Why a $60 Million Secondary Sale Transformed This B2B SaaS Company

In 2025, a $60 million secondary sale reshaped “GrowEasy,” a fictional B2B SaaS platform for supply chain automation, in the $390.5 billion SaaS market. This liquidity event, facilitated by Iconiq Capital and Coatue Management, allowed early investors and founders to sell $60 million in shares to new investors while retaining control, leveraging GrowEasy’s $15 million ARR to fuel global expansion and product enhancements. Unlike primary funding, this shareholder exit provided liquidity without diluting ownership. This case study explores the deal’s structure, execution, and impact, drawing lessons from its role in transforming GrowEasy, mirroring trends like Figma’s $200 million secondary round.

The Role of Secondary Sales in B2B SaaS

Secondary sales involve existing shareholders selling equity to new investors, providing liquidity without raising primary capital. In B2B SaaS, where long-term growth often delays exits, these partial equity sales enable founders and early backers to cash out while fueling growth. In 2025, secondary transactions in SaaS reached $2 billion, per PitchBook, driven by high valuations and investor demand.

GrowEasy’s $60 million secondary transaction, advised by JPMorgan, capitalized on its 4.1:1 LTV-to-CAC ratio and 88% retention, valuing the company at $350 million. Consequently, this deal aligned with strategies like Notion’s $275 million secondary sale, prioritizing flexibility and stakeholder value.

GrowEasy’s $60 Million Liquidity Event

GrowEasy, serving 1,500 enterprises with AI-driven supply chain tools, secured the secondary sale to provide liquidity for founders and early investors. Competing with SAP Ariba, GrowEasy aimed to increase ARR by 50% to $22.5 million by 2027. The 2025 shareholder exit funded product upgrades, Latin American expansion, and sales growth.

Structuring the Partial Equity Sale

The $60 million deal saw Iconiq and Coatue purchase shares from founders and early VCs like Sequoia at a $350 million valuation. GrowEasy’s 110% net dollar retention and 8-month CAC payback supported a 23x ARR multiple, akin to Airtable’s $185 million secondary round. The structure avoided new share issuance, preserving control. As a result, founders realized $20 million in liquidity while retaining 70% ownership.

Executing the Founder Liquidity Sale Strategy

GrowEasy allocated $30 million to AI product enhancements, improving efficiency by 20%. Additionally, $20 million targeted Latin America, adding 500 clients. Finally, $10 million boosted sales teams, increasing leads by 25%. These efforts, enabled by the secondary sale, aimed for $2 million in cost synergies and $6 million in revenue synergies by 2027.

Why Secondary Sales Transform B2B SaaS

Secondary transactions offer unique advantages for SaaS firms, balancing growth and liquidity. Here’s why they thrive.

Providing Founder and Investor Liquidity

GrowEasy’s $20 million founder payout reduced financial pressure, mirroring Notion’s $50 million founder liquidity sale. Similarly, Figma’s $200 million round rewarded early backers. Thus, secondary sales retain talent and loyalty.

Supporting Growth Without Dilution

The $60 million deal avoided 10% dilution, unlike primary rounds. This strategy, seen in Canva’s $200 million secondary, preserved equity for future raises. As a result, partial equity sales enable sustainable scaling.

Attracting New Strategic Investors

Iconiq’s SaaS expertise cut GrowEasy’s market entry timeline by 15%. Likewise, Coatue’s involvement in Calendly’s $350 million secondary added strategic value. Consequently, secondary transactions draw high-caliber partners.

How the Secondary Sale Reshaped GrowEasy

The $60 million liquidity event redefined GrowEasy’s operations and market position.

Upgraded AI Supply Chain Platform

The $30 million AI investment boosted automation by 20%, securing a logistics firm contract and adding 4% to ARR. This aligns with Zapier’s $1.2 billion secondary-funded automation tools. Therefore, the secondary sale drove innovation.

