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>After raising $152M and pushing past $1B in annual travel GMV in 2024, Super.com's aim is to build the core membership-based product for financial wellness.</li><li>Seeking deeper engagement & share-of-wallet and higher LTV, low-to-mid-income fintech apps like Cash App (NYSE: XYZ), Rocket Money (NYSE: RKT) and Chime ($1.7B revenue in 2024, up 31% YoY) are bundling together coupons & discounts, cash advance, credit-builder card, budgeting, micro-earnings, and cash-back all into one app & wallet.</li><li>We are trying to build the world's most valuable membership program for the everyday American. I would love every American to have three memberships: Amazon Prime, Costco, and Super+.</li></ul>

After raising $152M and pushing past $1B in annual travel GMV in 2024, Super.com's aim is to build the core membership-based product for financial wellness.Seeking deeper engagement & share-of-wallet and higher LTV, low-to-mid-income fintech apps like Cash App (NYSE: XYZ), Rocket Money (NYSE: RKT) and Chime ($1.7B revenue in 2024, up 31% YoY) are bundling together coupons & discounts, cash advance, credit-builder card, budgeting, micro-earnings, and cash-back all into one app & wallet.We are trying to build the world's most valuable membership program for the everyday American. I would love every American to have three memberships: Amazon Prime, Costco, and Super+.

Hussein Fazal, CEO Of Super.Com, On The paycheck-to-paycheck Super App

Sonder Holdings / Private Capital Markets

<ul><li>Sonder went public through a SPAC merger in January 2022, with an implied pro forma enterprise value of approximately $1.925 billion at closing, down from the initial announced valuation of $2.2 billion.</li><li>The core business model has evolved from primarily fixed-lease arrangements (5-7 year commitments with set rent payments) toward more flexible revenue-share agreements where Sonder pays property owners a smaller base rent plus a percentage of revenue.</li><li>Sonder has expanded beyond its North American roots to establish operations across Europe and the Middle East, with plans for Asia-Pacific markets.</li></ul>

Sonder went public through a SPAC merger in January 2022, with an implied pro forma enterprise value of approximately $1.925 billion at closing, down from the initial announced valuation of $2.2 billion.The core business model has evolved from primarily fixed-lease arrangements (5-7 year commitments with set rent payments) toward more flexible revenue-share agreements where Sonder pays property owners a smaller base rent plus a percentage of revenue.Sonder has expanded beyond its North American roots to establish operations across Europe and the Middle East, with plans for Asia-Pacific markets.

<ul><li>Sacra estimates Wander hit $30M in revenue run rate revenue in 2024, with a 30% month-over-month GMV growth rate.</li><li>Wander's Eastern region properties generate roughly approximately $129,000 more in annual revenue per property than competitors, achieving 68% higher ADR ($1,028 vs $613).</li><li>While gross margins are estimated between 50-60%, Wander likely operates at a net loss as it invests in growth.</li></ul>

Sacra estimates Wander hit $30M in revenue run rate revenue in 2024, with a 30% month-over-month GMV growth rate.Wander's Eastern region properties generate roughly approximately $129,000 more in annual revenue per property than competitors, achieving 68% higher ADR ($1,028 vs $613).While gross margins are estimated between 50-60%, Wander likely operates at a net loss as it invests in growth.

Independent Research, SPACs, SPAC Track

SPAC Track

Independent Research, SPACs

Equity Capital Markets

Sports Ventures Acquisition Corp / Equity Capital Markets

Sports Ventures Acquisition Corp (AKIC US)

<ul><li>Sports Ventures Acquisition Corp. (AKIC: warrants +47% pre-market) &amp; DNEG</li><li>Arisz Acquisition Corp. (ARIZ: warrants +40% pre-market) &amp; BitFuFu</li><li>Sonder (SOND) released its redemption numbers from its merger with Gores Metropoulos II (GMII):</li></ul>

Sports Ventures Acquisition Corp. (AKIC: warrants +47% pre-market) &amp; DNEGArisz Acquisition Corp. (ARIZ: warrants +40% pre-market) &amp; BitFuFuSonder (SOND) released its redemption numbers from its merger with Gores Metropoulos II (GMII):

United States

Sonder Holdings Inc operates as a hospitality company. The Company provides tech-enabled services to offers accomodation options from spacious rooms to fully-equipped suites and apartments. Sonder Holdings serves customers worldwide.

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Sonder Holdings (SOND US)

Hussein Fazal, CEO Of Super.Com, On The paycheck-to-paycheck Super App

Tell us about the original founding insight behind Super.com—what was the wedge, and what early product-market fit told you that there was...

Sacra

Primer: Sonder - 16 Apr 2025

Hospitality service offering app-based bookings for design-forward apartments and boutique stays

Sacra

Primer: Wander - 14 Feb 2025

Marketplace for luxury vacation rentals with hotel-style amenities and direct booking model

Sacra

The Precap from SPAC Track

Sports Ventures Acquisition Corp. (AKIC: warrants +47% pre-market) & DNEG. Arisz Acquisition Corp. (ARIZ: warrants +40% pre-market) & BitFuFu.

SPAC Track

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