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>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>Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in 2023, up 20% from $83M at the end of 2023, valued at $1B as of their 2021 Series C for a 25x multiple on their $40M ARR in 2021, with 56,000 customers for average revenue per customer (ARPC) of about $1.8K.</li><li>Founded in 2011 in Belarus, PandaDoc found product-market fit by undercutting DocuSign (NASDAQ: DOCU) on price, offering unlimited documents and e-signatures as part of a SaaS subscription versus DocuSign's $5 per e-signature model.</li><li>PandaDoc's business model leverages a freemium strategy to drive adoption.</li></ul>

Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in 2023, up 20% from $83M at the end of 2023, valued at $1B as of their 2021 Series C for a 25x multiple on their $40M ARR in 2021, with 56,000 customers for average revenue per customer (ARPC) of about $1.8K.Founded in 2011 in Belarus, PandaDoc found product-market fit by undercutting DocuSign (NASDAQ: DOCU) on price, offering unlimited documents and e-signatures as part of a SaaS subscription versus DocuSign's $5 per e-signature model.PandaDoc's business model leverages a freemium strategy to drive adoption.

<ul><li>Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in August 2024, up 20% from $83M at the end of 2023, as they aggressively colonized sales data rooms, CPQs, payments and notarization.</li><li>Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in 2023, up 20% from $83M at the end of 2023, valued at $1B as of their 2021 Series C for a 25x multiple on their $40M ARR in 2021, with 56,000 customers for average revenue per customer (ARPC) of about $1.8K.</li><li>Standalone e-sign companies like PandaDoc expand their TAM by aggressively colonizing sales data rooms (DocSend), CPQs (DealHub), payments (Stripe Payment Links), and notarization (Notarize).</li></ul>

Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in August 2024, up 20% from $83M at the end of 2023, as they aggressively colonized sales data rooms, CPQs, payments and notarization.Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in 2023, up 20% from $83M at the end of 2023, valued at $1B as of their 2021 Series C for a 25x multiple on their $40M ARR in 2021, with 56,000 customers for average revenue per customer (ARPC) of about $1.8K.Standalone e-sign companies like PandaDoc expand their TAM by aggressively colonizing sales data rooms (DocSend), CPQs (DealHub), payments (Stripe Payment Links), and notarization (Notarize).

<ul><li>We wanted to learn more about the Melbourne-based Airwallex, which recently surpassed $100B in transaction volume and announced that it plans to go public in 2026.</li><li>COVID brought a surge in cross-border payments, helping Airwallex grow to $30B in annualized volume in 2021 and $100B as of July 2024 (up 73% YoY), with 100,000 customers for about $1M in payments volume per customer and a revenue run rate of $500M (up ~80% YoY).</li><li>Airwallex is pushing aggressively into Europe, the UK, and the Americas as an embedded finance platform—60% of revenue now comes from its API and products like Payments for Platforms (a la Stripe Connect)—to get distribution into the highly saturated fintech ecosystem of the West and the 100M+ SMBs it serves.</li></ul>

We wanted to learn more about the Melbourne-based Airwallex, which recently surpassed $100B in transaction volume and announced that it plans to go public in 2026.COVID brought a surge in cross-border payments, helping Airwallex grow to $30B in annualized volume in 2021 and $100B as of July 2024 (up 73% YoY), with 100,000 customers for about $1M in payments volume per customer and a revenue run rate of $500M (up ~80% YoY).Airwallex is pushing aggressively into Europe, the UK, and the Americas as an embedded finance platform—60% of revenue now comes from its API and products like Payments for Platforms (a la Stripe Connect)—to get distribution into the highly saturated fintech ecosystem of the West and the 100M+ SMBs it serves.

<ul><li>Airbyte was founded in 2020 by Michel Tricot and John Lafleur as an open-source data integration platform.</li><li>Airbyte's strategy of focusing on the long tail of data integrations positions it to capture market share in areas underserved by established players.</li><li>Airbyte has tailwinds from the proliferation of SaaS applications and cloud data warehouses, and has the opportunity to grow and expand into adjacent markets like data integration infrastructure and AI-powered data pipelines.</li></ul>

Airbyte was founded in 2020 by Michel Tricot and John Lafleur as an open-source data integration platform.Airbyte's strategy of focusing on the long tail of data integrations positions it to capture market share in areas underserved by established players.Airbyte has tailwinds from the proliferation of SaaS applications and cloud data warehouses, and has the opportunity to grow and expand into adjacent markets like data integration infrastructure and AI-powered data pipelines.

United States

Stripe, Inc. provides payment software services and solutions. The Company designs and produces software to process online credit and debit card payments. Stripe serves customers worldwide.

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Stripe (0170016D US)

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

Primer: PandaDoc - 01 Oct 2024

Document automation software for e-signatures, proposals, contracts, and sales workflows

Sacra

PandaDoc At $100M ARR

TL;DR: Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in August 2024, up 20% from $83M at the end of 2023, as they...

Sacra

Airwallex At $100B TPV

TL;DR: Sacra estimates that Airwallex hit $100B in annual transaction volume in 2024, up 73% year-over-year, for a revenue run rate of $500M. Now,...

Sacra

Primer: Airbyte - 04 Sep 2024

Open-source tool for syncing data from APIs, apps, and databases to warehouses

Sacra

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