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>Jarsy raised a $5 million pre-seed round in June 2025 led by Breyer Capital.</li><li>Jarsy runs a marketplace for tokenized pre-IPO equity with a catalog-style interface for private company shares.</li><li>Multiple startups are converging on similar tokenized equity models with different regulatory approaches and target markets.</li></ul>

Jarsy raised a $5 million pre-seed round in June 2025 led by Breyer Capital.Jarsy runs a marketplace for tokenized pre-IPO equity with a catalog-style interface for private company shares.Multiple startups are converging on similar tokenized equity models with different regulatory approaches and target markets.

<ul><li>During 2017-2018, initial coin offerings (ICOs) showed extreme product-market fit for capital formation but failed investors by severing economic rights from company performance through "utility token" gymnastics needed to dodge securities law, leaving token holders with no claim on revenue &amp; inspiring today&#39;s tokenized private &amp; public stock securities to focus on delivering economic rights under existing regulations like Reg D and Reg S.</li><li>Just as millennial demand drove Robinhood to fractionalize Tesla and Apple shares, millennial HENRYs with disposable income but sub-accredited net worth are now demanding fractional SpaceX and Stripe ownership—but in most cases, the most democratic and accessible option available to them is 3rd and 4th-layer SPVs that come with smaller minimum ticket sizes but increased risk &amp; far higher costs.</li><li>With Robinhood and Kraken already live with 24/7 tokenized Tesla and Apple trading, and Nasdaq announcing plans to tokenize its entire public market by 2025, the endgame isn&#39;t a separate category of "blockchain-based securities" but blockchain becoming invisible settlement infrastructure, the same way Venmo users don&#39;t think about ACH.</li></ul>

During 2017-2018, initial coin offerings (ICOs) showed extreme product-market fit for capital formation but failed investors by severing economic rights from company performance through "utility token" gymnastics needed to dodge securities law, leaving token holders with no claim on revenue &amp; inspiring today&#39;s tokenized private &amp; public stock securities to focus on delivering economic rights under existing regulations like Reg D and Reg S.Just as millennial demand drove Robinhood to fractionalize Tesla and Apple shares, millennial HENRYs with disposable income but sub-accredited net worth are now demanding fractional SpaceX and Stripe ownership—but in most cases, the most democratic and accessible option available to them is 3rd and 4th-layer SPVs that come with smaller minimum ticket sizes but increased risk &amp; far higher costs.With Robinhood and Kraken already live with 24/7 tokenized Tesla and Apple trading, and Nasdaq announcing plans to tokenize its entire public market by 2025, the endgame isn&#39;t a separate category of "blockchain-based securities" but blockchain becoming invisible settlement infrastructure, the same way Venmo users don&#39;t think about ACH.

Han Qin, co-founder & CEO Of Jarsy, On The Rise Of Fractional pre-IPO Investing

<ul><li>Crypto-native neobanks in geographies like Latin America and Africa have begun to emerge, using stablecoins to offer USD-denominated financial services, where local currency volatility otherwise makes business planning impossible.</li><li>Twenty years ago, just as card-on-file tokenization gave rise to recurring subscription consumer businesses like Netflix &amp; Spotify—today, instant atomic settlement on stablecoin rails unlocks business models impossible on T+2 clearing, like streaming payroll that pays by the second, instant cross-border supplier payments, and conditional money flows that execute based on real-world triggers.</li><li>Beyond monetizing payment volume, stablecoins rails enable a new tier of programmable features—multi-party settlement logic, smart-contract templates, conditional escrows—that providers like Reap ($59.7M raised, HashKey Capital &amp; Acorn Pacific Ventures) and Bridge (acquired by Stripe for $1.1B in February 2025) can price as premium capabilities, similar to how Stripe charges for Billing, Radar and Connect atop payments.</li></ul>

Crypto-native neobanks in geographies like Latin America and Africa have begun to emerge, using stablecoins to offer USD-denominated financial services, where local currency volatility otherwise makes business planning impossible.Twenty years ago, just as card-on-file tokenization gave rise to recurring subscription consumer businesses like Netflix &amp; Spotify—today, instant atomic settlement on stablecoin rails unlocks business models impossible on T+2 clearing, like streaming payroll that pays by the second, instant cross-border supplier payments, and conditional money flows that execute based on real-world triggers.Beyond monetizing payment volume, stablecoins rails enable a new tier of programmable features—multi-party settlement logic, smart-contract templates, conditional escrows—that providers like Reap ($59.7M raised, HashKey Capital &amp; Acorn Pacific Ventures) and Bridge (acquired by Stripe for $1.1B in February 2025) can price as premium capabilities, similar to how Stripe charges for Billing, Radar and Connect atop payments.

Kevin Kang, co-founder Of Reap, On stablecoin-native Business Models In Fintech

<ul><li>In October 2025, Anrok raised a $55M Series C led by Spark Capital, more than doubling its valuation to $525M, with participation from Sapphire Ventures, Khosla Ventures, Sequoia, and Index; customers include Anthropic, Mistral, and Cursor.</li><li>Anrok operates a usage-based SaaS model that combines a monthly subscription fee with a percentage of transaction volume.</li><li>The platform continuously tracks these nexus thresholds across all 45 US states with sales tax (and 80+ international jurisdictions) and alerts finance teams when they need to start collecting tax in a new location.</li></ul>

In October 2025, Anrok raised a $55M Series C led by Spark Capital, more than doubling its valuation to $525M, with participation from Sapphire Ventures, Khosla Ventures, Sequoia, and Index; customers include Anthropic, Mistral, and Cursor.Anrok operates a usage-based SaaS model that combines a monthly subscription fee with a percentage of transaction volume.The platform continuously tracks these nexus thresholds across all 45 US states with sales tax (and 80+ international jurisdictions) and alerts finance teams when they need to start collecting tax in a new location.

<ul><li>Tempo closed a $500 million Series A round in October 2025 at a $5 billion post-money valuation.</li><li>The core monetization model is transaction-based fees paid in stablecoins.</li><li>Tempo can expand beyond simple transfers into tokenized deposits and bank-grade settlement.</li></ul>

Tempo closed a $500 million Series A round in October 2025 at a $5 billion post-money valuation.The core monetization model is transaction-based fees paid in stablecoins.Tempo can expand beyond simple transfers into tokenized deposits and bank-grade settlement.

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)

Primer: Jarsy - 22 Oct 2025

Platform enabling retail investors to access tokenized equity in high-growth private companies with investments starting from $10

Sacra

Han Qin, co-founder & CEO Of Jarsy, On The Rise Of Fractional pre-IPO Investing

What is Jarsy in short? What inspired you to start the company...

Sacra

Kevin Kang, co-founder Of Reap, On stablecoin-native Business Models In Fintech

Maybe we'll start off with the top level—if you can give us the short version of what Reap is and what inspired you to start the company...

Sacra

Primer: Anrok - 21 Oct 2025

Software for SaaS companies to automate sales tax calculation, filing, and compliance

Sacra

Primer: Tempo - 19 Oct 2025

Layer 1 blockchain optimized for high-throughput, low-cost stablecoin payments

Sacra

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