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 Midjourney hit $200 million in annual recurring revenue (ARR) as of 2023.</li><li>On August 22, 2025, Midjourney announced a strategic partnership with Meta to license its aesthetic technology for future Meta models and products.</li><li>Video generation represents Midjourney&#39;s most significant TAM expansion opportunity, addressing a market estimated at $26 billion by 2027.</li></ul>

Sacra estimates that Midjourney hit $200 million in annual recurring revenue (ARR) as of 2023.On August 22, 2025, Midjourney announced a strategic partnership with Meta to license its aesthetic technology for future Meta models and products.Video generation represents Midjourney&#39;s most significant TAM expansion opportunity, addressing a market estimated at $26 billion by 2027.

<ul><li>Poolside closed a $500 million Series B in October 2024 at approximately $3 billion valuation.</li><li>Poolside announced Project Horizon, a 2 gigawatt AI campus in West Texas.</li><li>Poolside operates as a B2B enterprise software company selling AI coding automation to large organizations.</li></ul>

Poolside closed a $500 million Series B in October 2024 at approximately $3 billion valuation.Poolside announced Project Horizon, a 2 gigawatt AI campus in West Texas.Poolside operates as a B2B enterprise software company selling AI coding automation to large organizations.

<ul><li>As AI commoditizes video creation features like AI avatars, transcription, and dubbing, AI-native startups like Synthesia are colliding with incumbent platforms like Canva, Vimeo &amp; Wistia around the vision of an all-in-one AI video workflow platform.</li><li>Starting with COVID circa 2020-2022, two trends put every person in front of the camera and drove mass acceptance of low-fi video.</li><li>As AI video avatar startups like Synthesia ($146M ARR in September 2025) and HeyGen ($95M ARR in September 2025) exploded in 2023, B2B video went from scarce to incredibly abundant with AI platforms monetizing high-velocity video creation.</li></ul>

As AI commoditizes video creation features like AI avatars, transcription, and dubbing, AI-native startups like Synthesia are colliding with incumbent platforms like Canva, Vimeo &amp; Wistia around the vision of an all-in-one AI video workflow platform.Starting with COVID circa 2020-2022, two trends put every person in front of the camera and drove mass acceptance of low-fi video.As AI video avatar startups like Synthesia ($146M ARR in September 2025) and HeyGen ($95M ARR in September 2025) exploded in 2023, B2B video went from scarce to incredibly abundant with AI platforms monetizing high-velocity video creation.

<ul><li>Cohere shifted focus to training & deploying LLMs in private cloud or on-prem for customers in regulated industries (financial services, healthcare, government, defense).</li><li>Cohere hit $150M in annual recurring revenue (ARR) in October 2025, up from $100M in May 2025 and $22M in March 2024, valued at $7B as of September 2025 for a 46.7x revenue multiple.</li><li>CEO Aidan Gomez says the company expects to go public "soon", with Cohere "on a clear path to profitability" & expecting to turn a profit before 2029.</li></ul>

Cohere shifted focus to training & deploying LLMs in private cloud or on-prem for customers in regulated industries (financial services, healthcare, government, defense).Cohere hit $150M in annual recurring revenue (ARR) in October 2025, up from $100M in May 2025 and $22M in March 2024, valued at $7B as of September 2025 for a 46.7x revenue multiple.CEO Aidan Gomez says the company expects to go public "soon", with Cohere "on a clear path to profitability" & expecting to turn a profit before 2029.

United States

APIs for speech-to-text, text-to-speech, and real-time voice understanding

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Deepgram (DEEPGRAM US)

Primer: Cohere - 31 May 2026

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

Sacra

Primer: Midjourney - 14 Dec 2025

AI image generation tool for creating visuals from text prompts via web or Discord

Sacra

Primer: Poolside - 07 Dec 2025

Company developing advanced AI models to automate and improve coding processes for businesses

Sacra

Video Scarcity To Video Abundance

TL;DR: As AI commoditizes video creation features like AI avatars, transcription, and dubbing, AI-native startups like Synthesia are colliding with...

Sacra

Cohere At $150M ARR

TL;DR: Starting as a LLM competitor to OpenAI & Anthropic, Cohere has shifted gears to compete with enterprise AI companies like Glean and Writer....

Sacra

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