Private Markets, Angel and Secondary Investing, Sacra

Sacra

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 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 surprise consumer success of ChatGPT and the compute needed to support it put OpenAI on track to build the most capital-intensive startup in Silicon Valley history: so far, they’ve raised roughly $13.3B en route to $1B of (unprofitable) revenue in 2023.</li><li>This level of capital investment and cash burn necessitated a deep-pocketed, long-term partner like Microsoft—making it the single most influential stakeholder in OpenAI despite its minority ownership in the for-profit entity and lack of board seat in the controlling non-profit board.</li><li>Developers have raised $5B+ to build startups on top of OpenAI in 2023 alone, making an ecosystem bet on OpenAI as the latest platform shift—now, it’s even more clear that they need to design for optionality between OpenAI and competitors.</li></ul>

The surprise consumer success of ChatGPT and the compute needed to support it put OpenAI on track to build the most capital-intensive startup in Silicon Valley history: so far, they’ve raised roughly $13.3B en route to $1B of (unprofitable) revenue in 2023.This level of capital investment and cash burn necessitated a deep-pocketed, long-term partner like Microsoft—making it the single most influential stakeholder in OpenAI despite its minority ownership in the for-profit entity and lack of board seat in the controlling non-profit board.Developers have raised $5B+ to build startups on top of OpenAI in 2023 alone, making an ecosystem bet on OpenAI as the latest platform shift—now, it’s even more clear that they need to design for optionality between OpenAI and competitors.

OpenAI

OpenAI Governance By Force