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 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.

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>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.

<ul><li>Benchling (founded 2012) found product-market fit with their “GitHub for experiments,” giving biotech researchers a way to digitize and streamline their experiment design, documentation, and sample tracking.</li><li>Benchling rode the wave of new modalities like CRISPR, gene therapy, and cell therapy moving out of academia and into professional labs in the mid-2010s.</li><li>Sacra estimates that Benchling hit $210M ARR in May 2024, up 27% year-over-year with 1,200 customers for an average of $175K per customer.</li></ul>

Benchling (founded 2012) found product-market fit with their “GitHub for experiments,” giving biotech researchers a way to digitize and streamline their experiment design, documentation, and sample tracking.Benchling rode the wave of new modalities like CRISPR, gene therapy, and cell therapy moving out of academia and into professional labs in the mid-2010s.Sacra estimates that Benchling hit $210M ARR in May 2024, up 27% year-over-year with 1,200 customers for an average of $175K per customer.

United States

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

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Bolt Threads (THREADS US)

Primer: Bolt Threads - 10 Jul 2026

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

Sacra

Primer: Redwood Materials - 03 Aug 2026

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

Sacra

Primer: Apeel - 09 Mar 2026

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

Sacra

The $210M/year GitHub Of Biotech

TL;DR: Sacra estimates that Benchling hit $210M ARR in May 2024, up 27% year-over-year, with 1,200 customers for their GitHub for scientific...

Sacra

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