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 Cohere hit $240 million in annual recurring revenue (ARR) in 2025, up 287% year-over-year from $62 million at the end of 2024, surpassing its internal $200 million target.</li><li>In April 2026, Schwarz Group committed €500 million (approximately $600 million) in structured financing as lead investor for Cohere&#39;s Series E round, which CFO Francois Chadwick said is expected to close within the next few months.</li><li>The company generates approximately 85% of its revenue from private deployments, with large enterprise customers including Oracle, Fujitsu, RBC, LG, and Notion signing multi-year contracts that provide revenue visibility.</li></ul>

Sacra estimates that Cohere hit $240 million in annual recurring revenue (ARR) in 2025, up 287% year-over-year from $62 million at the end of 2024, surpassing its internal $200 million target.In April 2026, Schwarz Group committed €500 million (approximately $600 million) in structured financing as lead investor for Cohere&#39;s Series E round, which CFO Francois Chadwick said is expected to close within the next few months.The company generates approximately 85% of its revenue from private deployments, with large enterprise customers including Oracle, Fujitsu, RBC, LG, and Notion signing multi-year contracts that provide revenue visibility.

<ul><li>Sacra estimates that Grammarly hit $700M in annual recurring revenue (ARR) in May 2025, up from $650M at the end of 2024.</li><li>Grammarly maintains high gross margins of approximately 80% even with increased LLM-related costs from GrammarlyGO features.</li><li>Grammarly raised $1B in non-dilutive financing from General Catalyst’s Customer Value Fund, preserving its 2021 $13B equity valuation.</li></ul>

Sacra estimates that Grammarly hit $700M in annual recurring revenue (ARR) in May 2025, up from $650M at the end of 2024.Grammarly maintains high gross margins of approximately 80% even with increased LLM-related costs from GrammarlyGO features.Grammarly raised $1B in non-dilutive financing from General Catalyst’s Customer Value Fund, preserving its 2021 $13B equity valuation.

<ul><li>Sacra estimates that Turnitin generated $203 million in revenue in 2024, up 10% from $185 million in 2023.</li><li>Turnitin was acquired by Advance Publications for $1.75 billion in 2019, representing one of the largest education technology deals of the decade.</li><li>Turnitin controls approximately 88% of the European plagiarism detection market and 67% of North America through aggressive acquisition of competitors.</li></ul>

Sacra estimates that Turnitin generated $203 million in revenue in 2024, up 10% from $185 million in 2023.Turnitin was acquired by Advance Publications for $1.75 billion in 2019, representing one of the largest education technology deals of the decade.Turnitin controls approximately 88% of the European plagiarism detection market and 67% of North America through aggressive acquisition of competitors.

<ul><li>Sacra estimates that GPTZero hit $24M in ARR in 2025, up 253% year-over-year from $6.8M at the end of 2024.</li><li>GPTZero raised $10 million in a Series A round in June 2024 led by Footwork VC.</li><li>GPTZero analyzes written text to determine whether it was generated by AI or written by a human.</li></ul>

Sacra estimates that GPTZero hit $24M in ARR in 2025, up 253% year-over-year from $6.8M at the end of 2024.GPTZero raised $10 million in a Series A round in June 2024 led by Footwork VC.GPTZero analyzes written text to determine whether it was generated by AI or written by a human.

<ul><li>Sacra estimates Jenni AI hit $7.0M in annual recurring revenue (ARR) as of July 2025, declining from $7.6M at the end of 2024.</li><li>Jenni AI found product-market fit as an AI research writing assistant specifically tailored for academic researchers and students.</li><li>Jenni AI has tailwinds from the growing adoption of AI in academia and enterprise content creation, with opportunities to expand beyond its current focus on academic writing into broader enterprise knowledge work and workflow automation.</li></ul>

Sacra estimates Jenni AI hit $7.0M in annual recurring revenue (ARR) as of July 2025, declining from $7.6M at the end of 2024.Jenni AI found product-market fit as an AI research writing assistant specifically tailored for academic researchers and students.Jenni AI has tailwinds from the growing adoption of AI in academia and enterprise content creation, with opportunities to expand beyond its current focus on academic writing into broader enterprise knowledge work and workflow automation.

United States

Workflow automation platform for go-to-market teams using AI to generate personalized outreach

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Copy.ai (AI US)

Primer: Cohere - 31 May 2026

API for fast, cost-effective large language models tailored to enterprise deployments

Sacra

Primer: Grammarly - 09 Mar 2026

Writing assistant software offering grammar, spelling, tone, and style suggestions across platforms

Sacra

Primer: Turnitin - 17 Feb 2026

Tool for educators to detect plagiarism, provide feedback, and assess student writing

Sacra

Primer: GPTZero - 07 Dec 2025

AI detection platform for identifying AI-generated text in documents

Sacra

Primer: Jenni AI - 28 Oct 2025

Writing tool for students generating essays with AI suggestions and auto-citations

Sacra

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