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 DataSnipper hit $45M in annual recurring revenue (ARR) in 2023, up 150% YoY, as their Excel add-in for external auditors landed contracts with the Big 4 accounting firms.</li><li>Founded in 2017 in Amsterdam as an Excel add-in, DataSnipper helped external auditors with repetitive data entry tasks around moving data from PDFs, images and Word docs into Excel by letting them upload documents, snip fields, and have them OCRed and added as tabular data into Excel.</li><li>DataSnipper’s upside hinges on going in-house and powering finance back office use cases like financial statement prep, internal audits, and tax advisory where data extraction and reconciliation is a major pain point.</li></ul>

Sacra estimates that DataSnipper hit $45M in annual recurring revenue (ARR) in 2023, up 150% YoY, as their Excel add-in for external auditors landed contracts with the Big 4 accounting firms.Founded in 2017 in Amsterdam as an Excel add-in, DataSnipper helped external auditors with repetitive data entry tasks around moving data from PDFs, images and Word docs into Excel by letting them upload documents, snip fields, and have them OCRed and added as tabular data into Excel.DataSnipper’s upside hinges on going in-house and powering finance back office use cases like financial statement prep, internal audits, and tax advisory where data extraction and reconciliation is a major pain point.

<ul><li>FP&A incumbent Anaplan (founded in 2006) dramatically sped up the process of creating accurate forecasts by building a self-serve UI into key data sources—core financials, CRM, ERP—so that analysts could use live, actual data to build & edit models in Excel and memorialize them in the cloud.</li><li>Live browser-based editing & collaboration in FP&A à la Figma offers the potential for cross-side network effects and seat expansion that colonizes the entire org—versus Anaplan’s building & cross-selling department-specific FP&A solutions into sales & marketing, HR, supply chain and more.</li><li>The second way people get pulled in doesn’t start with finance at all. Maybe you just want to create a good sales forecast or a good product model directly, and you want to get there sooner because you want to start with real data.</li></ul>

FP&A incumbent Anaplan (founded in 2006) dramatically sped up the process of creating accurate forecasts by building a self-serve UI into key data sources—core financials, CRM, ERP—so that analysts could use live, actual data to build & edit models in Excel and memorialize them in the cloud.Live browser-based editing & collaboration in FP&A à la Figma offers the potential for cross-side network effects and seat expansion that colonizes the entire org—versus Anaplan’s building & cross-selling department-specific FP&A solutions into sales & marketing, HR, supply chain and more.The second way people get pulled in doesn’t start with finance at all. Maybe you just want to create a good sales forecast or a good product model directly, and you want to get there sooner because you want to start with real data.

Siqi Chen, CEO Of Runway, On Building browser-based Collaborative FP&A

<ul><li>Business intelligence (BI) tools like Looker (NASDAQ: GOOG) and Tableau (NYSE: CRM) are where financial analysts create dashboards, formalize their reasoning, and establish a source of truth—but for deeper analysis, analysts revert to Excel.</li><li>Both finance analysts and financial analysis are becoming horizontal across the org, integrating data—not just from QuickBooks and Stripe—but through Salesforce, HubSpot, Amplitude, your production database, and more.</li><li>Modern FP&A tools Equals (Andreessen Horowitz, $22.6M raised), Sigma Computing (Sutter Hill, $652M raised), Runway (Initialized Capital, $33.5M raised) and Causal (Coatue, $26M raised) vertically integrate integrations & the data layer (where you connect live data), spreadsheets (where you analyze the data) and dashboards (where you display the data) into a collaborative finance platform.</li></ul>

Business intelligence (BI) tools like Looker (NASDAQ: GOOG) and Tableau (NYSE: CRM) are where financial analysts create dashboards, formalize their reasoning, and establish a source of truth—but for deeper analysis, analysts revert to Excel.Both finance analysts and financial analysis are becoming horizontal across the org, integrating data—not just from QuickBooks and Stripe—but through Salesforce, HubSpot, Amplitude, your production database, and more.Modern FP&A tools Equals (Andreessen Horowitz, $22.6M raised), Sigma Computing (Sutter Hill, $652M raised), Runway (Initialized Capital, $33.5M raised) and Causal (Coatue, $26M raised) vertically integrate integrations & the data layer (where you connect live data), spreadsheets (where you analyze the data) and dashboards (where you display the data) into a collaborative finance platform.

