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

The Boring Company / Private Capital Markets

<ul><li>The Boring Company's valuation has decreased from $8.6 billion in July 2023 to approximately $5.7 billion as of 2025.</li><li>The company raised $675.9 million in its Series C round in April 2022, with Sequoia Capital and Vy Capital as co-leads.</li><li>The Las Vegas network remains significantly below its approved 68-mile scope after several years of development.</li></ul>

The Boring Company's valuation has decreased from $8.6 billion in July 2023 to approximately $5.7 billion as of 2025.The company raised $675.9 million in its Series C round in April 2022, with Sequoia Capital and Vy Capital as co-leads.The Las Vegas network remains significantly below its approved 68-mile scope after several years of development.

EquipmentShare.com / Private Capital Markets

<ul><li>EquipmentShare launched as an Airbnb for construction equipment, undercutting traditional rental companies like United Rentals (NYSE: URI) on price by ~30% by connecting SMBs and small contractors with underutilized forklifts, dozers, and lifts installed with telematics to help owners track how their equipment is being used.</li><li>EquipmentShare’s revenue grew more than 10x from $200M in 2019 to $2.3B in 2023, valued at $3.75B for a 1.6x revenue multiple, propelled by a steadily growing US market for nonresidential construction (94% of their revenue) and continuing post-COVID equipment shortages, with EquipmentShare spending 85% of all of their rental revenues on buying equipment.</li><li>To get there,EquipmentShare will aim to shift their revenue mix (35% equipment sales/65% rentals) more towards their SaaS telematics platform—T3—which can drive sticky, 70% gross margin revenue (vs. the ~20-30% of their equipment rentals business) that’s more resistant to sector-specific downturns, a la the horizontal fleet operations SaaS Samsara (NYSE: IOT) at $1.1B in revenue, valued at $26.45B for a 24x revenue multiple.</li></ul>

EquipmentShare launched as an Airbnb for construction equipment, undercutting traditional rental companies like United Rentals (NYSE: URI) on price by ~30% by connecting SMBs and small contractors with underutilized forklifts, dozers, and lifts installed with telematics to help owners track how their equipment is being used.EquipmentShare’s revenue grew more than 10x from $200M in 2019 to $2.3B in 2023, valued at $3.75B for a 1.6x revenue multiple, propelled by a steadily growing US market for nonresidential construction (94% of their revenue) and continuing post-COVID equipment shortages, with EquipmentShare spending 85% of all of their rental revenues on buying equipment.To get there,EquipmentShare will aim to shift their revenue mix (35% equipment sales/65% rentals) more towards their SaaS telematics platform—T3—which can drive sticky, 70% gross margin revenue (vs. the ~20-30% of their equipment rentals business) that’s more resistant to sector-specific downturns, a la the horizontal fleet operations SaaS Samsara (NYSE: IOT) at $1.1B in revenue, valued at $26.45B for a 24x revenue multiple.

<ul><li>Sacra estimates that Faire generated $616M in revenue in 2023, up 74% year-over-year from an estimated $355M in 2022, for a 35x revenue multiple on their $12.6B valuation as of their Series G extension in May 2022.</li><li>Faire began an aggressive geographic expansion in 2021-2, launching first into the UK and Australia—they’re now the clear market leader with 100+ countries around the world, 2x bigger than their main European competitors, Ankorstore and Qogita.</li><li>Today, Faire’s average gross margin per order is around 73-75%—compare to Etsy (NASDAQ: ETSY) at ~69% with its B2C model, which incurs higher support and infrastructure costs compared to a Faire’s higher-AOV B2B marketplace.</li></ul>

Sacra estimates that Faire generated $616M in revenue in 2023, up 74% year-over-year from an estimated $355M in 2022, for a 35x revenue multiple on their $12.6B valuation as of their Series G extension in May 2022.Faire began an aggressive geographic expansion in 2021-2, launching first into the UK and Australia—they’re now the clear market leader with 100+ countries around the world, 2x bigger than their main European competitors, Ankorstore and Qogita.Today, Faire’s average gross margin per order is around 73-75%—compare to Etsy (NASDAQ: ETSY) at ~69% with its B2C model, which incurs higher support and infrastructure costs compared to a Faire’s higher-AOV B2B marketplace.

<ul><li>Workrise is projected to achieve a valuation of $2.9 billion, driven by its strong growth trajectory and increased user adoption.</li><li>The company has seen a significant increase in its user base, growing from 10,000 to 100,000 in the past year.</li><li>Workrise's revenue has grown by 150% year over year, reflecting robust demand for its platform.</li></ul>

Workrise is projected to achieve a valuation of $2.9 billion, driven by its strong growth trajectory and increased user adoption.The company has seen a significant increase in its user base, growing from 10,000 to 100,000 in the past year.Workrise's revenue has grown by 150% year over year, reflecting robust demand for its platform.

Workrise Revenue, Users, Growth, And Valuation

<ul><li>Tradeshift has raised $1.1B from notable investors such as Goldman Sachs, PayPal Ventures, West River, and Koch Industries.</li><li>Tradeshift&#39;s share in the procurement market is estimated to be less than 1%, with the market leaders being SAP Ariba (16% market share) and Coupa (15% market share).</li><li>Tradeshift leverages the data flowing through its platform to provide working capital finance in the form of early payments to suppliers.</li></ul>

Tradeshift has raised $1.1B from notable investors such as Goldman Sachs, PayPal Ventures, West River, and Koch Industries.Tradeshift&#39;s share in the procurement market is estimated to be less than 1%, with the market leaders being SAP Ariba (16% market share) and Coupa (15% market share).Tradeshift leverages the data flowing through its platform to provide working capital finance in the form of early payments to suppliers.

United States

Marketplace connecting skilled laborers with energy and infrastructure job opportunities

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Workrise (WORKRISE US)

Primer: The Boring Company - 14 Dec 2025

Underground transportation system using electric vehicles for direct, high-speed urban travel

Sacra

EquipmentShare At $2.3B Revenue

TL;DR: Sacra estimates that EquipmentShare generated $2.3B of revenue in 2023, up 35% from $1.7B in 2022, as they rode a wave of post-COVID...

Sacra

Faire At $616M/year Growing 74%

TL;DR: Sacra estimates that Faire hit $616M in revenue in 2023, up 74%, as they expanded their B2B wholesale retail marketplace to 100+ countries....

Sacra

Workrise Revenue, Users, Growth, And Valuation

Sacra model for Workrise's revenue, comps, and growth rate.

Sacra

Primer: Tradeshift - 05 Aug 2022

Business commerce platform for managing procurement, invoicing, and payments between buyers and suppliers

Sacra

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