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>DeepJudge raised a $41.2 million Series A in November 2025 led by Felicis, valuing the company at approximately $300 million pre-money.</li><li>The platform&#39;s value proposition centers on dramatically reducing the time lawyers spend searching for precedents and institutional knowledge.</li><li>Thomson Reuters, LexisNexis, and other legal technology incumbents are rapidly integrating AI capabilities into their existing platforms.</li></ul>

DeepJudge raised a $41.2 million Series A in November 2025 led by Felicis, valuing the company at approximately $300 million pre-money.The platform&#39;s value proposition centers on dramatically reducing the time lawyers spend searching for precedents and institutional knowledge.Thomson Reuters, LexisNexis, and other legal technology incumbents are rapidly integrating AI capabilities into their existing platforms.

<ul><li>Eve achieved a $1 billion post-money valuation in September 2025 following a $103 million Series B round led by Spark Capital.</li><li>Eve operates as a B2B SaaS platform targeting plaintiffs&#39; law firms with a subscription model.</li><li>The core US personal injury market includes approximately 48,000 personal injury attorney businesses, giving Eve less than 1% market penetration with its current 450+ customers.</li></ul>

Eve achieved a $1 billion post-money valuation in September 2025 following a $103 million Series B round led by Spark Capital.Eve operates as a B2B SaaS platform targeting plaintiffs&#39; law firms with a subscription model.The core US personal injury market includes approximately 48,000 personal injury attorney businesses, giving Eve less than 1% market penetration with its current 450+ customers.

<ul><li>Clio&#39;s $1B acquisition of vLex gives it the #3 legal research corpus behind only Westlaw ($2.9B revenue) and LexisNexis ($1.9B revenue)—with 1B+ cases from 200+ jurisdictions plus citations and annotations—enabling it to vertically integrate its AI assistant with the underlying data layer vs. relying on Lexis &amp; Westlaw 3rd party APIs.</li><li>Clio&#39;s opportunity lies in going upmarket from SMB to enterprise, expanding from practice management to legal research (Westlaw &amp; LexisNexis), and then crossing over from its core law firm customer to corporate in-house teams to eat up contract lifecycle management.</li><li>Clio&#39;s success with a multi-product strategy comes from staying relentlessly focused on solving the real challenges lawyers face.</li></ul>

Clio&#39;s $1B acquisition of vLex gives it the #3 legal research corpus behind only Westlaw ($2.9B revenue) and LexisNexis ($1.9B revenue)—with 1B+ cases from 200+ jurisdictions plus citations and annotations—enabling it to vertically integrate its AI assistant with the underlying data layer vs. relying on Lexis &amp; Westlaw 3rd party APIs.Clio&#39;s opportunity lies in going upmarket from SMB to enterprise, expanding from practice management to legal research (Westlaw &amp; LexisNexis), and then crossing over from its core law firm customer to corporate in-house teams to eat up contract lifecycle management.Clio&#39;s success with a multi-product strategy comes from staying relentlessly focused on solving the real challenges lawyers face.

Shubham Datta, VP Of Corporate Development At Clio, On Clio's $1B Acquisition Of vLex

<ul><li>Clio is seizing the AI moment to cross over from back office to front office with its AI copilot for law firms.</li><li>Since the launch of Clio Payments (2021), payments now drive the majority of net new revenue growth, with Clio reaching a Sacra-estimated $300M in annual recurring revenue (ARR) in June 2025, up from $235M at the end of 2024.</li><li>With its June 2025 acquisition of legal research platform vLex—and its 1B+ cases, statutes, and treatises from 200+ jurisdictions—Clio can combine its library of precedent with the lead-to-ledger data, document storage & workflows it already owns.</li></ul>

Clio is seizing the AI moment to cross over from back office to front office with its AI copilot for law firms.Since the launch of Clio Payments (2021), payments now drive the majority of net new revenue growth, with Clio reaching a Sacra-estimated $300M in annual recurring revenue (ARR) in June 2025, up from $235M at the end of 2024.With its June 2025 acquisition of legal research platform vLex—and its 1B+ cases, statutes, and treatises from 200+ jurisdictions—Clio can combine its library of precedent with the lead-to-ledger data, document storage & workflows it already owns.

<ul><li>In January 2025, Sacra estimates Ironclad hit $150M in annual recurring revenue (ARR), up 39% year-over-year.</li><li>Extremely sticky once configured to a customer’s workflows, Ironclad first built those workflows for customers by hand, then launched a rich self-serve workflow builder, scaling to a Sacra-estimated $150M in ARR as of January 2025, up 39% year-over-year.</li><li>Ironclad’s strength in pre-signature structured workflows has made it durable to disruption from LLMs—buying Ironclad time to structure contract data with LLMs to go end-to-end, particularly in executed contracts for sales &amp; procurement.</li></ul>

In January 2025, Sacra estimates Ironclad hit $150M in annual recurring revenue (ARR), up 39% year-over-year.Extremely sticky once configured to a customer’s workflows, Ironclad first built those workflows for customers by hand, then launched a rich self-serve workflow builder, scaling to a Sacra-estimated $150M in ARR as of January 2025, up 39% year-over-year.Ironclad’s strength in pre-signature structured workflows has made it durable to disruption from LLMs—buying Ironclad time to structure contract data with LLMs to go end-to-end, particularly in executed contracts for sales &amp; procurement.

Canada

Software suite for law firms to manage cases, clients, documents, and billing

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Clio (CLIO CA)

Primer: DeepJudge - 11 Nov 2025

Tool for legal teams to search internal documents and automate knowledge-based workflows

Sacra

Primer: Eve - 01 Oct 2025

AI assistant for plaintiffs' law firms to automate case intake, drafting, and discovery

Sacra

Shubham Datta, VP Of Corporate Development At Clio, On Clio's $1B Acquisition Of vLex

What is Clio in short...

Sacra

Clio At $300M/year

TL;DR: After building a practice management SaaS for solo lawyers & SMBs and layering on marketing, payments, & accounting, Clio is seizing the AI...

Sacra

Ironclad At $150M ARR

TL;DR: Founded in 2014, Ironclad began as a product-centric company building products for the rising category of legal ops that people would want...

Sacra

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