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 first piece is there&#39;s a lot more B2B SaaS out there. The amount has exponentially grown year over year.</li><li>We&#39;re now seeing the same thing happen in customer-facing integrations, where this whole idea of should we build in-house or should we outsource is becoming a lot more about which outsourced tools we should use, not should we build it ourselves.</li><li>The long-term vision for Vessel is that when you go to build your first customer-facing integration, it&#39;s not about, &quot;Well, let me go pull up the Salesforce docs and figure out how to do that.&quot;</li></ul>

The first piece is there&#39;s a lot more B2B SaaS out there. The amount has exponentially grown year over year.We&#39;re now seeing the same thing happen in customer-facing integrations, where this whole idea of should we build in-house or should we outsource is becoming a lot more about which outsourced tools we should use, not should we build it ourselves.The long-term vision for Vessel is that when you go to build your first customer-facing integration, it&#39;s not about, &quot;Well, let me go pull up the Salesforce docs and figure out how to do that.&quot;

Zachary Kirby, co-founder Of Vessel, On Building The Vercel For Integrations

<ul><li>Intercom is betting their $250M/year business 100% on customer service and leveraging LLMs to turn their chat window real estate on 25,000 customer sites into their next step function in growth.</li><li>Today, Sacra estimates that Intercom is doing about $250M revenue, growing 25% year-over-year, with more than 25,000 companies as customers and 600M+ users sending 500M+ messages every month.</li><li>In its upside case, Fin catalyzes Intercom’s colonization of the entire customer service software suite, by offering customers more personalized chatbot responses and faster resolution times in return for adopting more to all of the Intercom customer service platform.</li></ul>

Intercom is betting their $250M/year business 100% on customer service and leveraging LLMs to turn their chat window real estate on 25,000 customer sites into their next step function in growth.Today, Sacra estimates that Intercom is doing about $250M revenue, growing 25% year-over-year, with more than 25,000 companies as customers and 600M+ users sending 500M+ messages every month.In its upside case, Fin catalyzes Intercom’s colonization of the entire customer service software suite, by offering customers more personalized chatbot responses and faster resolution times in return for adopting more to all of the Intercom customer service platform.

<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>Sacra estimates that Drift hit $135M in annual recurring revenue (ARR) at the end of 2022, up 35% from $100M at the end of 2021.</li><li>Drift’s packages now start at $2,500 per month (they removed their previously entry-level $40 per month package in 2022); users are billed annually.</li><li>In 2022, Drift setup operations in Guadalajara, Mexico, its sixth global location, to cover the Latin America market.</li></ul>

Sacra estimates that Drift hit $135M in annual recurring revenue (ARR) at the end of 2022, up 35% from $100M at the end of 2021.Drift’s packages now start at $2,500 per month (they removed their previously entry-level $40 per month package in 2022); users are billed annually.In 2022, Drift setup operations in Guadalajara, Mexico, its sixth global location, to cover the Latin America market.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  shares underperformed in 2022, with shares down ~47% YTD versus a 33% loss on the Nasdaq Composite. US software stocks lost ~51% on average over the year. </li>
<li>Insiders keep buying shares. VC firm Accel, a 5%+ shareholder, acquired ~$50 million worth of <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  shares in 2H22. Strong insider buying indicates the stock could hit bottom. </li>
<li>We estimate <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  crossed the $500M ARR mark in 3QCY22. The company may report strong 4QCY22 results and surprise investors and analysts.</li>
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Freshworks (FRSH US)  shares underperformed in 2022, with shares down ~47% YTD versus a 33% loss on the Nasdaq Composite. US software stocks lost ~51% on average over the year. 
Insiders keep buying shares. VC firm Accel, a 5%+ shareholder, acquired ~$50 million worth of Freshworks (FRSH US)  shares in 2H22. Strong insider buying indicates the stock could hit bottom. 
We estimate Freshworks (FRSH US)  crossed the $500M ARR mark in 3QCY22. The company may report strong 4QCY22 results and surprise investors and analysts.


Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear

United States

Zendesk, Inc. provides web-based help desk software with customer support platform. The Company offers applications that allow clients to manage incoming support requests from end customers from any internet connected computer. Zendesk serves customers in the United States.

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Zendesk Inc (ZEN US)

Zachary Kirby, co-founder Of Vessel, On Building The Vercel For Integrations

You're a B2B SaaS company in 2023. How do you build integrations and how has that process changed over the last 5 years? What will it look like...

Sacra

Intercom's $250M/year AI Bet

TL;DR: Intercom is betting their $250M/year business 100% on customer service and leveraging LLMs to turn their chat window real estate on 25,000...

Sacra

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

Primer: Drift - 18 Apr 2023

Chatbot and live chat tool for sales and marketing teams to engage website visitors

Sacra

Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear

Strong insider buying and a recent buyout of Zendesk may indicate a bottom for Freshworks shares as valuations have improved. Freshworks...

Andrei Zakharov

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