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>Sacra estimates that Pleo generated $150M in revenue in 2025, up 33% from $113M in 2024.</li><li>Pleo&#39;s implied valuation has fallen from $4.7 billion in 2021 to approximately $1.7 billion as of mid-2026.</li><li>The company compounded ARR at a 65% CAGR from 2020 to 2025, reaching EUR 164 million ARR in Q4 2025.</li></ul>

Sacra estimates that Pleo generated $150M in revenue in 2025, up 33% from $113M in 2024.Pleo&#39;s implied valuation has fallen from $4.7 billion in 2021 to approximately $1.7 billion as of mid-2026.The company compounded ARR at a 65% CAGR from 2020 to 2025, reaching EUR 164 million ARR in Q4 2025.

<ul><li>Sacra estimates that Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.</li><li>The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.</li><li>Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.</li></ul>

Sacra estimates that Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.

<ul><li>Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.</li><li>In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.</li><li>Brex became operating-cash-flow positive for the first time in October 2025.</li></ul>

Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.Brex became operating-cash-flow positive for the first time in October 2025.

<ul><li>Sacra estimates that Ramp hit $1.5B in annualized revenue in May 2026, up from ~$1.2B at the end of 2025.</li><li>Ramp raised $750M at a $44B post-money valuation in June 2026, with ICONIQ Capital, Singaporean sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan co-leading.</li><li>Ramp's AI agents target controllers, enforcing expense policy and preventing fraud with reported 99% accuracy in expense approvals; they are built on OpenAI reasoning models.</li></ul>

Sacra estimates that Ramp hit $1.5B in annualized revenue in May 2026, up from ~$1.2B at the end of 2025.Ramp raised $750M at a $44B post-money valuation in June 2026, with ICONIQ Capital, Singaporean sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan co-leading.Ramp's AI agents target controllers, enforcing expense policy and preventing fraud with reported 99% accuracy in expense approvals; they are built on OpenAI reasoning models.

<ul><li>Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).</li><li>FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.</li><li>Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).</li></ul>

Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).

United States

Software for mid-market finance teams to manage procurement, expenses, and vendor payments

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Airbase (AIRBASE US)

Primer: Pleo - 31 Jul 2026

Expense management tool with smart company cards for employee purchases and finance oversight

Sacra

Primer: Gusto - 16 Jul 2026

Payroll software for SMBs to manage employee and contractor payments, taxes, and benefits

Sacra

Primer: Brex - 10 Jul 2026

Software suite for global companies to manage cards, expenses, and business accounts

Sacra

Primer: Ramp - 09 Jul 2026

Software for finance teams to manage corporate cards, bill pay, and accounting

Sacra

Primer: Navan - 19 Apr 2026

Tool for corporate travel booking, expense management, and corporate card reconciliation

Sacra

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