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 Pitch hit $10M in annual recurring revenue (ARR) in February 2025, up roughly 90% YoY from $4.9M at the end of 2023.</li><li>The company's revenue trajectory reflects its evolution from a design-focused presentation tool to a sales enablement platform.</li><li>Post-reset, Pitch achieved profitability by mid-2024 thanks to its lean operational structure centered in Berlin.</li></ul>

Sacra estimates that Pitch hit $10M in annual recurring revenue (ARR) in February 2025, up roughly 90% YoY from $4.9M at the end of 2023.The company's revenue trajectory reflects its evolution from a design-focused presentation tool to a sales enablement platform.Post-reset, Pitch achieved profitability by mid-2024 thanks to its lean operational structure centered in Berlin.

<ul><li>Rising bot-driven fraud—powered by password breaches &amp; password reuse—leading to account takeovers, fake &amp; spam signups, and promo &amp; referral abuse, made passwordless a necessary feature of identity platforms like Stytch ($30M Series A, Thrive Capital), Clerk ($15M Series A, Madrona) and WorkOS ($15M Series A, Lachy Groom), but it didn’t lead to widespread rip-and-replace of authentication systems.</li><li>MCP connectors and AI agents are emerging as the next big inflection point in authentication, as they force every app developer to add an OAuth2-compliant identity server with role based access control for governing what agents can read + write—so they can integrate into and be positioned to ride the wave of AI adoption.</li><li>And while this shift to passwordless and fraud prevention was the catalyst for launching Stytch and a huge influx of VC funding across the industry at the time, it’s going to pale in comparison to agent identity.</li></ul>

Rising bot-driven fraud—powered by password breaches &amp; password reuse—leading to account takeovers, fake &amp; spam signups, and promo &amp; referral abuse, made passwordless a necessary feature of identity platforms like Stytch ($30M Series A, Thrive Capital), Clerk ($15M Series A, Madrona) and WorkOS ($15M Series A, Lachy Groom), but it didn’t lead to widespread rip-and-replace of authentication systems.MCP connectors and AI agents are emerging as the next big inflection point in authentication, as they force every app developer to add an OAuth2-compliant identity server with role based access control for governing what agents can read + write—so they can integrate into and be positioned to ride the wave of AI adoption.And while this shift to passwordless and fraud prevention was the catalyst for launching Stytch and a huge influx of VC funding across the industry at the time, it’s going to pale in comparison to agent identity.

Reed McGinley-Stempel, CEO Of Stytch, On Authentication For AI Agents

<ul><li>Sacra estimates that Apollo.io hit $150M ARR in May 2025, with $134M ARR at year-end 2024, up 40% year-over-year.</li><li>We last covered Apollo in January 2024 as it crossed $100M ARR, growing 100% YoY.</li><li>Apollo has responded with a wave of launches including Scores &amp; Signals, Smart Meeting Suite and Workflows.</li></ul>

Sacra estimates that Apollo.io hit $150M ARR in May 2025, with $134M ARR at year-end 2024, up 40% year-over-year.We last covered Apollo in January 2024 as it crossed $100M ARR, growing 100% YoY.Apollo has responded with a wave of launches including Scores &amp; Signals, Smart Meeting Suite and Workflows.

<ul><li>Sacra estimates Calendly hit $270M in annual recurring revenue (ARR) at the end of 2023, up approximately 46% year-over-year from $185M ARR at the end of 2022.</li><li>Calendly reached a $3 billion valuation in January 2021 through a Series B funding round led by OpenView Venture Partners and ICONIQ Capital.</li><li>Calendly&#39;s viral invite-based acquisition loop, where recipients see the Calendly badge when booking, fueled user growth to 10M+ users and 53% U.S. market share by 2021.</li></ul>

Sacra estimates Calendly hit $270M in annual recurring revenue (ARR) at the end of 2023, up approximately 46% year-over-year from $185M ARR at the end of 2022.Calendly reached a $3 billion valuation in January 2021 through a Series B funding round led by OpenView Venture Partners and ICONIQ Capital.Calendly&#39;s viral invite-based acquisition loop, where recipients see the Calendly badge when booking, fueled user growth to 10M+ users and 53% U.S. market share by 2021.

<ul><li>Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in August 2024, up 20% from $83M at the end of 2023, as they aggressively colonized sales data rooms, CPQs, payments and notarization.</li><li>Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in 2023, up 20% from $83M at the end of 2023, valued at $1B as of their 2021 Series C for a 25x multiple on their $40M ARR in 2021, with 56,000 customers for average revenue per customer (ARPC) of about $1.8K.</li><li>Standalone e-sign companies like PandaDoc expand their TAM by aggressively colonizing sales data rooms (DocSend), CPQs (DealHub), payments (Stripe Payment Links), and notarization (Notarize).</li></ul>

Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in August 2024, up 20% from $83M at the end of 2023, as they aggressively colonized sales data rooms, CPQs, payments and notarization.Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in 2023, up 20% from $83M at the end of 2023, valued at $1B as of their 2021 Series C for a 25x multiple on their $40M ARR in 2021, with 56,000 customers for average revenue per customer (ARPC) of about $1.8K.Standalone e-sign companies like PandaDoc expand their TAM by aggressively colonizing sales data rooms (DocSend), CPQs (DealHub), payments (Stripe Payment Links), and notarization (Notarize).

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Scheduling software for sales, recruiting, and success teams to book meetings via link

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Primer: Pitch - 22 Dec 2025

Collaborative presentation software for modern teams to create, share, and manage presentations

Sacra

Apollo.Io At $150M ARR

TL;DR: Apollo is evolving from a PLG sales tool into an all-in-one GTM platform with CRM against the insurgent threat of Clay and the incumbent...

Sacra

Primer: Calendly - 07 Dec 2024

Scheduling software for sales, recruiting, and success teams to book meetings via link

Sacra

PandaDoc At $100M ARR

TL;DR: Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in August 2024, up 20% from $83M at the end of 2023, as they...

Sacra

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Primer: Pitch - 22 Dec 2025

Collaborative presentation software for modern teams to create, share, and manage presentations

Sacra

Reed McGinley-Stempel, CEO Of Stytch, On Authentication For AI Agents

What is Stytch in short and what inspired you to build it from your time at Plaid...

Sacra

Apollo.Io At $150M ARR

TL;DR: Apollo is evolving from a PLG sales tool into an all-in-one GTM platform with CRM against the insurgent threat of Clay and the incumbent...

Sacra

Primer: Calendly - 07 Dec 2024

Scheduling software for sales, recruiting, and success teams to book meetings via link

Sacra

PandaDoc At $100M ARR

TL;DR: Sacra estimates that PandaDoc hit $100M in annual recurring revenue (ARR) in August 2024, up 20% from $83M at the end of 2023, as they...

Sacra