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 that Cribl hit $120M ARR in 2023, up 100% year-over-year, with their data pipeline product that is disrupting Splunk by counter-positioning against their cash cow business and saving customers 30-90% on their bills.</li><li>Ex-Splunkers Clint Sharp, Dritan Bitincka and Ledion Bitincka left and founded Cribl in 2018 to help Splunk customers save 30-90% on their Splunk bills by trimming unnecessary metadata from log data before sending it into Splunk, charging ~$500K/yr for 5TB of daily data ingest to save customers $4M/yr in Splunk.</li><li>Sacra estimates that Cribl hit $120M annually recurring revenue (ARR) at the end of 2023, up 100% year-over-year, for a 21x forward revenue multiple on their $2.5B valuation (2022)—they grew from $1M to $100M faster than other infrastructure companies like Datadog, MongoDB and Twilio, with 145% net retention.</li></ul>

Sacra estimates that Cribl hit $120M ARR in 2023, up 100% year-over-year, with their data pipeline product that is disrupting Splunk by counter-positioning against their cash cow business and saving customers 30-90% on their bills.Ex-Splunkers Clint Sharp, Dritan Bitincka and Ledion Bitincka left and founded Cribl in 2018 to help Splunk customers save 30-90% on their Splunk bills by trimming unnecessary metadata from log data before sending it into Splunk, charging ~$500K/yr for 5TB of daily data ingest to save customers $4M/yr in Splunk.Sacra estimates that Cribl hit $120M annually recurring revenue (ARR) at the end of 2023, up 100% year-over-year, for a 21x forward revenue multiple on their $2.5B valuation (2022)—they grew from $1M to $100M faster than other infrastructure companies like Datadog, MongoDB and Twilio, with 145% net retention.

Cribl: The $120M/year Ramp Of Data Observability

<ul><li>David Peterson joined Airtable as employee #16 in 2017, building their first growth team and leading partnerships as they scaled from $5M ARR to $156M ARR.</li><li>To learn more about the early employee experience at rapidly-growing startups, we teamed up with Sandhill Markets for a panel conversation featuring former Airtable head of growth David Peterson, senior engineering manager at Coinbase Mitali Gala, and former head of content at Intercom and Ramp John Collins.</li><li>And then last, but definitely not least, David Peterson, who was an early employee at Airtable and is now on the VC side.</li></ul>

David Peterson joined Airtable as employee #16 in 2017, building their first growth team and leading partnerships as they scaled from $5M ARR to $156M ARR.To learn more about the early employee experience at rapidly-growing startups, we teamed up with Sandhill Markets for a panel conversation featuring former Airtable head of growth David Peterson, senior engineering manager at Coinbase Mitali Gala, and former head of content at Intercom and Ramp John Collins.And then last, but definitely not least, David Peterson, who was an early employee at Airtable and is now on the VC side.

<ul><li>Mid 2022, Scale’s bread-and-butter of autonomous vehicle (AV) data labeling workloads went into a decline alongside falling R&amp;D investment and VC funding, with GM’s Cruise (2021 valuation: $30B) suspending operations and Argo AI (2021 valuation: $7.B), Lyft (NASDAQ: LYFT), and Uber (NYSE: UBER) shutting down their AV programs.</li><li>In 2023, Scale’s revenue exploded to $760M ARR, up 162% YoY, with $18B in capital inflows to foundational model companies like OpenAI ($1.3B ARR in 2023), Anthropic ($200M ARR in 2023) and Cohere and generative AI apps like Runway ($237M raised) and Harvey ($106M raised) alongside the integration of gen AI-features into every app.</li><li>The very source of Scale’s near-term revenue re-acceleration poses the gravest long-term existential threat to its business, with LLMs getting closer to parity with humans on data-labeling tasks while being cheap and 20x as fast.</li></ul>

Mid 2022, Scale’s bread-and-butter of autonomous vehicle (AV) data labeling workloads went into a decline alongside falling R&amp;D investment and VC funding, with GM’s Cruise (2021 valuation: $30B) suspending operations and Argo AI (2021 valuation: $7.B), Lyft (NASDAQ: LYFT), and Uber (NYSE: UBER) shutting down their AV programs.In 2023, Scale’s revenue exploded to $760M ARR, up 162% YoY, with $18B in capital inflows to foundational model companies like OpenAI ($1.3B ARR in 2023), Anthropic ($200M ARR in 2023) and Cohere and generative AI apps like Runway ($237M raised) and Harvey ($106M raised) alongside the integration of gen AI-features into every app.The very source of Scale’s near-term revenue re-acceleration poses the gravest long-term existential threat to its business, with LLMs getting closer to parity with humans on data-labeling tasks while being cheap and 20x as fast.

<ul><li>René understood that if he wanted to have a business that lasted for more than five years, he needed to invest all his money in tech.</li><li>There’s a huge lack of financial products in Latin America.</li><li>Kapital started back in 2020 with three founders.</li></ul>

René understood that if he wanted to have a business that lasted for more than five years, he needed to invest all his money in tech.There’s a huge lack of financial products in Latin America.Kapital started back in 2020 with three founders.

René Saul And Fernando Sandoval, co-founders At Kapital, On The Fintech Opportunity In LatAm

<ul><li>Ramp has overtaken Brex in total payments volume (TPV), hitting $30B annualized at the end of 2023 off the growth of Ramp's second product, Bill Pay.</li><li>In 2022, Brex shifted its strategy away from TPV as a north star metric to focusing on net revenue and profitability, becoming a mash-up of Ramp (B2B SaaS) and Mercury (banking).</li><li>Sacra estimates that Ramp has surpassed Brex on total payments volume, flippening them in 2023 as they hit $30B in TPV across both card and bill pay, growing 209% year-over-year.</li></ul>

Ramp has overtaken Brex in total payments volume (TPV), hitting $30B annualized at the end of 2023 off the growth of Ramp's second product, Bill Pay.In 2022, Brex shifted its strategy away from TPV as a north star metric to focusing on net revenue and profitability, becoming a mash-up of Ramp (B2B SaaS) and Mercury (banking).Sacra estimates that Ramp has surpassed Brex on total payments volume, flippening them in 2023 as they hit $30B in TPV across both card and bill pay, growing 209% year-over-year.

United States

Software for finance teams to manage corporate cards, bill pay, and accounting

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Ramp (COM US)

Cribl: The $120M/year Ramp Of Data Observability

TL;DR: Sacra estimates that Cribl hit $120M ARR in 2023, up 100% year-over-year, with their data pipeline product that is disrupting Splunk by...

Sacra

The Hyperscaler Employee Experience

Being an early employee at a rapidly-growing startup affords opportunities for huge career and financial growth...

Sacra

Scale At $760M ARR

TL;DR: Sacra estimates that Scale grew annual recurring revenue (ARR) 158% to $760M in 2023 riding the LLM wave just as their previous bread-and...

Sacra

René Saul And Fernando Sandoval, co-founders At Kapital, On The Fintech Opportunity In LatAm

What is Kapital and what inspired you guys to start the company...

Sacra

Ramp Passes Brex

TL;DR: Sacra estimates that Ramp has overtaken Brex in total payments volume (TPV), hitting $30B annualized at the end of 2023 off the growth of...

Sacra

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