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

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>Rainmaker raised $25 million in a Series A funding round in May 2025, led by Lowercarbon Capital.</li><li>Rainmaker operates as a B2B service provider, offering cloud seeding operations to government water agencies, irrigation districts, and agricultural customers.</li><li>Rainmaker currently operates in five western U.S. states, but its convective cloud capabilities could enable service expansion to aquifer-stressed areas such as Texas and Florida.</li></ul>

Rainmaker raised $25 million in a Series A funding round in May 2025, led by Lowercarbon Capital.Rainmaker operates as a B2B service provider, offering cloud seeding operations to government water agencies, irrigation districts, and agricultural customers.Rainmaker currently operates in five western U.S. states, but its convective cloud capabilities could enable service expansion to aquifer-stressed areas such as Texas and Florida.

<ul><li>Sacra estimates Aurora Solar hit $170M in revenue in 2023, growing approximately 70% year-over-year.</li><li>Aurora Solar reached a $4B valuation during its Series D funding round in 2022, led by Coatue and ICONIQ Capital.</li><li>The solar industry is experiencing exponential growth, with installations expected to grow 12x between now and 2050.</li></ul>

Sacra estimates Aurora Solar hit $170M in revenue in 2023, growing approximately 70% year-over-year.Aurora Solar reached a $4B valuation during its Series D funding round in 2022, led by Coatue and ICONIQ Capital.The solar industry is experiencing exponential growth, with installations expected to grow 12x between now and 2050.

<ul><li>We talked to Paul to learn more about the market for carbon offsets, the environmental demands of proof-of-work and proof-of-stake, and how tokenization can benefit social action projects.</li><li>The company was founded in the fall of 2017.</li><li>At Nori, our mission is to facilitate these markets, accelerate the rate at which new suppliers enter and remove more carbon, and then, have companies that want to be carbon neutral or carbon negative pay them.</li></ul>

We talked to Paul to learn more about the market for carbon offsets, the environmental demands of proof-of-work and proof-of-stake, and how tokenization can benefit social action projects.The company was founded in the fall of 2017.At Nori, our mission is to facilitate these markets, accelerate the rate at which new suppliers enter and remove more carbon, and then, have companies that want to be carbon neutral or carbon negative pay them.

Paul Gambill, CEO Of Nori, On Tokenized Projects For Social Good

<ul><li>Patch supports 9 to 10 major chemical pathways to sequence carbon dioxide across 30 to 40 different project developers representing 60 to 70 different projects.</li><li>In five years, if things go well, Patch is going to be as large a business as any large payment processor or e-commerce platform like a Shopify.</li><li>There&#39;s a huge new level of scrutiny that’s going to be on these organizations, and that’s going to be driving a lot more action.</li></ul>

Patch supports 9 to 10 major chemical pathways to sequence carbon dioxide across 30 to 40 different project developers representing 60 to 70 different projects.In five years, if things go well, Patch is going to be as large a business as any large payment processor or e-commerce platform like a Shopify.There&#39;s a huge new level of scrutiny that’s going to be on these organizations, and that’s going to be driving a lot more action.

Brennan Spellacy, CEO Of Patch, On The API Layer Of The Carbon Stack

United States

Software for solar installers to design, sell, and permit residential solar systems remotely

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Aurora Solar (SOLAR US)

Primer: Redwood Materials - 03 Aug 2026

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

Sacra

Primer: Rainmaker - 15 Sep 2025

Company specializing in drone-based cloud seeding to enhance precipitation in drought-prone areas

Sacra

Primer: Aurora Solar - 07 Dec 2024

Software for solar installers to design, sell, and permit residential solar systems remotely

Sacra

Brennan Spellacy, CEO Of Patch, On The API Layer Of The Carbon Stack

Sacra interview with Brennan Spellacy, CEO of Patch.

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Redwood Materials - 03 Aug 2026

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

Sacra

Primer: Rainmaker - 15 Sep 2025

Company specializing in drone-based cloud seeding to enhance precipitation in drought-prone areas

Sacra

Primer: Aurora Solar - 07 Dec 2024

Software for solar installers to design, sell, and permit residential solar systems remotely

Sacra

Paul Gambill, CEO Of Nori, On Tokenized Projects For Social Good

Sacra interview with Paul Gambill, CEO and co-founder of Nori.

Sacra

Brennan Spellacy, CEO Of Patch, On The API Layer Of The Carbon Stack

Sacra interview with Brennan Spellacy, CEO of Patch.

Sacra