, professional employer organizations (PEOs), and vertical SaaS platforms alike are all going after the opportunity to handle mixed W-2/1099 workforces to prevent churn & prevent payments leaking outside their platforms to Bill.com & Quickbooks, with the divergent approaches of building their own contractor rails (Rippling) vs. partnering with contractor payroll platforms like Wingspan (Insperity).

Anthony Mironov, CEO Of Wingspan, On Why 1099s Are Eating Payroll

<ul><li>Rain raised $75 million in a Series B round led by Prosus in April 2025, bringing total funding to $191 million.</li><li>Rain plans to launch an EWA-secured credit card in late 2025 that automatically adjusts credit limits based on employees' real-time accrued wages.</li><li>Rain's embedded integration within Workday positions the company to access Workday's 65 million employee footprint, with native placement potentially driving 2-3x higher employee penetration rates compared to standalone apps.</li></ul>

Rain raised $75 million in a Series B round led by Prosus in April 2025, bringing total funding to $191 million.Rain plans to launch an EWA-secured credit card in late 2025 that automatically adjusts credit limits based on employees' real-time accrued wages.Rain's embedded integration within Workday positions the company to access Workday's 65 million employee footprint, with native placement potentially driving 2-3x higher employee penetration rates compared to standalone apps.

<ul><li>Sacra estimates that Ontop hit $13.6M in ARR in 2024, up 23% from $11.1M in 2023.</li><li>Ontop reached a post-money valuation of $150M following its $20M Series A-II round in January 2023.</li><li>Ontop operates at the intersection of HR technology and fintech, solving a critical pain point for businesses hiring internationally.</li></ul>

Sacra estimates that Ontop hit $13.6M in ARR in 2024, up 23% from $11.1M in 2023.Ontop reached a post-money valuation of $150M following its $20M Series A-II round in January 2023.Ontop operates at the intersection of HR technology and fintech, solving a critical pain point for businesses hiring internationally.

<ul><li>With the rise of remote work driving a 63% increase in U.S. companies hiring Latin American talent, Ontop combines compliant contracts, mass payouts, and virtual USD wallets with Visa cards across 150+ countries.</li><li>Sacra estimates that Ontop hit $15M in annualized revenue in March 2025.</li><li>Ontop is positioning itself as a comprehensive cross-border workforce platform by launching Ontop+ for ad-hoc payments, an API for enterprise integration, and expanding their contractor compliance stack into 80 countries.</li></ul>

With the rise of remote work driving a 63% increase in U.S. companies hiring Latin American talent, Ontop combines compliant contracts, mass payouts, and virtual USD wallets with Visa cards across 150+ countries.Sacra estimates that Ontop hit $15M in annualized revenue in March 2025.Ontop is positioning itself as a comprehensive cross-border workforce platform by launching Ontop+ for ad-hoc payments, an API for enterprise integration, and expanding their contractor compliance stack into 80 countries.

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Payroll and HR software for startups managing domestic and international teams in one tool

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Primer: Employment Hero - 27 Aug 2025

Cloud-based platform for businesses to manage HR, payroll, and employee benefits

Sacra

Anthony Mironov, CEO Of Wingspan, On Why 1099s Are Eating Payroll

Let's start with Wingspan and its evolution. You've definitely taken more on over time, going from a contractor-first platform, to helping...

Sacra

Primer: Rain App - 24 Jul 2025

Financial wellness platform offering earned wage access and financial tools for employees

Sacra

Primer: Ontop - 05 May 2025

Software for hiring, paying, and managing global contractors and employees across 150+ countries

Sacra

Ontop At $15M Annualized Revenue

TL;DR: With the rise of remote work driving a 63% increase in U.S. companies hiring Latin American talent, Ontop combines compliant contracts, mass...

Sacra

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