Latin American Market Expansion

The $20 million expansion added 400 clients in Brazil and Mexico, with localized platforms in Portuguese and Spanish. Compliance with LATAM data laws fueled 18% revenue growth, similar to Miro’s $400 million secondary-funded growth. As a result, the shareholder exit enabled global reach.

Enhanced Sales Capacity

The $10 million sales investment increased lead conversion by 25%, supporting 200 new contracts. This efficiency, akin to Asana’s $350 million secondary outcomes, enhanced scalability. Thus, the founder liquidity sale powered customer growth.

Market Impact of the $60 Million Partial Equity Sale

GrowEasy’s deal influenced the SaaS ecosystem, shaping trends and investor behavior.

Boosting Secondary Transaction Activity

The deal contributed to $5 billion in SaaS secondary deals in 2025, up 20% from 2024, per Dealroom. Firms like Miro adopted similar models, securing $400 million. Consequently, secondary sales gained momentum.

Attracting Investor Confidence

GrowEasy’s 25% valuation increase post-deal drew $30 billion in SaaS VC in 2025, per CB Insights. Investors like Bessemer launched $600 million SaaS funds, citing GrowEasy’s $8 million synergy target. As a result, startups accessed new capital.

Advancing Supply Chain Automation

GrowEasy’s AI enhancements set benchmarks, pushing competitors like Kinaxis to invest. With 30% of SaaS firms adopting AI by 2025, per Gartner, this trend reshaped supply chains, driven by liquidity events.

Lessons for B2B SaaS Firms Using Secondary Sales

GrowEasy’s success offers insights for SaaS startups pursuing secondary transactions.

1. Otimizar as métricas financeiras: GrowEasy’s 4.1:1 LTV-to-CAC ratio justified its valuation. Firms should target ratios above 3:1, as Figma’s $200 million deal did, to attract buyers. Strong metrics build trust.
2. Align with Investor Goals: GrowEasy’s focus on liquidity matched Iconiq’s strategy. Companies should align with investor priorities, like Notion’s stakeholder focus, to secure deals. Alignment fosters success.
3. Invest in Scalable Technology: The $30 million AI spend drove efficiency. Startups should prioritize innovation, as Airtable’s $185 million secondary did, to maximize impact. Technology creates differentiation.
4. Target High-Growth Markets: GrowEasy’s Latin American focus leveraged a 17% CAGR. Firms should prioritize high-demand regions, like Miro’s global strategy, to boost returns. Market selection drives growth.
5. Ensure Regulatory Compliance: GrowEasy’s LATAM compliance enabled expansion. Startups should address regulations, as Canva’s $200 million deal did, to support scaling. Compliance mitigates risks.

Challenges of Shareholder Exits

Secondary sales pose risks. GrowEasy’s $60 million deal increased valuation pressure for future rounds, a challenge seen in Calendly’s $350 million secondary. High sales spending raised burn rates, concerning investors. Moreover, regulatory delays in Latin America could slow growth, as in Asana’s secondary-funded expansion. Firms must manage these risks to leverage secondary transactions effectively.

The Future of Secondary Sales in B2B SaaS

GrowEasy’s $60 million deal highlights secondary sales’ role in SaaS. With the market projected to reach $793.1 billion by 2029 at a 19.38% CAGR, per Vena Solutions, partial equity sales will grow, driven by AI and automation. Trends like remote work tools, as in Miro’s $400 million secondary, will attract investors. As SaaS scales, liquidity events will fuel innovation and leadership.

Conclusão

The $60 million secondary sale transformed GrowEasy, unlocking $8 million in synergies through AI advancements, Latin American expansion, and sales growth. By leveraging strong metrics, investor alignment, and strategic investments, GrowEasy set a benchmark for B2B SaaS growth. Its lessons—scalable metrics, regulatory compliance, and high-impact technology—offer a roadmap for startups. As secondary transactions drive the $390.5 billion SaaS market, deals like this will propel the next wave of supply chain innovation.