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>WeTravel closed a $92 million Series C in September 2025 led by Sapphire Ventures.</li><li>WeTravel operates a hybrid vertical SaaS and embedded fintech model, combining subscription software with payment processing revenue.</li><li>WeTravel is leveraging its Series C funding to build AI agents that convert PDF itineraries into interactive bookings.</li></ul>

WeTravel closed a $92 million Series C in September 2025 led by Sapphire Ventures.WeTravel operates a hybrid vertical SaaS and embedded fintech model, combining subscription software with payment processing revenue.WeTravel is leveraging its Series C funding to build AI agents that convert PDF itineraries into interactive bookings.

<ul><li>Sacra estimates that Super.com hit $200M in annualized revenue in July 2025, with just over 200 employees, following its 2022 relaunch into a savings-and-travel superapp anchored by the Super+ membership.</li><li>The company originated as SnapTravel’s hotel-deals bot and, after surpassing $1B in annual travel GMV in 2024, expanded beyond OTA economics into financial services inside a single wallet.</li><li>Super.com employs a B2C super app model that combines transactional, subscription, and financial service revenue streams.</li></ul>

Sacra estimates that Super.com hit $200M in annualized revenue in July 2025, with just over 200 employees, following its 2022 relaunch into a savings-and-travel superapp anchored by the Super+ membership.The company originated as SnapTravel’s hotel-deals bot and, after surpassing $1B in annual travel GMV in 2024, expanded beyond OTA economics into financial services inside a single wallet.Super.com employs a B2C super app model that combines transactional, subscription, and financial service revenue streams.

<ul><li>Founded in 2021, Bilt found explosive product-market fit as a credit card that gives rewards points on rent—a category which makes up 50%+ of all spend for Gen Z & Millennials and was previously unaddressable due to the 2-3% processing fee landlords would have to pay to accept credit.</li><li>In 2023, Bilt morphed from a co-branded card company to a hybrid payments and embedded SaaS company, launching a “Pay-by-Bilt” button for property managers (now 70% of the top-100 multifamily portfolios) to accept payments via their Yardi, RealPage, or other tenant-facing portal.</li><li>As Bilt evolves into a rewards & loyalty network that spans renters, landlords & neighborhood merchants—the Oneworld Alliance of housing—Sacra estimates that Bilt has hit a $400M revenue run rate in March 2025, up from $280M at the end of 2024.</li></ul>

Founded in 2021, Bilt found explosive product-market fit as a credit card that gives rewards points on rent—a category which makes up 50%+ of all spend for Gen Z & Millennials and was previously unaddressable due to the 2-3% processing fee landlords would have to pay to accept credit.In 2023, Bilt morphed from a co-branded card company to a hybrid payments and embedded SaaS company, launching a “Pay-by-Bilt” button for property managers (now 70% of the top-100 multifamily portfolios) to accept payments via their Yardi, RealPage, or other tenant-facing portal.As Bilt evolves into a rewards & loyalty network that spans renters, landlords & neighborhood merchants—the Oneworld Alliance of housing—Sacra estimates that Bilt has hit a $400M revenue run rate in March 2025, up from $280M at the end of 2024.

<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.

United States

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

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Wander (WANDER US)

Primer: WeTravel - 25 Sep 2025

Platform for travel businesses to digitize booking processes, manage payments, and streamline trip management

Sacra

Primer: Super.com - 01 Sep 2025

All-in-one app to save money, earn cash, and book discounted hotels with cashback and financial services

Sacra

$400M/year Oneworld Of Housing

TL;DR: After evolving from a card company to a hybrid payments processor and proptech SaaS, Bilt now handles rent payments for 70% of the top-100...

Sacra

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

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