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 Framer reached $50M in annual recurring revenue (ARR) in August 2025, doubling from $25M in 2024.</li><li>Framer raised $100M in a Series D round in August 2025 at a $2B valuation.</li><li>The enterprise focus has already yielded results, with companies such as Miro, Perplexity, and Scale AI adopting Framer for their primary web presence.</li></ul>

Sacra estimates that Framer reached $50M in annual recurring revenue (ARR) in August 2025, doubling from $25M in 2024.Framer raised $100M in a Series D round in August 2025 at a $2B valuation.The enterprise focus has already yielded results, with companies such as Miro, Perplexity, and Scale AI adopting Framer for their primary web presence.

<ul><li>After raising ~$135M and hitting a peak valuation of ~$600M in 2021 on just ~$1.5M ARR, Pitch struggled to scale beyond its niche of design-centric early adopters, leading to a layoff and recap in January 2024 to get off the venture track & rebuild as a profitable company—since then, Sacra estimates that Pitch has grown to $9.4M ARR by the end of 2024, up 93% YoY.</li><li>With ~95% of its customers self-serving and being lean and profitable at ~$10M ARR, Pitch makes for an attractive acquisition target as every productivity platform bundles slides alongside docs & email—especially Grammarly, which recently acquired two other under-monetized product-centric companies in Coda (docs) and Superhuman (email).</li><li>Pitch combined Figma-esque real-time collaboration and beautifully-designed templates in a browser-native slide deck creator, monetizing via a freemium self-serve model converting ~3% of users into paid tiers at ~$22-25/seat/month.</li></ul>

After raising ~$135M and hitting a peak valuation of ~$600M in 2021 on just ~$1.5M ARR, Pitch struggled to scale beyond its niche of design-centric early adopters, leading to a layoff and recap in January 2024 to get off the venture track & rebuild as a profitable company—since then, Sacra estimates that Pitch has grown to $9.4M ARR by the end of 2024, up 93% YoY.With ~95% of its customers self-serving and being lean and profitable at ~$10M ARR, Pitch makes for an attractive acquisition target as every productivity platform bundles slides alongside docs & email—especially Grammarly, which recently acquired two other under-monetized product-centric companies in Coda (docs) and Superhuman (email).Pitch combined Figma-esque real-time collaboration and beautifully-designed templates in a browser-native slide deck creator, monetizing via a freemium self-serve model converting ~3% of users into paid tiers at ~$22-25/seat/month.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.</li>
<li>I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.</li>
<li>I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.</li>
</ul>


Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.
I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.
I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.


Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

<ul>
<li>Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.</li>
<li>The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.</li>
<li>With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.</li>
</ul>


Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.
The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.
With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.


Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

<ul><li>With the White House’s 2024 executive order cracking down on government vendors’ software supply chains, the market for secured container images has exploded.</li><li>Sacra estimates Chainguard hit $40M in ARR at the end of January 2025, up from $37M in ARR at year-end 2024, growing 640% from $5M in 2023.</li><li>After a 2024 White House executive order requiring all government software vendors to self-attest to the security of their software supply chain, Sacra estimates that Chainguard grew to $40M annual recurring revenue (ARR) as of January 2025.</li></ul>

With the White House’s 2024 executive order cracking down on government vendors’ software supply chains, the market for secured container images has exploded.Sacra estimates Chainguard hit $40M in ARR at the end of January 2025, up from $37M in ARR at year-end 2024, growing 640% from $5M in 2023.After a 2024 White House executive order requiring all government software vendors to self-attest to the security of their software supply chain, Sacra estimates that Chainguard grew to $40M annual recurring revenue (ARR) as of January 2025.

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: Framer - 02 Sep 2025

Design platform enabling users to create and publish interactive websites without coding

Sacra

$9.4M/year Hermes Of Powerpoint

TL;DR: After launching as a beautiful slide builder with Figma-style real-time collaboration, Pitch got off the venture track in January 2024 with...

Sacra

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Andrei Zakharov

$40M/yr Vanta For Containers

TL;DR: With the White House’s 2024 executive order cracking down on government vendors’ software supply chains, the market for secured container...

Sacra

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52-week Range

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Primer: Framer - 02 Sep 2025

Design platform enabling users to create and publish interactive websites without coding

Sacra

$9.4M/year Hermes Of Powerpoint

TL;DR: After launching as a beautiful slide builder with Figma-style real-time collaboration, Pitch got off the venture track in January 2024 with...

Sacra

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

​Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

​Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Andrei Zakharov

$40M/yr Vanta For Containers

TL;DR: With the White House’s 2024 executive order cracking down on government vendors’ software supply chains, the market for secured container...

Sacra

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...