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 Corgi Insurance hit $40M in annual run rate in December 2025.</li><li>In July 2026, Corgi closed a Series B extension at a $4.0 billion valuation; the amount raised and investors were not disclosed.</li><li>The rapid revenue acceleration followed Corgi&#39;s receipt of full carrier approval in July 2025, which enabled the company to write policies on its own paper rather than operating as a managing general agent.</li></ul>

Sacra estimates that Corgi Insurance hit $40M in annual run rate in December 2025.In July 2026, Corgi closed a Series B extension at a $4.0 billion valuation; the amount raised and investors were not disclosed.The rapid revenue acceleration followed Corgi&#39;s receipt of full carrier approval in July 2025, which enabled the company to write policies on its own paper rather than operating as a managing general agent.

<ul><li>Klarna reported total revenue of $2.43B in the first nine months of 2025 ($903M in Q3, $823M in Q2, $701M in Q1), up 24% year-over-year.</li><li>In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.</li><li>Klarna's platform integrates with e-commerce websites, replacing traditional checkouts.</li></ul>

Klarna reported total revenue of $2.43B in the first nine months of 2025 ($903M in Q3, $823M in Q2, $701M in Q1), up 24% year-over-year.In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.Klarna's platform integrates with e-commerce websites, replacing traditional checkouts.

<ul><li>Sacra estimates that Swile generated $265M in 2025, up 20% YoY from $221M in 2024 and $176M in 2023.</li><li>Swile generated $17M in net income in 2025, up from $2M in 2024, and reached roughly $57M in implied EBITDA.</li><li>Swile acquired five companies with new products, such as gift vouchers and employee engagement tools, coming out of these acquisitions.</li></ul>

Sacra estimates that Swile generated $265M in 2025, up 20% YoY from $221M in 2024 and $176M in 2023.Swile generated $17M in net income in 2025, up from $2M in 2024, and reached roughly $57M in implied EBITDA.Swile acquired five companies with new products, such as gift vouchers and employee engagement tools, coming out of these acquisitions.

<ul><li>Sacra estimates that Ramp hit $1.5B in annualized revenue in May 2026, up from ~$1.2B at the end of 2025.</li><li>By June 2026, Ramp reported 70,000+ business customers, up from 50,000 at the beginning of the year.</li><li>Ramp raised $750M at a $44B post-money valuation in June 2026, with ICONIQ Capital, Singaporean sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan co-leading.</li></ul>

Sacra estimates that Ramp hit $1.5B in annualized revenue in May 2026, up from ~$1.2B at the end of 2025.By June 2026, Ramp reported 70,000+ business customers, up from 50,000 at the beginning of the year.Ramp raised $750M at a $44B post-money valuation in June 2026, with ICONIQ Capital, Singaporean sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan co-leading.

<ul><li>Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).</li><li>FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.</li><li>Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).</li></ul>

Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).

United States

Software suite for global companies to manage cards, expenses, and business accounts

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Brex (BREX US)

Primer: Corgi - 24 Jul 2026

Insurance software offering AI-powered quotes and modular coverage for startups and SMBs

Sacra

Primer: Klarna - 10 Jul 2026

Checkout software offering interest-free installment payments to consumers and higher conversion for merchants

Sacra

Primer: Swile - 09 Jul 2026

Smart card and app for managing employee meal, gift, and travel benefits

Sacra

Primer: Ramp - 09 Jul 2026

Software for finance teams to manage corporate cards, bill pay, and accounting

Sacra

Primer: Navan - 19 Apr 2026

Tool for corporate travel booking, expense management, and corporate card reconciliation

Sacra

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