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 Synthesia hit $146 million in ARR in September 2025, up from $88M ARR at the end of 2024.</li><li>In January 2026, Synthesia closed a $200M Series E round led by GV that valued the company at $4B post-money.</li><li>Synthesia operates a B2B SaaS model with tiered subscription pricing based on usage limits and feature access.</li></ul>

Sacra estimates that Synthesia hit $146 million in ARR in September 2025, up from $88M ARR at the end of 2024.In January 2026, Synthesia closed a $200M Series E round led by GV that valued the company at $4B post-money.Synthesia operates a B2B SaaS model with tiered subscription pricing based on usage limits and feature access.

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

<ul><li>Sacra estimates that Figma generated $1.056B in revenue for 2025, up 41% from $749M in 2024.</li><li>Figma priced its IPO on July 30, 2025 at $33.00 per share (36,937,080 Class A shares), implying a roughly $19.3B valuation.</li><li>Figma has significantly expanded its product surface beyond its core design tool.</li></ul>

Sacra estimates that Figma generated $1.056B in revenue for 2025, up 41% from $749M in 2024.Figma priced its IPO on July 30, 2025 at $33.00 per share (36,937,080 Class A shares), implying a roughly $19.3B valuation.Figma has significantly expanded its product surface beyond its core design tool.

<ul><li>In October 2025, Sacra estimates that Gamma reached $102M in annual recurring revenue (ARR), up from $30.5M ARR at the end of 2024.</li><li>In November 2025, Gamma raised $68 million led by Andreessen Horowitz at a $2.1 billion valuation.</li><li>The company reports about 70 million customers with over 600,000 paying subscribers, profitability since 2023, and a lean team of 52 employees.</li></ul>

In October 2025, Sacra estimates that Gamma reached $102M in annual recurring revenue (ARR), up from $30.5M ARR at the end of 2024.In November 2025, Gamma raised $68 million led by Andreessen Horowitz at a $2.1 billion valuation.The company reports about 70 million customers with over 600,000 paying subscribers, profitability since 2023, and a lean team of 52 employees.

<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.

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)

Primer: Synthesia - 17 Aug 2026

Video generation tool for enterprises to create AI avatar videos for training and sales

Sacra

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

Primer: Figma - 27 Apr 2026

Design tool for real-time collaboration on UI, prototypes, and design systems in-browser

Sacra

Primer: Gamma - 18 Mar 2026

AI-powered editor for creating interactive, web-native presentations from text or documents

Sacra

Primer: Pitch - 22 Dec 2025

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

Sacra

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