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>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>Sacra estimates that 1Password hit $400M annual recurring revenue (ARR) in October 2025, up from $331M in 2024.</li><li>More than 75% of revenue now comes from businesses, with 180,000 business customers and gross retention above 90%, and the company remains free cash‑flow positive.</li><li>In October 2025, 1Password’s founders completed a $100M secondary, including a $75M stake purchased by the Halo Fund founded by Ryan Smith and Ryan Sweeney.</li></ul>

Sacra estimates that 1Password hit $400M annual recurring revenue (ARR) in October 2025, up from $331M in 2024.More than 75% of revenue now comes from businesses, with 180,000 business customers and gross retention above 90%, and the company remains free cash‑flow positive.In October 2025, 1Password’s founders completed a $100M secondary, including a $75M stake purchased by the Halo Fund founded by Ryan Smith and Ryan Sweeney.

<ul><li>TravelPerk raised $200 million in a Series E round in January 2025 that valued the company at $2.7 billion, nearly doubling its previous valuation.</li><li>The business model benefits from high switching costs once companies integrate TravelPerk into their expense workflows and employee travel habits.</li><li>TravelPerk maintains gross margins around 60% by combining software licensing with transaction processing.</li></ul>

TravelPerk raised $200 million in a Series E round in January 2025 that valued the company at $2.7 billion, nearly doubling its previous valuation.The business model benefits from high switching costs once companies integrate TravelPerk into their expense workflows and employee travel habits.TravelPerk maintains gross margins around 60% by combining software licensing with transaction processing.

<ul><li>AppZen raised $180 million in a Series D round in September 2025 led by Riverwood Capital, with Riverwood as the sole participant in the growth financing.</li><li>SAP Concur has ended its partnership with AppZen and now resells Oversight&#39;s AI risk analytics as Concur Detect, cutting off AppZen&#39;s historic channel partner.</li><li>AppZen&#39;s ability to operate across 40+ languages and 60+ countries positions it well for multinational corporations dealing with complex regulatory requirements like EU AI Act compliance mandates starting in 2025.</li></ul>

AppZen raised $180 million in a Series D round in September 2025 led by Riverwood Capital, with Riverwood as the sole participant in the growth financing.SAP Concur has ended its partnership with AppZen and now resells Oversight&#39;s AI risk analytics as Concur Detect, cutting off AppZen&#39;s historic channel partner.AppZen&#39;s ability to operate across 40+ languages and 60+ countries positions it well for multinational corporations dealing with complex regulatory requirements like EU AI Act compliance mandates starting in 2025.

<ul><li>After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability.</li><li>Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year.</li><li>Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.</li></ul>

After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability.Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year.Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.

United States

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

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Ramp (COM US)

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: 1Password - 10 Oct 2025

Password manager for individuals and teams to store, share, and autofill sensitive credentials

Sacra

Primer: TravelPerk - 02 Oct 2025

Travel and expense management software for booking and controlling corporate travel

Sacra

Primer: AppZen - 22 Sep 2025

AI platform for finance teams to automate expense audits, accounts payable, and corporate card management

Sacra

Brex At $700M/year Growing 50% YoY

TL;DR: After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving...

Sacra

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