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 CodeRabbit hit $50M in annual recurring revenue in July 2026, up from $25M at the end of 2025.</li><li>CodeRabbit closed a $60 million Series B in September 2025 led by Scale Venture Partners, valuing the company at approximately $550 million post-money.</li><li>CodeRabbit operates on a subscription SaaS model with seat-based pricing that targets active pull request authors rather than all developers on a team.</li></ul>

Sacra estimates that CodeRabbit hit $50M in annual recurring revenue in July 2026, up from $25M at the end of 2025.CodeRabbit closed a $60 million Series B in September 2025 led by Scale Venture Partners, valuing the company at approximately $550 million post-money.CodeRabbit operates on a subscription SaaS model with seat-based pricing that targets active pull request authors rather than all developers on a team.

<ul><li>As human code review became bottleneck as GitHub Copilot (2022) drove a surge of AI-generated code, CodeRabbit launched in 2023 as a GitHub app that hooks into pull requests (“PRs”)—proposals to add changes to a codebase—runs automated code and security analysis alongside LLM-based reasoning, and posts inline comments, walkthroughs, and diagrams in the PR.</li><li>After scaling to $15M ARR & over 8,000 paying orgs bootstrapped, CodeRabbit raised $60M in its September 2025 Series B (Scale Venture Partners, CRV) at a $550M valuation for a 36.7x forward revenue multiple, with Sacra estimating that CodeRabbit hit $40M in April 2026, up 700% year-over-year.</li><li>With GitHub controlling the pull request surface for the majority of developers and already offering native AI code review inside Copilot, CodeRabbit’s dependence on GitHub for access to pull requests and commits leaves it exposed if GitHub keeps improving review quality and bundles a good-enough product into seats 4M+ orgs already buy.</li></ul>

As human code review became bottleneck as GitHub Copilot (2022) drove a surge of AI-generated code, CodeRabbit launched in 2023 as a GitHub app that hooks into pull requests (“PRs”)—proposals to add changes to a codebase—runs automated code and security analysis alongside LLM-based reasoning, and posts inline comments, walkthroughs, and diagrams in the PR.After scaling to $15M ARR & over 8,000 paying orgs bootstrapped, CodeRabbit raised $60M in its September 2025 Series B (Scale Venture Partners, CRV) at a $550M valuation for a 36.7x forward revenue multiple, with Sacra estimating that CodeRabbit hit $40M in April 2026, up 700% year-over-year.With GitHub controlling the pull request surface for the majority of developers and already offering native AI code review inside Copilot, CodeRabbit’s dependence on GitHub for access to pull requests and commits leaves it exposed if GitHub keeps improving review quality and bundles a good-enough product into seats 4M+ orgs already buy.

<ul><li>Sacra estimates that Cognition hit $1B in annualized revenue in September 2026.</li><li>In September 2026, Cognition raised more than $2B at a $48B valuation, nearly doubling its $26B valuation from May 2026.</li><li>Growth has been driven by rapid adoption of Devin in the developer community, where tens of thousands of users subscribe for autonomous coding assistance, alongside Windsurf&#39;s top-down enterprise sales motion.</li></ul>

Sacra estimates that Cognition hit $1B in annualized revenue in September 2026.In September 2026, Cognition raised more than $2B at a $48B valuation, nearly doubling its $26B valuation from May 2026.Growth has been driven by rapid adoption of Devin in the developer community, where tens of thousands of users subscribe for autonomous coding assistance, alongside Windsurf&#39;s top-down enterprise sales motion.

<ul><li>Greptile closed a $25 million Series A in September 2025 led by Benchmark Capital.</li><li>The company has raised $29.1 million in total funding across these two primary rounds.</li><li>Greptile operates as a B2B SaaS platform targeting software development teams with a subscription-based monetization model.</li></ul>

Greptile closed a $25 million Series A in September 2025 led by Benchmark Capital.The company has raised $29.1 million in total funding across these two primary rounds.Greptile operates as a B2B SaaS platform targeting software development teams with a subscription-based monetization model.

Poland

Tool for automated, context-aware code reviews integrated with GitHub, GitLab, and Azure DevOps

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CodeRabbit (CODERABBIT PL)

Primer: CodeRabbit - 18 Aug 2026

Tool for automated, context-aware code reviews integrated with GitHub, GitLab, and Azure DevOps

Sacra

CodeRabbit Vs. GitHub

TL;DR: As AI coding tools like Cursor and Claude Code have tripled the pull request volume hitting senior engineers' queues, CodeRabbit (2023)...

Sacra

Primer: Cognition - 29 Sep 2026

AI-powered coding assistant for software engineers to write, debug, and optimize code

Sacra

Primer: Greptile - 25 Sep 2025

AI-powered code review tool for developers to automate PR reviews, detect bugs, and enforce coding standards

Sacra

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