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>Ramp has been growing its customer base consistently over the past few years.</li><li>The company reported a significant increase in transaction volume in the latest quarter.</li><li>There are expectations of continued growth in market share over the next year.</li></ul>

Ramp has been growing its customer base consistently over the past few years.The company reported a significant increase in transaction volume in the latest quarter.There are expectations of continued growth in market share over the next year.

<ul><li>Twitter launched link previews in October 2013, making their feed more visual and giving marketers more real estate to craft images and stand out in the feed.</li><li>By reducing design into filling pre-configured rectangles, Canva hit $1.7B in annual recurring revenue (ARR), up 54% from $1.1B last year, with a valuation of $39B giving them a 23x forward revenue multiple.</li><li>Canva’s long-term goal is to entrench themselves as a “third place” productivity suite between Adobe/Figma and Google Workspace/Microsoft Office just as Starbucks made the coffee shop the third place between home and work.</li></ul>

Twitter launched link previews in October 2013, making their feed more visual and giving marketers more real estate to craft images and stand out in the feed.By reducing design into filling pre-configured rectangles, Canva hit $1.7B in annual recurring revenue (ARR), up 54% from $1.1B last year, with a valuation of $39B giving them a 23x forward revenue multiple.Canva’s long-term goal is to entrench themselves as a “third place” productivity suite between Adobe/Figma and Google Workspace/Microsoft Office just as Starbucks made the coffee shop the third place between home and work.

Canva: The $1.7B/year Rectangle Generator

<ul><li>Ramp (founded in 2019) launched a free corporate card with 1.5% cash back on the front end powered by real-time, programmatic expense management on the back end.</li><li>By December 2020, ten months after launching, Ramp hit $200M in annualized gross payment volume (TPV) and $8M in annualized revenue—today, Sacra estimates that Ramp does about $16B in annualized TPV and $327M in annualized revenue, up 98% year-over-year, on track to hit $381M at the end of the year.</li><li>With card issuing as its initial wedge, Ramp set out to colonize the entire finance back office, starting by layering on optical character recognition (OCR) to go after Expensify (NASDAQ: EXFY) and the $2B expense management market.</li></ul>

Ramp (founded in 2019) launched a free corporate card with 1.5% cash back on the front end powered by real-time, programmatic expense management on the back end.By December 2020, ten months after launching, Ramp hit $200M in annualized gross payment volume (TPV) and $8M in annualized revenue—today, Sacra estimates that Ramp does about $16B in annualized TPV and $327M in annualized revenue, up 98% year-over-year, on track to hit $381M at the end of the year.With card issuing as its initial wedge, Ramp set out to colonize the entire finance back office, starting by layering on optical character recognition (OCR) to go after Expensify (NASDAQ: EXFY) and the $2B expense management market.

<ul><li>Ramp recently announced a suite of GPT-4 powered services across expense management, vendor management and bookkeeping.</li><li>GPT unlocks the ability for any company to tap into advanced data science techniques focused on the understanding of language.</li><li>Now, we can offer them these services at a fraction of the cost because it costs us significantly less to offer it.</li></ul>

Ramp recently announced a suite of GPT-4 powered services across expense management, vendor management and bookkeeping.GPT unlocks the ability for any company to tap into advanced data science techniques focused on the understanding of language.Now, we can offer them these services at a fraction of the cost because it costs us significantly less to offer it.

Geoff Charles, VP Of Product At Ramp, On Ramp's AI Flywheel

<ul><li>Historically, startup founders have struggled opening bank accounts and getting credit cards—particularly without giving a personal guarantee.</li><li>In 2018, Brex launched a credit card for startups and hit 1,000 customers in 5 months underwriting cash in the bank, not historical financials, with 10x the credit limit of American Express and no personal guarantee.</li><li>Today, Sacra estimates that Brex is at $400M revenue, growing 67% year-over-year and doing $17.5B in annualized transaction volume, last valued at $12.3B or a 31x multiple to current revenue with 50,000+ customers (~40% of U.S. startups).</li></ul>

Historically, startup founders have struggled opening bank accounts and getting credit cards—particularly without giving a personal guarantee.In 2018, Brex launched a credit card for startups and hit 1,000 customers in 5 months underwriting cash in the bank, not historical financials, with 10x the credit limit of American Express and no personal guarantee.Today, Sacra estimates that Brex is at $400M revenue, growing 67% year-over-year and doing $17.5B in annualized transaction volume, last valued at $12.3B or a 31x multiple to current revenue with 50,000+ customers (~40% of U.S. startups).

United States

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

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Ramp (COM US)

Corporate Card Flippening

Sacra model of the corporate card flippening.

Sacra

Canva: The $1.7B/year Rectangle Generator

TL;DR: Canva ($1.7B ARR) got product-market fit helping social media marketers throw text on images. Now they’re building a “third place”...

Sacra

Ramp's LLM Workflow

TL;DR: In August, Ramp raised $300M at a $5.8B valuation—down 28% from their last round, but with annualized payment volume rising to $16B. Using...

Sacra

Geoff Charles, VP Of Product At Ramp, On Ramp's AI Flywheel

Sacra interview with Geoff Charles, VP of Product at Ramp.

Sacra

Brex: The $400M/year anti-Amex

Brex and Ramp are the PayPal and X.com of corporate spend—competitive with each other, but more importantly chasing the bigger prize of disrupting...

Sacra

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