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>Grammarly is pivoting from browser extension to AI-native productivity platform through its merger with Coda.</li><li>Grammarly’s growth has decelerated, hitting $700M ARR in May 2025, up from $650M at the end of 2024 (up 12% YoY).</li><li>Grammarly’s late-2024 merger with Coda, engineered by mutual investor General Catalyst, layers a high-engagement docs & productivity interface onto Grammarly’s install base of 40M users.</li></ul>

Grammarly is pivoting from browser extension to AI-native productivity platform through its merger with Coda.Grammarly’s growth has decelerated, hitting $700M ARR in May 2025, up from $650M at the end of 2024 (up 12% YoY).Grammarly’s late-2024 merger with Coda, engineered by mutual investor General Catalyst, layers a high-engagement docs & productivity interface onto Grammarly’s install base of 40M users.

<ul><li>Velvet raised a seed round in 2020, with investors in the company including Winklevoss Capital, Material V, Singularity Capital, Atma Capital, IronPine, Alumni Ventures, and Arieli Capital.</li><li>By automating what Velvet claims is 80% of the workflow from initial pitch deck review to investment decision, the software allows smaller investment teams to evaluate more deals while maintaining thorough due diligence standards.</li><li>Velvet's partnership with Templum for secondary trading creates opportunities to earn transaction fees on private share trades rather than just SaaS subscriptions.</li></ul>

Velvet raised a seed round in 2020, with investors in the company including Winklevoss Capital, Material V, Singularity Capital, Atma Capital, IronPine, Alumni Ventures, and Arieli Capital.By automating what Velvet claims is 80% of the workflow from initial pitch deck review to investment decision, the software allows smaller investment teams to evaluate more deals while maintaining thorough due diligence standards.Velvet's partnership with Templum for secondary trading creates opportunities to earn transaction fees on private share trades rather than just SaaS subscriptions.

<ul><li>Sacra estimates that Vercel hit $172M ARR in in February 2025, up 80% YoY.</li><li>Vercel enables teams to deploy JS-based apps with minimal configuration—selling speed and simplicity through opinionated defaults—and monetizing through (1) usage-based pricing (compute, bandwidth, storage), (2) per-seat Pro ($20/month/seat) and Enterprise plans, and (3) a separate $20/month subscription for v0, its AI frontend builder.</li><li>The launch of Vercel’s AI app builder v0 in September 2023 caught the wave of AI app builders in 2024 and marked a key inflection point for Vercel, re-accelerating growth to 80% YoY and driving the company to a Sacra-estimated $172M in annual recurring revenue (ARR) by February 2025, up from ~$96M at the end of 2023.</li></ul>

Sacra estimates that Vercel hit $172M ARR in in February 2025, up 80% YoY.Vercel enables teams to deploy JS-based apps with minimal configuration—selling speed and simplicity through opinionated defaults—and monetizing through (1) usage-based pricing (compute, bandwidth, storage), (2) per-seat Pro ($20/month/seat) and Enterprise plans, and (3) a separate $20/month subscription for v0, its AI frontend builder.The launch of Vercel’s AI app builder v0 in September 2023 caught the wave of AI app builders in 2024 and marked a key inflection point for Vercel, re-accelerating growth to 80% YoY and driving the company to a Sacra-estimated $172M in annual recurring revenue (ARR) by February 2025, up from ~$96M at the end of 2023.

