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>Granola (founded 2023) is an AI notetaker app that wakes up whenever your microphone is live on a Zoom/Teams/Google Meet call, records your call, and returns an AI‑enhanced transcript plus action‑items minutes after the call.</li><li>In October 2024, Granola raised a $20M Series A led by Spark Capital.</li><li>As the video call has been commoditized, the battleground has shifted from the lowest latency &amp; highest quality video calls to the vertically integrated meeting productivity app.</li></ul>

Granola (founded 2023) is an AI notetaker app that wakes up whenever your microphone is live on a Zoom/Teams/Google Meet call, records your call, and returns an AI‑enhanced transcript plus action‑items minutes after the call.In October 2024, Granola raised a $20M Series A led by Spark Capital.As the video call has been commoditized, the battleground has shifted from the lowest latency &amp; highest quality video calls to the vertically integrated meeting productivity app.

<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>After a slowdown amid sales team hiring freezes in 2023, Gong's revenue growth re-accelerated in 2024 as they increased attach rate and expanded their average contract value (ACV) across their 4,500 customers.</li><li>Gong's annual recurring revenue (ARR) exploded during COVID when all sales activity moved online, decelerated post-COVID and hit a bottom in 2023 when growth dipped to 16% year-over-year (YoY), before reaccelerating to 28% YoY growth in 2024—with Sacra estimating that Gong crossed $300M in ARR in January 2025.</li><li>By extracting structured data from customers’ call recordings via the AI-powered Gong Data Engine (2024) and feeding it into Gong Forecast (revenue ops) and Gong Engage (sales engagement), Gong is leveraging AI at the core of its multiproduct strategy to make its rich repository of data useful across a range of use cases, increasing attach rate (25% of customers buying multiple products) and revenue per seat to drive its 2024 re-acceleration.</li></ul>

After a slowdown amid sales team hiring freezes in 2023, Gong's revenue growth re-accelerated in 2024 as they increased attach rate and expanded their average contract value (ACV) across their 4,500 customers.Gong's annual recurring revenue (ARR) exploded during COVID when all sales activity moved online, decelerated post-COVID and hit a bottom in 2023 when growth dipped to 16% year-over-year (YoY), before reaccelerating to 28% YoY growth in 2024—with Sacra estimating that Gong crossed $300M in ARR in January 2025.By extracting structured data from customers’ call recordings via the AI-powered Gong Data Engine (2024) and feeding it into Gong Forecast (revenue ops) and Gong Engage (sales engagement), Gong is leveraging AI at the core of its multiproduct strategy to make its rich repository of data useful across a range of use cases, increasing attach rate (25% of customers buying multiple products) and revenue per seat to drive its 2024 re-acceleration.

<ul><li>Brex is directly integrated with Mastercard.</li><li>Going global shifts Brex’s competitive set to multinational banks like Citi and HSBC.</li><li>Our goal with having a global focus is to satisfy customer needs for one global limit for all of their employees around the world.</li></ul>

Brex is directly integrated with Mastercard.Going global shifts Brex’s competitive set to multinational banks like Citi and HSBC.Our goal with having a global focus is to satisfy customer needs for one global limit for all of their employees around the world.

Art Levy, Chief Business Officer At Brex, On The Strategy Of Brex Embedded

<ul><li>Pure product-led growth is giving way to a hybrid of self-serve plus inbound sales, requiring go-to-market teams to create forms (Typeform), enrich new leads (Clearbit), qualify them (HubSpot), route & schedule meetings (Calendly), and start email sequences (Outreach), with Zapier to stitch it all together.</li><li>As budget for all these tools for automation has begun to exceed the cost of CRM itself, companies like Default (Craft Ventures, $11.3M raised), Calendly ($270M ARR), and Clay (Sequoia, $62M raised) have begun bundling scheduling with lead capture, enrichment, qualification, and routing into a unified revenue ops dashboard.</li><li>I might be wrong, but I think in the next 3 to 4 years, we're going to see a lot of the same solutions, either through hardcore R&D like ZoomInfo is doing or aggressive M&A like Clari's approach.</li></ul>

Pure product-led growth is giving way to a hybrid of self-serve plus inbound sales, requiring go-to-market teams to create forms (Typeform), enrich new leads (Clearbit), qualify them (HubSpot), route & schedule meetings (Calendly), and start email sequences (Outreach), with Zapier to stitch it all together.As budget for all these tools for automation has begun to exceed the cost of CRM itself, companies like Default (Craft Ventures, $11.3M raised), Calendly ($270M ARR), and Clay (Sequoia, $62M raised) have begun bundling scheduling with lead capture, enrichment, qualification, and routing into a unified revenue ops dashboard.I might be wrong, but I think in the next 3 to 4 years, we're going to see a lot of the same solutions, either through hardcore R&D like ZoomInfo is doing or aggressive M&A like Clari's approach.

Nico Ferreyra, CEO Of Default, On Building An end-to-end Inbound Sales Platform

United States

Workforce management software unifying HR, IT, and contractor payroll for global teams

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Granola Vs Zoom

TL;DR: Granola’s cross‑platform, always‑on meeting recorder turns every video call into structured, searchable data, collapsing Zoom, Meet, and...

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

Gong At $300M ARR

TL;DR: After a slowdown amid sales team hiring freezes in 2023, Gong's revenue growth re-accelerated in 2024 as they increased attach rate and...

Sacra

Art Levy, Chief Business Officer At Brex, On The Strategy Of Brex Embedded

What is Brex Embedded, who are its customers, how do they (and their end customers use it), and why did you build it...

Sacra

Nico Ferreyra, CEO Of Default, On Building An end-to-end Inbound Sales Platform

What is Default and what inspired you to start the company...

Sacra

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