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 Kapital hit $184M in annualized revenue at the end of 2024, up 156% year-over-year from $72M in 2023.</li><li>Flex is Kapital’s “star product”, propelling total payment volume to $8.4B in 2024, up 298% from $2.1B in 2023.</li><li>The lack of LatAm competition in SMB fintech SaaS and digital native banks has enabled Kapital’s all-in-one expansion from the bank account.</li></ul>

Sacra estimates that Kapital hit $184M in annualized revenue at the end of 2024, up 156% year-over-year from $72M in 2023.Flex is Kapital’s “star product”, propelling total payment volume to $8.4B in 2024, up 298% from $2.1B in 2023.The lack of LatAm competition in SMB fintech SaaS and digital native banks has enabled Kapital’s all-in-one expansion from the bank account.

<ul><li>BRM has raised a total of $21.6 million in funding to date.</li><li>BRM operates a unique consumption-based pricing model tied to the volume of vendors under management rather than using traditional SaaS per-seat licensing.</li><li>The company&#39;s integration-first approach creates high switching costs once customers have connected BRM to their key systems (ERP, email, identity providers) and onboarded their vendor base.</li></ul>

BRM has raised a total of $21.6 million in funding to date.BRM operates a unique consumption-based pricing model tied to the volume of vendors under management rather than using traditional SaaS per-seat licensing.The company&#39;s integration-first approach creates high switching costs once customers have connected BRM to their key systems (ERP, email, identity providers) and onboarded their vendor base.

<ul><li>Self-serve SaaS pushed “little P” procurement out to employees on the edge who purchased the tools they wanted to use without consulting finance & procurement, threatening the company with compliance & security risk and committing the company to price, terms & renewal.</li><li>The “little P” procurement stack of integrating & overlapping tools has emerged with Zip ($333M raised, Tiger Global) for intake-to-procure, Ramp ($648M revenue in 2024) & Brex ($319M revenue in 2023) for expense management, Ironclad ($333M raised, Accel) & Icertis ($497M raised, Greycroft) for contract lifecycle management (CLM) and AI-native upstarts like BRM ($21.6M raised, Caffeinated Capital) for vendor management.</li><li>With AI and agents, we now have an opportunity to actually serve and open up that entire market, and we're starting to do that.</li></ul>

Self-serve SaaS pushed “little P” procurement out to employees on the edge who purchased the tools they wanted to use without consulting finance & procurement, threatening the company with compliance & security risk and committing the company to price, terms & renewal.The “little P” procurement stack of integrating & overlapping tools has emerged with Zip ($333M raised, Tiger Global) for intake-to-procure, Ramp ($648M revenue in 2024) & Brex ($319M revenue in 2023) for expense management, Ironclad ($333M raised, Accel) & Icertis ($497M raised, Greycroft) for contract lifecycle management (CLM) and AI-native upstarts like BRM ($21.6M raised, Caffeinated Capital) for vendor management.With AI and agents, we now have an opportunity to actually serve and open up that entire market, and we're starting to do that.

James McGillicuddy, CEO Of BRM, On The Problem With “Little P” Procurement

<ul><li>In Latin America's volatile business environment—currency fluctuations, shifting trade tariffs, and unpredictable interest rate cycles— Kapital has adapted to monetize in any economic condition, generating revenue from deposits when rates are high, financing "buy now, pay later" through Kapital Flex when rates fall, and providing stablecoin options when local currencies destabilize.</li><li>Starting in Mexico, Kapital initially expanded to Colombia over Brazil, looking to expand into large markets first in LatAm and then globally that lack competition to servicing SMEs (less than 250 employees, ~50% of global employment), particularly where incumbent banks consider them too small for relationship banking and fintechs focus on consumer.</li><li>The lack of competition in these markets has given Kapital a head start to roll up the bank account (Mercury), corporate card (Brex), expense management (Ramp), AP/AR (Bill.com), and treasury (Meow) into an all-in-one, with line of sight into rolling up the entire SME backoffice including HR, payroll, and employee benefits.</li></ul>

In Latin America's volatile business environment—currency fluctuations, shifting trade tariffs, and unpredictable interest rate cycles— Kapital has adapted to monetize in any economic condition, generating revenue from deposits when rates are high, financing "buy now, pay later" through Kapital Flex when rates fall, and providing stablecoin options when local currencies destabilize.Starting in Mexico, Kapital initially expanded to Colombia over Brazil, looking to expand into large markets first in LatAm and then globally that lack competition to servicing SMEs (less than 250 employees, ~50% of global employment), particularly where incumbent banks consider them too small for relationship banking and fintechs focus on consumer.The lack of competition in these markets has given Kapital a head start to roll up the bank account (Mercury), corporate card (Brex), expense management (Ramp), AP/AR (Bill.com), and treasury (Meow) into an all-in-one, with line of sight into rolling up the entire SME backoffice including HR, payroll, and employee benefits.

Fernando Sandoval, co-founder Of Kapital, On Tropicalizing Brex For LatAm

<ul><li>Sacra estimates they hit $50M in annual recurring revenue (ARR) at the end of 2024, up 50x, with growing demand for high-skill experts for reinforcement learning with human feedback (RLHF).</li><li>As labs started building LLMs focused on complex math, science, and other reasoning tasks, frontier labs began doing RLHF with $50-100/hr medical doctors, lawyers and PhDs to improve their models’ capabilities.</li><li>On the back of growing demand from AI labs for human experts to train the next generation of models, Sacra estimates that Mercor hit $50M in annual recurring revenue (ARR) at the end of 2024, growing 50x from $1M at the beginning of the year.</li></ul>

Sacra estimates they hit $50M in annual recurring revenue (ARR) at the end of 2024, up 50x, with growing demand for high-skill experts for reinforcement learning with human feedback (RLHF).As labs started building LLMs focused on complex math, science, and other reasoning tasks, frontier labs began doing RLHF with $50-100/hr medical doctors, lawyers and PhDs to improve their models’ capabilities.On the back of growing demand from AI labs for human experts to train the next generation of models, Sacra estimates that Mercor hit $50M in annual recurring revenue (ARR) at the end of 2024, growing 50x from $1M at the beginning of the year.

United States

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

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Ramp (COM US)

Kapital At $184M/yr Growing 156% YoY

TL;DR: Over the past year, Kapital has layered lending, stablecoins, and treasury tools on top of its core banking platform to meet the cash flow...

Sacra

Primer: BRM - 03 Apr 2025

Tool for managing vendor relationships and purchases with AI-powered agents and data enrichment

Sacra

James McGillicuddy, CEO Of BRM, On The Problem With “Little P” Procurement

To start, why procurement and why now? It seems like there's a lot of new solutions out there with traction. We'd like to understand why that's...

Sacra

Fernando Sandoval, co-founder Of Kapital, On Tropicalizing Brex For LatAm

I'd like to begin by framing everything - what were the things that really gave you momentum last year? And which areas of the business did you...

Sacra

LinkedIn For Data Labelers

TL;DR: The AI-powered Upwork, Mercor, is matching AI labs with pre-vetted domain experts from fields like law, medicine, and physics. Sacra...

Sacra

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