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>The reality is that Intercom has had an ML team for six years and we have some really outstanding leaders in our R&amp;D organization, and what we’re doing in AI started from the bottom-up.</li><li>We have spent a lot of time and attention trying to tease apart the strategic implications of AI for customer service, which led us to believe that not only was betting on it like this a giant opportunity, but not betting on it was a serious risk.</li><li>The standards for customer service online—and all businesses are going online, so let&#39;s just say the standard for customer service—is terrible.</li></ul>

The reality is that Intercom has had an ML team for six years and we have some really outstanding leaders in our R&amp;D organization, and what we’re doing in AI started from the bottom-up.We have spent a lot of time and attention trying to tease apart the strategic implications of AI for customer service, which led us to believe that not only was betting on it like this a giant opportunity, but not betting on it was a serious risk.The standards for customer service online—and all businesses are going online, so let&#39;s just say the standard for customer service—is terrible.

Eoghan McCabe & Des Traynor, CEO And CSO Of Intercom, On The AI Transformation Of Customer Service

<ul><li>Mercury is becoming the Booking.com of startup banking, aggregating demand using free checking accounts and the best banking experience to commoditize suppliers (partner banks) who pay for access to Mercury’s customer base.</li><li>SVB got unbundled during COVID and then unwound completely in 48 hours, with Mercury and Brex initially emerging as the primary beneficiaries, with Mercury adding $2B+ in deposits and thousands of customers in a week.</li><li>SVB’s growth left it vulnerable to bottom-up disruption from Mercury and Brex (both founded in 2017), which offered bank accounts and corporate cards to underserved startups outside the core Silicon Valley clique (e.g., international startups).</li></ul>

Mercury is becoming the Booking.com of startup banking, aggregating demand using free checking accounts and the best banking experience to commoditize suppliers (partner banks) who pay for access to Mercury’s customer base.SVB got unbundled during COVID and then unwound completely in 48 hours, with Mercury and Brex initially emerging as the primary beneficiaries, with Mercury adding $2B+ in deposits and thousands of customers in a week.SVB’s growth left it vulnerable to bottom-up disruption from Mercury and Brex (both founded in 2017), which offered bank accounts and corporate cards to underserved startups outside the core Silicon Valley clique (e.g., international startups).

Mercury: The Unbundling Of Silicon Valley Bank

<ul><li>We talked to Andy to get his perspective on the last 8 years of evolution in the tech-enabled bookkeeping space, the geographical labor arbitrage behind the business models of InDinero and Pilot, and the steelman case for the upside of companies like Pilot.</li><li>We opened the office in The Philippines and we did that labor arbitrage.</li><li>Another platform that does really well is Xero.</li></ul>

We talked to Andy to get his perspective on the last 8 years of evolution in the tech-enabled bookkeeping space, the geographical labor arbitrage behind the business models of InDinero and Pilot, and the steelman case for the upside of companies like Pilot.We opened the office in The Philippines and we did that labor arbitrage.Another platform that does really well is Xero.

Andy Su, co-founder Of InDinero, On tech-enabled Bookkeeping's 14-year Evolution

<ul><li>Pilot (dataset) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system of record in QuickBooks.</li><li>Sacra estimates that Pilot has $43M in annual recurring revenue (ARR) growing 30% year-over-year with industry leading gross margins at 60%.</li><li>Every SMB needs bookkeeping and accounting and today they spend some $60B/yr on it, meaning Pilot today is a leader with only 0.4% penetration into a massive opportunity.</li></ul>

Pilot (dataset) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system of record in QuickBooks.Sacra estimates that Pilot has $43M in annual recurring revenue (ARR) growing 30% year-over-year with industry leading gross margins at 60%.Every SMB needs bookkeeping and accounting and today they spend some $60B/yr on it, meaning Pilot today is a leader with only 0.4% penetration into a massive opportunity.

Pilot: The $43M Per Year Mechanical Bookkeeper

<ul><li>The dawn of JavaScript and automating repetitive tasks came first, and there were many things that it couldn&#39;t handle.</li><li>Now, the exciting thing is we&#39;re at a new inflection point with AI and the technologies that GPT-3 brings to us.</li><li>Now, we can read those invoices and contracts with AI and make a recommendation for what it is.</li></ul>

The dawn of JavaScript and automating repetitive tasks came first, and there were many things that it couldn&#39;t handle.Now, the exciting thing is we&#39;re at a new inflection point with AI and the technologies that GPT-3 brings to us.Now, we can read those invoices and contracts with AI and make a recommendation for what it is.

Alex Lee, CEO Of Truewind, On The Potential Of GPT-powered Bookkeeping

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)

Eoghan McCabe & Des Traynor, CEO And CSO Of Intercom, On The AI Transformation Of Customer Service

Sacra interview with Eoghan McCabe & Des Traynor, CEO and CSO of Intercom.

Sacra

Mercury: The Unbundling Of Silicon Valley Bank

TL;DR: As Silicon Valley Bank collapsed last week, $3B+ in funds flowed through the startup ecosystem to other startups, particularly neobanks...

Sacra

Andy Su, co-founder Of InDinero, On tech-enabled Bookkeeping's 14-year Evolution

Sacra interview with Andy Su, co-founder of InDinero.

Sacra

Pilot: The $43M Per Year Mechanical Bookkeeper

TL;DR: Pilot ($43M ARR) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system...

Sacra

Alex Lee, CEO Of Truewind, On The Potential Of GPT-powered Bookkeeping

Sacra interview with Alex Lee, co-founder and CEO of Truewind.

Sacra

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