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 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).

<ul><li>Sacra estimates Kapital hit $548M in annualized revenue in 2025, up 198% YoY from $184M in 2024, which itself grew 88% from $98M in 2023.</li><li>Management anticipated ≥20% growth across business lines in 2026.</li><li>Kapital was valued at $1.3B following its $100M Series C round led by Tribe Capital and co-led by Pelion Ventures in September 2025, doubling its valuation from the prior round.</li></ul>

Sacra estimates Kapital hit $548M in annualized revenue in 2025, up 198% YoY from $184M in 2024, which itself grew 88% from $98M in 2023.Management anticipated ≥20% growth across business lines in 2026.Kapital was valued at $1.3B following its $100M Series C round led by Tribe Capital and co-led by Pelion Ventures in September 2025, doubling its valuation from the prior round.

<ul><li>Mercury both moved customers off of its former banking partner Evolve Bank &amp; Trust and continued to grow in the face of interest rate cuts.</li><li>Sacra estimates Mercury hit $650M in annualized revenue as of September 2025, up from $500M at the end of 2024.</li><li>Two Fed interest rate cuts in the fall of 2025 impacted Mercury’s revenue growth, which centers on interest revenue from deposits, trending at 41% YoY in 2025 down from 97% YoY in 2024.</li></ul>

Mercury both moved customers off of its former banking partner Evolve Bank &amp; Trust and continued to grow in the face of interest rate cuts.Sacra estimates Mercury hit $650M in annualized revenue as of September 2025, up from $500M at the end of 2024.Two Fed interest rate cuts in the fall of 2025 impacted Mercury’s revenue growth, which centers on interest revenue from deposits, trending at 41% YoY in 2025 down from 97% YoY in 2024.

<ul><li>Sacra estimates that Retool hit $120M in annual recurring revenue (ARR) in October 2025, up from $90M at the end of 2024.</li><li>Retool raised a $45M Series C in July 2022 at a $3.2B valuation, led by Sequoia Capital with participation from notable investors.</li><li>The introduction of Agents and AppGen represents Retool&#39;s expansion into AI-driven business process automation.</li></ul>

Sacra estimates that Retool hit $120M in annual recurring revenue (ARR) in October 2025, up from $90M at the end of 2024.Retool raised a $45M Series C in July 2022 at a $3.2B valuation, led by Sequoia Capital with participation from notable investors.The introduction of Agents and AppGen represents Retool&#39;s expansion into AI-driven business process automation.

<ul><li>High customer acquisition costs combined with an adverse selection problem doomed Pipe’s direct-to-SMB model, with riskier businesses most likely to self-select into revenue-based financing, creating unsustainable unit economics.</li><li>With Square Banking & QuickBooks Capital veteran Luke Voiles taking over as CEO in 2023, Pipe has shifted to an embedded fintech model, selling capital, cards, and expense management as white-labeled products inside vertical SaaS platforms & marketplaces like Housecall Pro & Uber Eats—giving Pipe distribution into millions of merchants in return for sharing economics on loan & interchange revenue.</li><li>Attach of existing customers to embedded finance products drives the revenue opportunity, with the benchmark of achieving first-party attach rates of a vertically integrated model like Square’s by making the UI and experience feel deeply native to match owned-channel performance.</li></ul>

High customer acquisition costs combined with an adverse selection problem doomed Pipe’s direct-to-SMB model, with riskier businesses most likely to self-select into revenue-based financing, creating unsustainable unit economics.With Square Banking & QuickBooks Capital veteran Luke Voiles taking over as CEO in 2023, Pipe has shifted to an embedded fintech model, selling capital, cards, and expense management as white-labeled products inside vertical SaaS platforms & marketplaces like Housecall Pro & Uber Eats—giving Pipe distribution into millions of merchants in return for sharing economics on loan & interchange revenue.Attach of existing customers to embedded finance products drives the revenue opportunity, with the benchmark of achieving first-party attach rates of a vertically integrated model like Square’s by making the UI and experience feel deeply native to match owned-channel performance.

Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

United States

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

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Primer: Navan - 19 Apr 2026

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

Sacra

Primer: Kapital - 23 Mar 2026

Banking and finance software for LatAm SMBs with built-in ERP, lending, and payments

Sacra

Mercury At $650M/year

TL;DR: Confronting two major challenges in 2025, Mercury both moved customers off of its former banking partner Evolve Bank & Trust and continued...

Sacra

Primer: Retool - 13 Nov 2025

Tool for developers to build internal apps on top of production data sources

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Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

Can you describe the landscape of financing for small businesses? Our market map includes traditional lending, bank loans, venture debt, and...

Sacra

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