<ul><li>FP&A incumbent Anaplan (founded in 2006) dramatically sped up the process of creating accurate forecasts by building a self-serve UI into key data sources—core financials, CRM, ERP—so that analysts could use live, actual data to build & edit models in Excel and memorialize them in the cloud.</li><li>Live browser-based editing & collaboration in FP&A à la Figma offers the potential for cross-side network effects and seat expansion that colonizes the entire org—versus Anaplan’s building & cross-selling department-specific FP&A solutions into sales & marketing, HR, supply chain and more.</li><li>The second way people get pulled in doesn’t start with finance at all. Maybe you just want to create a good sales forecast or a good product model directly, and you want to get there sooner because you want to start with real data.</li></ul>

FP&A incumbent Anaplan (founded in 2006) dramatically sped up the process of creating accurate forecasts by building a self-serve UI into key data sources—core financials, CRM, ERP—so that analysts could use live, actual data to build & edit models in Excel and memorialize them in the cloud.Live browser-based editing & collaboration in FP&A à la Figma offers the potential for cross-side network effects and seat expansion that colonizes the entire org—versus Anaplan’s building & cross-selling department-specific FP&A solutions into sales & marketing, HR, supply chain and more.The second way people get pulled in doesn’t start with finance at all. Maybe you just want to create a good sales forecast or a good product model directly, and you want to get there sooner because you want to start with real data.

Siqi Chen, CEO Of Runway, On Building browser-based Collaborative FP&A

<ul><li>Companies like Ramp, Notion and Databricks take outputs from frontier models like OpenAI’s GPT-4 and use them to fine-tune smaller, cheaper and faster open source models like Mistral and Llama 3.1, reducing their costs by 90% for specific, repetitive tasks.</li><li>Fine-tuning platforms like OpenPipe ($6.7M raised), Predibase (Felicis, $28.5M raised) and Airtrain AI (Y Combinator, $3.2M raised) unbundle fine-tuning from the LLMs and rebundle it with MLOps, combining a software development kit (SDK) for collecting prompt-completion pairs with model training, eval, and deployment to launch and rapidly iterate on fine-tuned models.</li><li>We recognized that fine-tuning could greatly enhance capabilities and reliability, but it typically required having a specialist on staff. We realized that if we built the right workflow tool, we could replace that specialist and make it possible for anyone proficient in prompt engineering to successfully build a fine-tuned model.</li></ul>

Companies like Ramp, Notion and Databricks take outputs from frontier models like OpenAI’s GPT-4 and use them to fine-tune smaller, cheaper and faster open source models like Mistral and Llama 3.1, reducing their costs by 90% for specific, repetitive tasks.Fine-tuning platforms like OpenPipe ($6.7M raised), Predibase (Felicis, $28.5M raised) and Airtrain AI (Y Combinator, $3.2M raised) unbundle fine-tuning from the LLMs and rebundle it with MLOps, combining a software development kit (SDK) for collecting prompt-completion pairs with model training, eval, and deployment to launch and rapidly iterate on fine-tuned models.We recognized that fine-tuning could greatly enhance capabilities and reliability, but it typically required having a specialist on staff. We realized that if we built the right workflow tool, we could replace that specialist and make it possible for anyone proficient in prompt engineering to successfully build a fine-tuned model.

Kyle Corbitt, CEO Of OpenPipe, On The Future Of fine-tuning LLMs

United States

Collaborative database software for building custom workflows without writing code

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Airtable (AIRTABLE US)

Grammarly Vs Notion

TL;DR: With the rise of LLMs commoditizing text editing & generation, Grammarly is pivoting from browser extension to AI-native productivity...

Sacra

Primer: Velvet - 02 Jun 2025

AI copilot for private market investors to automate investment processes, harness data, and accelerate due diligence

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$172M/year Heroku Of Vibe Coding

TL;DR: Starting as a platform-as-a-service for deploying & hosting modern JavaScript apps, Vercel has re-accelerated with the launch of its AI app...

Sacra

Siqi Chen, CEO Of Runway, On Building browser-based Collaborative FP&A

You were previously running Sandbox VR and before that you were VP of Growth at Postmates. What got you interested in FP&A and in starting Runway...

Sacra

Kyle Corbitt, CEO Of OpenPipe, On The Future Of fine-tuning LLMs

Tell us about OpenPipe—what was the key insight that led you to start the company and focus on fine-tuning...

Sacra

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