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>Gamma defined the text-to-slides market, but the standalone AI slides category is now collapsing into a feature across different tools & suites.</li><li>AI slides are collapsing into a feature across every AI surface, with foundation model labs, vibe coding products, design tools, and productivity suites all now generating slides natively.</li><li>Gamma, Genspark, and Manus are all responding by expanding horizontally into websites, social media assets & docs, and by going deeper vertically into research workflows that feed context into asset generation.</li></ul>

Gamma defined the text-to-slides market, but the standalone AI slides category is now collapsing into a feature across different tools & suites.AI slides are collapsing into a feature across every AI surface, with foundation model labs, vibe coding products, design tools, and productivity suites all now generating slides natively.Gamma, Genspark, and Manus are all responding by expanding horizontally into websites, social media assets & docs, and by going deeper vertically into research workflows that feed context into asset generation.

<ul><li>Sacra estimates that Canva hit $4B in ARR at the end of 2025, up 43% from $2.8B at the end of 2024.</li><li>In August 2025, Canva launched an employee stock sale at a $42B valuation—up more than 30% from its $32B valuation in October 2024.</li><li>Operating profitably for the past 7 years with a highly efficient product-led growth (PLG) sales motion gives Canva the free cash flow to invest heavily into AI and enterprise sales simultaneously without large, repeated capital fundraises.</li></ul>

Sacra estimates that Canva hit $4B in ARR at the end of 2025, up 43% from $2.8B at the end of 2024.In August 2025, Canva launched an employee stock sale at a $42B valuation—up more than 30% from its $32B valuation in October 2024.Operating profitably for the past 7 years with a highly efficient product-led growth (PLG) sales motion gives Canva the free cash flow to invest heavily into AI and enterprise sales simultaneously without large, repeated capital fundraises.

<ul><li>Sacra estimates Canva hit $4B in ARR at the end of 2025, up 43% YoY from $2.8B in 2024, with 265M monthly active users, up 20% YoY, and 31M paid subscribers, valued at $65B in a late-2025 secondary sale for a 16x revenue multiple.</li><li>In October 2025, Canva repositioned from WYSIWYG design rectangle creator & editor (social media previews, business cards, slides) to AI-first text-to-rectangle creator with WYSIWYG editing, based on its design foundation model (Canva Design Model) that generates fully editable, structured Canva templates & designs and built on top of their acquisition of image generation startup Leonardo AI (July 2024).</li><li>Continuing to beef up its bundle as a SaaS multiproduct SaaS suite—a linchpin for its 40%+ YoY ARR growth at $4B in revenue scale—Canva has acquired professional creative tools (Affinity, 2024), marketing intelligence (MagicBrief, January 2025), motion design (Cavalry, February 2026), and AI ad optimization (MangoAI, February 2026) offerings.</li></ul>

Sacra estimates Canva hit $4B in ARR at the end of 2025, up 43% YoY from $2.8B in 2024, with 265M monthly active users, up 20% YoY, and 31M paid subscribers, valued at $65B in a late-2025 secondary sale for a 16x revenue multiple.In October 2025, Canva repositioned from WYSIWYG design rectangle creator & editor (social media previews, business cards, slides) to AI-first text-to-rectangle creator with WYSIWYG editing, based on its design foundation model (Canva Design Model) that generates fully editable, structured Canva templates & designs and built on top of their acquisition of image generation startup Leonardo AI (July 2024).Continuing to beef up its bundle as a SaaS multiproduct SaaS suite—a linchpin for its 40%+ YoY ARR growth at $4B in revenue scale—Canva has acquired professional creative tools (Affinity, 2024), marketing intelligence (MagicBrief, January 2025), motion design (Cavalry, February 2026), and AI ad optimization (MangoAI, February 2026) offerings.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>In this insight, we provide a list of 50 prominent companies in Asia that could complete their IPOs in Asia in 2026 (excluding Korea).</li>
<li>This report is meant to serve as a comprehensive, REFERENCE GUIDE to help clients get a broad view of the major IPOs that could get completed next year in Asia.</li>
<li>Some of the most prominent potential IPOs in Asia next year include Reliance Jio, Kunlunxin,  Shein, Flipkart, and Canva. </li>
</ul>


In this insight, we provide a list of 50 prominent companies in Asia that could complete their IPOs in Asia in 2026 (excluding Korea).
This report is meant to serve as a comprehensive, REFERENCE GUIDE to help clients get a broad view of the major IPOs that could get completed next year in Asia.
Some of the most prominent potential IPOs in Asia next year include Reliance Jio, Kunlunxin,  Shein, Flipkart, and Canva. 


2026 ("Year of the Horse") Major IPOs Pipeline in Asia

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Figma reported a solid 1Q’FY26, reflecting the highest net dollar retention rate of 139% in over 2 years, and strong overall (+55% YoY) and large customer (+48% YoY) growth.</li>
<li>Management has noted the early traction from AI credit monetization, which started on March 18. Revenue grew 46% YoY to ~$333M, accelerating from 40% in the prior quarter.</li>
<li>With shares down ~32% in 2026, Figma has underperformed the IGV (-4.98%). I view valuation as attractive, but the competition fears might weigh on the stock in the near term.</li>
</ul>


Figma reported a solid 1Q’FY26, reflecting the highest net dollar retention rate of 139% in over 2 years, and strong overall (+55% YoY) and large customer (+48% YoY) growth.
Management has noted the early traction from AI credit monetization, which started on March 18. Revenue grew 46% YoY to ~$333M, accelerating from 40% in the prior quarter.
With shares down ~32% in 2026, Figma has underperformed the IGV (-4.98%). I view valuation as attractive, but the competition fears might weigh on the stock in the near term.


Findell Turns Bullish on Figma. Attractive Valuation, But Range Bound Till Competition Fears Ease

Australia

Canva Inc operates a graphic designing platform. The Company offers solutions that enable users to design blog graphics, presentations, flyers, posters and invitations.

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Canva (1041196D AU)

RIP AI Slides 2022-2026

TL;DR: Gamma defined the text-to-slides market, but the standalone AI slides category is now collapsing into a feature across different tools &...

Sacra

Primer: Canva - 03 May 2026

Design software for creating presentations, videos, and marketing assets across teams and enterprises

Sacra

Canva At $4B ARR Growing 43% YoY

TL;DR: Canva has gone from world's most popular WYSIWYG design tool into an AI-first marketing suite, repositioning around its own foundation model...

Sacra

2026 ("Year of the Horse") Major IPOs Pipeline in Asia

In this insight, we provide a list of 50 prominent companies in Asia that could complete their IPOs in Asia in 2026 (excluding Korea).

Douglas Kim

Findell Turns Bullish on Figma. Attractive Valuation, But Range Bound Till Competition Fears Ease

Figma stock trades below IPO offer price of $33.00 per share. I view current valuation as attractive. However, the competition fears may continue...

Andrei Zakharov

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