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>Convoy&#39;s revenue peaked at $750M in 2021, growing 50% annually.</li><li>After unsuccessful attempts to raise money or sell the company over a four-month period, Convoy ultimately ran out of funds and shut down operations in 2023.</li><li>Following Convoy&#39;s 2023 shutdown, DAT Freight &amp; Analytics acquired the Convoy Platform (July 2025) and continues operating it as a neutral freight marketplace.</li></ul>

Convoy&#39;s revenue peaked at $750M in 2021, growing 50% annually.After unsuccessful attempts to raise money or sell the company over a four-month period, Convoy ultimately ran out of funds and shut down operations in 2023.Following Convoy&#39;s 2023 shutdown, DAT Freight &amp; Analytics acquired the Convoy Platform (July 2025) and continues operating it as a neutral freight marketplace.

<ul><li>Sacra estimates that Faire hit $730M in annualized revenue in September 2026, up 43% from about $510M at the end of 2025.</li><li>Faire reported revenue growth of more than 40% YoY in Q3 2025, with existing retailers ordering from more brands and net dollar retention above 110%.</li><li>Faire&#39;s primary focus has been on attracting and retaining a large base of retailers, which it considers its core competitive moat.</li></ul>

Sacra estimates that Faire hit $730M in annualized revenue in September 2026, up 43% from about $510M at the end of 2025.Faire reported revenue growth of more than 40% YoY in Q3 2025, with existing retailers ordering from more brands and net dollar retention above 110%.Faire&#39;s primary focus has been on attracting and retaining a large base of retailers, which it considers its core competitive moat.

<ul><li>Zipline is valued at $7.6 billion following a funding round of more than $600 million completed in January 2025.</li><li>The company operates two hardware platforms.</li><li>Platform 2's precision delivery capability enables access to markets that were previously impractical to serve with parachute drops.</li></ul>

Zipline is valued at $7.6 billion following a funding round of more than $600 million completed in January 2025.The company operates two hardware platforms.Platform 2's precision delivery capability enables access to markets that were previously impractical to serve with parachute drops.

<ul><li>Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.</li><li>In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.</li><li>Brex became operating-cash-flow positive for the first time in October 2025.</li></ul>

Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.Brex became operating-cash-flow positive for the first time in October 2025.

<ul><li>Sacra estimates that Ramp hit $1.5B in annualized revenue in May 2026, up from ~$1.2B at the end of 2025.</li><li>Ramp raised $750M at a $44B post-money valuation in June 2026, with ICONIQ Capital, Singaporean sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan co-leading.</li><li>Ramp's AI agents target controllers, enforcing expense policy and preventing fraud with reported 99% accuracy in expense approvals; they are built on OpenAI reasoning models.</li></ul>

Sacra estimates that Ramp hit $1.5B in annualized revenue in May 2026, up from ~$1.2B at the end of 2025.Ramp raised $750M at a $44B post-money valuation in June 2026, with ICONIQ Capital, Singaporean sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan co-leading.Ramp's AI agents target controllers, enforcing expense policy and preventing fraud with reported 99% accuracy in expense approvals; they are built on OpenAI reasoning models.

United States

Marketplace connecting shippers with truckers for real-time freight booking and tracking

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Convoy (CONVOY US)

Primer: Convoy - 15 Jun 2026

Marketplace connecting shippers with truckers for real-time freight booking and tracking

Sacra

Primer: Faire - 12 Oct 2026

Marketplace for retailers to buy wholesale inventory from independent brands worldwide

Sacra

Primer: Zipline - 24 Aug 2026

Autonomous drone network for delivering physical goods

Sacra

Primer: Brex - 10 Jul 2026

Software suite for global companies to manage cards, expenses, and business accounts

Sacra

Primer: Ramp - 09 Jul 2026

Software for finance teams to manage corporate cards, bill pay, and accounting

Sacra

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