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 Benchling hit $210M in annual recurring revenue (ARR) in May 2024, up from $185M at the end of 2023.</li><li>Benchling&#39;s customer base expanded from 410 in 2020 to 1,200 as of May 2024.</li><li>Benchling drives this expansion through a combination of user growth within accounts (i.e., adding more seats) and upselling additional modules and capabilities.</li></ul>

Sacra estimates that Benchling hit $210M in annual recurring revenue (ARR) in May 2024, up from $185M at the end of 2023.Benchling&#39;s customer base expanded from 410 in 2020 to 1,200 as of May 2024.Benchling drives this expansion through a combination of user growth within accounts (i.e., adding more seats) and upselling additional modules and capabilities.

<ul><li>We estimate Apeel’s 2021 revenue at $22M, up 21% from 2020.</li><li>It was last valued at $2B at an estimated 100x valuation/revenue multiple.</li><li>Apeel recently acquired spectral imaging startup ImpactVision, which lets growers see inside their produce to understand its ripening window.</li></ul>

We estimate Apeel’s 2021 revenue at $22M, up 21% from 2020.It was last valued at $2B at an estimated 100x valuation/revenue multiple.Apeel recently acquired spectral imaging startup ImpactVision, which lets growers see inside their produce to understand its ripening window.

Redwood Materials / Private Capital Markets

<ul><li>Sacra estimates that Redwood Materials generated $200M in revenue in 2024.</li><li>Redwood processed more than 20 GWh of lithium-ion batteries in 2024, enough material for roughly 250,000 electric vehicles, while recovering more than 95% of the critical minerals inside.</li><li>Redwood Materials was valued at more than $6B following the final close of its $425M Series E round led by Eclipse in January 2026.</li></ul>

Sacra estimates that Redwood Materials generated $200M in revenue in 2024.Redwood processed more than 20 GWh of lithium-ion batteries in 2024, enough material for roughly 250,000 electric vehicles, while recovering more than 95% of the critical minerals inside.Redwood Materials was valued at more than $6B following the final close of its $425M Series E round led by Eclipse in January 2026.

<ul><li>Sacra estimates that Bolt Threads generated $4.5M in 2025, up more than 200% YoY from $1.4M in 2024.</li><li>Bolt guided to $11M in 2026 revenue, up from prior guidance of $9M, but that should be treated as guidance rather than actual revenue.</li><li>Bolt&#39;s 2024 10-K disclosed substantial doubt about its ability to continue as a going concern, with only $3.5M cash at year-end 2024 and a net loss of $65.4M.</li></ul>

Sacra estimates that Bolt Threads generated $4.5M in 2025, up more than 200% YoY from $1.4M in 2024.Bolt guided to $11M in 2026 revenue, up from prior guidance of $9M, but that should be treated as guidance rather than actual revenue.Bolt&#39;s 2024 10-K disclosed substantial doubt about its ability to continue as a going concern, with only $3.5M cash at year-end 2024 and a net loss of $65.4M.

<ul><li>As of June 2026, Lila is in talks to raise approximately $2 billion in a Series B at a pre-money valuation of roughly $8.5 billion, implying a post-money valuation of approximately $10.5 billion.</li><li>By the time of its Series A in October 2025, Lila's first AISF had already closed the loop across hundreds of thousands of AI-driven experiments.</li><li>The planned 200,000-square-foot Cambridge AISF, targeted for Q3 2026 opening, is the clearest near-term capacity lever.</li></ul>

As of June 2026, Lila is in talks to raise approximately $2 billion in a Series B at a pre-money valuation of roughly $8.5 billion, implying a post-money valuation of approximately $10.5 billion.By the time of its Series A in October 2025, Lila's first AISF had already closed the loop across hundreds of thousands of AI-driven experiments.The planned 200,000-square-foot Cambridge AISF, targeted for Q3 2026 opening, is the clearest near-term capacity lever.

United States

Plant-based coating that extends shelf life of produce for retailers and suppliers

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Apeel (APEEL US)

Primer: Benchling - 12 Oct 2026

Software for biotech teams to design, document, and manage scientific experiments and samples

Sacra

Primer: Apeel - 09 Mar 2026

Plant-based coating that extends shelf life of produce for retailers and suppliers

Sacra

Primer: Redwood Materials - 03 Aug 2026

Recycling and remanufacturing system for lithium-ion battery materials like lithium and nickel

Sacra

Primer: Bolt Threads - 10 Jul 2026

Biomaterials company developing lab-grown silk and mycelium-based leather alternatives for fashion brands

Sacra

Primer: Lila Sciences - 04 Jun 2026

Autonomous lab system for AI-driven hypothesis generation, experiment design, and execution

Sacra

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