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>Replit has been growing at a compounding monthly growth rate of 34.9% over the last 3 months, neck-and-neck with Lovable at 35.9% CMGR3 and $100M ARR.</li><li>Sacra estimates Replit’s annual recurring revenue (ARR) hit $106M in June 2025, up 6.6x from $16M at the end of 2024.</li><li>Text-to-app & vibe coding has been a massive monetization driver for Replit both in 1) driving a higher proportion of its user base to pay, going from 15K paying customers on 40 million users to 175K paying customers over the last 12 months and 2) growing ARPU from ~$192 to ~$575.</li></ul>

Replit has been growing at a compounding monthly growth rate of 34.9% over the last 3 months, neck-and-neck with Lovable at 35.9% CMGR3 and $100M ARR.Sacra estimates Replit’s annual recurring revenue (ARR) hit $106M in June 2025, up 6.6x from $16M at the end of 2024.Text-to-app & vibe coding has been a massive monetization driver for Replit both in 1) driving a higher proportion of its user base to pay, going from 15K paying customers on 40 million users to 175K paying customers over the last 12 months and 2) growing ARPU from ~$192 to ~$575.

<ul><li>Julius AI raised $10 million in a Seed round led by Bessemer Venture Partners in July 2025.</li><li>The seed capital is earmarked for go-to-market expansion in Europe and Asia, along with enterprise-grade product development.</li><li>Julius operates as a B2B2C SaaS platform with a freemium model that converts users from free accounts to paid subscriptions.</li></ul>

Julius AI raised $10 million in a Seed round led by Bessemer Venture Partners in July 2025.The seed capital is earmarked for go-to-market expansion in Europe and Asia, along with enterprise-grade product development.Julius operates as a B2B2C SaaS platform with a freemium model that converts users from free accounts to paid subscriptions.

<ul><li>Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024</li><li>OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping </li><li>By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the </li></ul>

Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the 

OpenEvidence At $50M/year Growing 30% MoM

<ul><li>Sacra estimates that OpenRouter hit $5M in annualized revenue in May 2025, on $100M in GMV, up from $1M in annualized revenue at the end of 2024.</li><li>OpenRouter customers buy tokens for inference that get spent across various providers like OpenAI and Anthropic, with tokens marked up roughly 5%—with the value prop for developers being faster setup, a simpler integration experience, and the ability to abstract away the complexity of model selection, with one API, one dashboard for usage & billing, and cost savings from automatically down-shifting to cheaper models when possible.</li><li>The explosion of AI models across 60+ providers and 400+ model variants is making OpenRouter core infrastructure for connecting AI apps to models.</li></ul>

Sacra estimates that OpenRouter hit $5M in annualized revenue in May 2025, on $100M in GMV, up from $1M in annualized revenue at the end of 2024.OpenRouter customers buy tokens for inference that get spent across various providers like OpenAI and Anthropic, with tokens marked up roughly 5%—with the value prop for developers being faster setup, a simpler integration experience, and the ability to abstract away the complexity of model selection, with one API, one dashboard for usage & billing, and cost savings from automatically down-shifting to cheaper models when possible.The explosion of AI models across 60+ providers and 400+ model variants is making OpenRouter core infrastructure for connecting AI apps to models.

<ul><li>Sacra estimates that Harvey reached $75M in ARR in April 2025, up from $50M at the end of 2024.</li><li>Frontier reasoning models have commodified legal reasoning as a differentiator, with every major LLM company now beating Harvey’s proprietary, fine-tuned legal model on its own BigLaw Bench.</li><li>Like vertical enterprise AI for finance Hebbia, Harvey’s high-cost software represents a bundle of software and high-touch “forward-deployed” services to drive change management, implementation, and adoption within the company.</li></ul>

Sacra estimates that Harvey reached $75M in ARR in April 2025, up from $50M at the end of 2024.Frontier reasoning models have commodified legal reasoning as a differentiator, with every major LLM company now beating Harvey’s proprietary, fine-tuned legal model on its own BigLaw Bench.Like vertical enterprise AI for finance Hebbia, Harvey’s high-cost software represents a bundle of software and high-touch “forward-deployed” services to drive change management, implementation, and adoption within the company.

United States

Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

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Anthropic (1892140D US)

Replit At $106M ARR

TL;DR: At a Sacra-estimated $106M in annual recurring revenue, Replit has been growing at a compounding monthly growth rate of 34.9% over the last...

Sacra

Primer: Julius - 29 Jul 2025

AI data analyst enabling users to analyze datasets, create visualizations, and perform predictive modeling

Sacra

OpenEvidence At $50M/year Growing 30% MoM

TL;DR: With doctors overwhelmed by the medical literature—which doubles in size every 5 years—OpenEvidence built a free AI-powered search engine...

Sacra

OpenRouter At $100M GMV

TL;DR: As developers move from wrapping single LLMs to stitching together multiple models, OpenRouter has emerged as the universal LLM...

Sacra

Harvey At $75M ARR

TL;DR: Harvey has scrapped its fine-tuned legal model and gone multi-model as it shifts towards agentic workflows. Sacra estimates that Harvey...

Sacra

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