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 Handshake hit approximately $1.1B in annualized gross revenue in April 2026.</li><li>Launched in January 2025, Handshake AI has become the dominant growth driver.</li><li>The bottom fell out in late 2023 when mass layoffs and hiring freezes devastated recruiting budgets.</li></ul>

Sacra estimates that Handshake hit approximately $1.1B in annualized gross revenue in April 2026.Launched in January 2025, Handshake AI has become the dominant growth driver.The bottom fell out in late 2023 when mass layoffs and hiring freezes devastated recruiting budgets.

<ul><li>Datacurve closed a $15 million Series A in October 2025 led by Chemistry, with participation from Y Combinator, Balaji Srinivasan, and employees from DeepMind, Vercel, Anthropic, and OpenAI.</li><li>The enterprise AI coding assistant market is projected to grow from $2.1 billion in 2024 to $19 billion by 2033, driven by Fortune 500 internal copilot deployments.</li><li>If major customers decide to handle data collection internally or reduce training data budgets, Datacurve's revenue could face significant impact.</li></ul>

Datacurve closed a $15 million Series A in October 2025 led by Chemistry, with participation from Y Combinator, Balaji Srinivasan, and employees from DeepMind, Vercel, Anthropic, and OpenAI.The enterprise AI coding assistant market is projected to grow from $2.1 billion in 2024 to $19 billion by 2033, driven by Fortune 500 internal copilot deployments.If major customers decide to handle data collection internally or reduce training data budgets, Datacurve's revenue could face significant impact.

<ul><li>Handshake (2013) grew its campus recruiting portal & job marketplace to 18M students, ending 2024 at ~$190M in revenue (up 6% YoY) but with growth decelerating.</li><li>COVID dramatically accelerated Handshake's growth as remote recruiting exploded and in-person career fairs disappeared, driving revenue from $36M in 2020 to $75M in 2021 (108% YoY) and $120M in 2022 (60% YoY).</li><li>In 2023, frontier model companies drove massive demand for academically credentialed data labelers to power reasoning models and benchmarks in math, law & physics—driving the growth of companies like Mercor (Mercor $500M annualized revenue in August 2025)—with Handshake specifically well positioned to capitalize.</li></ul>

Handshake (2013) grew its campus recruiting portal & job marketplace to 18M students, ending 2024 at ~$190M in revenue (up 6% YoY) but with growth decelerating.COVID dramatically accelerated Handshake's growth as remote recruiting exploded and in-person career fairs disappeared, driving revenue from $36M in 2020 to $75M in 2021 (108% YoY) and $120M in 2022 (60% YoY).In 2023, frontier model companies drove massive demand for academically credentialed data labelers to power reasoning models and benchmarks in math, law & physics—driving the growth of companies like Mercor (Mercor $500M annualized revenue in August 2025)—with Handshake specifically well positioned to capitalize.

<ul><li>In 5 years regulation will be a defining force in AI safety and compliance work requiring human validation.</li><li>What really matters is net revenue and margins for durability.</li><li>Models are already reaching a point where they surpass the knowledge of the experts who trained them.</li></ul>

In 5 years regulation will be a defining force in AI safety and compliance work requiring human validation.What really matters is net revenue and margins for durability.Models are already reaching a point where they surpass the knowledge of the experts who trained them.

Jemma White, COO Of Prolific, On Why Humans Ensure AI Safety

<ul><li>The demand from frontier AI labs for expert data labeling has driven the growth of companies like Mercor ($100M annualized revenue in February 2025) to Invisible ($134M in 2024) to Handshake ($50M from AI data labeling).</li><li>Traditional boundaries between expert calls (GLG, AlphaSights, Tegus), market surveys (Gartner, Forrester) and user interviews (UserTesting, User Interviews) are collapsing into a single "primary research" category worth tens of billions—with life sciences consulting alone at $50B+—as AI abstracts away specific formats into agents that can run voice interviews & surveys, generate & extract content & data and produce completions & reports.</li><li>As foundation model labs have moved towards reasoning models which require PhD-level evaluation and fine-tuning, aggregating the supply side of verified & highly-credentialed domain experts across finance, legal, healthcare & other verticals has become key to serving demand—versus low-cost annotations from crowdsourced Mechanical Turk-style overseas workers.</li></ul>

The demand from frontier AI labs for expert data labeling has driven the growth of companies like Mercor ($100M annualized revenue in February 2025) to Invisible ($134M in 2024) to Handshake ($50M from AI data labeling).Traditional boundaries between expert calls (GLG, AlphaSights, Tegus), market surveys (Gartner, Forrester) and user interviews (UserTesting, User Interviews) are collapsing into a single "primary research" category worth tens of billions—with life sciences consulting alone at $50B+—as AI abstracts away specific formats into agents that can run voice interviews & surveys, generate & extract content & data and produce completions & reports.As foundation model labs have moved towards reasoning models which require PhD-level evaluation and fine-tuning, aggregating the supply side of verified & highly-credentialed domain experts across finance, legal, healthcare & other verticals has become key to serving demand—versus low-cost annotations from crowdsourced Mechanical Turk-style overseas workers.

Joe Kim, CEO Of Office Hours, On The End Of Crowdwork

United States

Platform providing high-quality coding data for training and evaluating large language models

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Datacurve (DATACURVE US)

Primer: Handshake - 22 Apr 2026

Training data platform providing expert human labeling, validation, and model evaluation for frontier AI labs

Sacra

Primer: Datacurve - 10 Oct 2025

Platform providing high-quality coding data for training and evaluating large language models

Sacra

Handshake Vs Mercor

TL;DR: Handshake (2013) grew its campus recruiting portal & job marketplace to 18M students, ending 2024 at ~$190M in revenue (up 6% YoY) but with...

Sacra

Jemma White, COO Of Prolific, On Why Humans Ensure AI Safety

Like a lot of companies in this space, when Prolific started it was working on a slightly different use case. How did Prolific evolve to meet AI...

Sacra

Joe Kim, CEO Of Office Hours, On The End Of Crowdwork

I'll start with the origin story. You were at AlphaSights for a while. What were the experiences and insights you had that led you to start Office...

Sacra

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