Bobby Pinero, CEO Of Equals, On Bringing Joy To Finance Teams

<ul><li>In terms of milestones, we just crossed 350 customers, and that's something we're happy about.</li><li>We saw an opportunity where things were challenging in the mid-market, it didn't look like it was going to get any easier with all the competition, but we were seeing surprisingly strong pull downmarket from these SMBs who wanted to use the product.</li><li>Basically every company needs to report on their numbers—the crucial thing is that at any point in the year, any company will need to be reporting on their numbers—whether it's the ARR reporting, whether it's their burn and runway or that kind of stuff.</li></ul>

In terms of milestones, we just crossed 350 customers, and that's something we're happy about.We saw an opportunity where things were challenging in the mid-market, it didn't look like it was going to get any easier with all the competition, but we were seeing surprisingly strong pull downmarket from these SMBs who wanted to use the product.Basically every company needs to report on their numbers—the crucial thing is that at any point in the year, any company will need to be reporting on their numbers—whether it's the ARR reporting, whether it's their burn and runway or that kind of stuff.

Taimur Abdaal, CEO And co-founder Of Causal, On The Future Of The "Better Spreadsheet"

<ul><li>Instabase (2015) found initial product-market fit using optical character recognition (OCR) and their own machine learning (ML) language model to help banks turn stacks of paystubs, bank statements, and IDs into structured data and build workflows for credit and KYC checks around it.</li><li>Sacra estimates that Instabase hit $46M ARR in 2023, up 10% year-over-year, serving about 45 enterprise customers across banking, insurance, and healthcare with their hybrid consulting-software model for an average contract value of $1.02M.</li><li>Instabase’s upside hinges on expanding their TAM from credit checks and loan underwriting to enterprise-wide use cases like invoice processing, identity verification, and processing legal contracts.</li></ul>

Instabase (2015) found initial product-market fit using optical character recognition (OCR) and their own machine learning (ML) language model to help banks turn stacks of paystubs, bank statements, and IDs into structured data and build workflows for credit and KYC checks around it.Sacra estimates that Instabase hit $46M ARR in 2023, up 10% year-over-year, serving about 45 enterprise customers across banking, insurance, and healthcare with their hybrid consulting-software model for an average contract value of $1.02M.Instabase’s upside hinges on expanding their TAM from credit checks and loan underwriting to enterprise-wide use cases like invoice processing, identity verification, and processing legal contracts.

Instabase: The $46M/year Palantir Of Banking

United States

Collaborative financial modeling tool for cross-functional teams to plan, forecast, and understand business

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Runway (COM US)

DataSnipper At $45M ARR

TL;DR: Sacra estimates that DataSnipper hit $45M in annual recurring revenue (ARR) in 2023, up 150% YoY, as their Excel add-in for external...

Sacra

Siqi Chen, CEO Of Runway, On Building browser-based Collaborative FP&A

You were previously running Sandbox VR and before that you were VP of Growth at Postmates. What got you interested in FP&A and in starting Runway...

Sacra

Bobby Pinero, CEO Of Equals, On Bringing Joy To Finance Teams

So before you founded Equals, you spent 8 years as a finance leader at Intercom. Tell us about that experience and then what you learned that...

Sacra

Taimur Abdaal, CEO And co-founder Of Causal, On The Future Of The "Better Spreadsheet"

Where does Causal have the strongest product-market fit today and what milestones have you hit that you want to share...

Sacra

Instabase: The $46M/year Palantir Of Banking

TL;DR: Sacra estimates that Instabase hit $46M ARR (up 10% year-over-year) in 2023 with their low-code app platform used by banks, insurance...

Sacra

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