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 dbt Labs hit $100M in annual recurring revenue (ARR) in 2024, representing 69% year-over-year growth from $59M in 2023.</li><li>In October 2025, Fivetran and dbt Labs announced an all‑stock merger to form a combined data infrastructure company with nearly $600M in annual revenue, with George Fraser as CEO and Tristan Handy as co‑founder and president; the companies expect the deal to close within a year.</li><li>The $3.5B data quality market represents a natural expansion opportunity for dbt Labs.</li></ul>

Sacra estimates dbt Labs hit $100M in annual recurring revenue (ARR) in 2024, representing 69% year-over-year growth from $59M in 2023.In October 2025, Fivetran and dbt Labs announced an all‑stock merger to form a combined data infrastructure company with nearly $600M in annual revenue, with George Fraser as CEO and Tristan Handy as co‑founder and president; the companies expect the deal to close within a year.The $3.5B data quality market represents a natural expansion opportunity for dbt Labs.

<ul><li>Sacra estimates that Statsig reached $40 million in annual recurring revenue (ARR) in May 2025.</li><li>As of September 2, 2025, OpenAI announced its agreement to acquire Statsig for $1.1 billion in an all-stock deal, marking one of the largest acquisitions in OpenAI’s history.</li><li>Statsig operates a B2B SaaS model with usage-based pricing that adjusts with customer growth and platform adoption.</li></ul>

Sacra estimates that Statsig reached $40 million in annual recurring revenue (ARR) in May 2025.As of September 2, 2025, OpenAI announced its agreement to acquire Statsig for $1.1 billion in an all-stock deal, marking one of the largest acquisitions in OpenAI’s history.Statsig operates a B2B SaaS model with usage-based pricing that adjusts with customer growth and platform adoption.

<ul><li>ThoughtSpot raised $100 million in a Series F round in November 2021 at a $4.2 billion valuation.</li><li>The company shifted to this credit-based system in 2024, where customers purchase credits that are consumed when queries are executed, data is processed, or AI features are used.</li><li>ThoughtSpot&#39;s Agentic Analytics Platform extends beyond descriptive analytics into decision automation, allowing users to trigger actions based on analytical insights.</li></ul>

ThoughtSpot raised $100 million in a Series F round in November 2021 at a $4.2 billion valuation.The company shifted to this credit-based system in 2024, where customers purchase credits that are consumed when queries are executed, data is processed, or AI features are used.ThoughtSpot&#39;s Agentic Analytics Platform extends beyond descriptive analytics into decision automation, allowing users to trigger actions based on analytical insights.

<ul><li>SaaS in its current dashboard—and workflow-centric form—built on the 2010s UX pattern of buttons, views, and user-driven actions—is being eclipsed by AI agents, with buyers of software increasingly expecting ChatGPT-style systems that can integrate &amp; reason over their data across all their tools via existing APIs, synthesize it, and drive outcomes.</li><li>While unified APIs promised fast integration for human engineers between your SaaS app and entire categories of tools like sales &amp; CRM (Salesforce/HubSpot), HRIS (Workday), and ERP (NetSuite) by flattening 3rd-party systems into the most common fields via a single integration point, AI agents threaten to render this abstraction unnecessary, as they can go deep—parsing arbitrary data structures, mapping to tenant-specific fields, and covering all edge cases—by default.</li><li>As Ampersand, Finch, Merge, and others all move to launch MCP servers and agent-facing SDKs betting MCP will become the HTTP of agentic SaaS, they’re aligning around a shared protocol that gives AI agents access to 3rd-party systems via declarative “tools” for reading and writing data layered over existing APIs—enabling agents to retrieve the live customer context they need to reduce hallucinations and take the best actions.</li></ul>

SaaS in its current dashboard—and workflow-centric form—built on the 2010s UX pattern of buttons, views, and user-driven actions—is being eclipsed by AI agents, with buyers of software increasingly expecting ChatGPT-style systems that can integrate &amp; reason over their data across all their tools via existing APIs, synthesize it, and drive outcomes.While unified APIs promised fast integration for human engineers between your SaaS app and entire categories of tools like sales &amp; CRM (Salesforce/HubSpot), HRIS (Workday), and ERP (NetSuite) by flattening 3rd-party systems into the most common fields via a single integration point, AI agents threaten to render this abstraction unnecessary, as they can go deep—parsing arbitrary data structures, mapping to tenant-specific fields, and covering all edge cases—by default.As Ampersand, Finch, Merge, and others all move to launch MCP servers and agent-facing SDKs betting MCP will become the HTTP of agentic SaaS, they’re aligning around a shared protocol that gives AI agents access to 3rd-party systems via declarative “tools” for reading and writing data layered over existing APIs—enabling agents to retrieve the live customer context they need to reduce hallucinations and take the best actions.

Ayan Barua, CEO Of Ampersand, On Infra For AI Agent Integrations

<ul><li>Based on those conversations, we revised our revenue model—which previously showed significant deceleration in 2024 ARR growth—to reflect ARR growth holding in the mid-60% range in 2023 with acceleration through 2024.</li><li>Today, with companies consolidating tools to save on cost and reduce complexity, a rebundling cycle is in effect centered around the data warehouse, with Snowflake, Databricks and the hyperscalers simultaneously integrating with dbt and launching cloud-native data products that compete with dbt.</li><li>In 2024, data clouds had their "VHS moment" as Apache Iceberg emerged as the open table standard—particularly with Databricks, the company behind competing Delta Lake, acquiring Tabular for over $1B to bring the founders of Iceberg in under one roof—making multi-cloud a tangible reality and throwing tailwinds behind cross-cloud solutions like dbt that abstract away the underlying infrastructure and offer an orchestration layer on top.</li></ul>

Based on those conversations, we revised our revenue model—which previously showed significant deceleration in 2024 ARR growth—to reflect ARR growth holding in the mid-60% range in 2023 with acceleration through 2024.Today, with companies consolidating tools to save on cost and reduce complexity, a rebundling cycle is in effect centered around the data warehouse, with Snowflake, Databricks and the hyperscalers simultaneously integrating with dbt and launching cloud-native data products that compete with dbt.In 2024, data clouds had their "VHS moment" as Apache Iceberg emerged as the open table standard—particularly with Databricks, the company behind competing Delta Lake, acquiring Tabular for over $1B to bring the founders of Iceberg in under one roof—making multi-cloud a tangible reality and throwing tailwinds behind cross-cloud solutions like dbt that abstract away the underlying infrastructure and offer an orchestration layer on top.

Tristan Handy, CEO Of Dbt Labs, On Dbt’s multi-cloud Tailwinds

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Data lakehouse software for managing, querying, and analyzing enterprise-scale AI and data workloads

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Databricks (DATABRICKS US)

Primer: dbt Labs - 15 Oct 2025

Tool for analytics engineers to transform, test, and document data in cloud warehouses

Sacra

Primer: Statsig - 02 Sep 2025

Tool for product teams to run experiments and analyze feature impact with data

Sacra

Primer: ThoughtSpot - 24 Jul 2025

Analytics software with search-based interface for business users to query and explore data

Sacra

Ayan Barua, CEO Of Ampersand, On Infra For AI Agent Integrations

Last time we talked in October 2024, you mentioned AI agents, but we did not go into it deeply. What has changed in SaaS since we last spoke, both...

Sacra

Tristan Handy, CEO Of Dbt Labs, On Dbt’s multi-cloud Tailwinds

How did dbt Labs find product-market fit for its commercial product, coming from its open source software origins? What was that journey like and...

Sacra

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