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 ID.me hit $200M in annual recurring revenue (ARR) in August 2025.</li><li>ID.me announced a $65M Series E in September 2025 at a valuation exceeding $2B, led by Ribbit Capital with participation from Ares Credit funds, Moonshots Capital, and Positive Sum.</li><li>ID.me competes across three overlapping identity markets that differ sharply in buying behavior, margin structure, and tolerance for failure: government-grade digital identity, enterprise/API identity verification, and platform-native identity ecosystems.</li></ul>

Sacra estimates that ID.me hit $200M in annual recurring revenue (ARR) in August 2025.ID.me announced a $65M Series E in September 2025 at a valuation exceeding $2B, led by Ribbit Capital with participation from Ares Credit funds, Moonshots Capital, and Positive Sum.ID.me competes across three overlapping identity markets that differ sharply in buying behavior, margin structure, and tolerance for failure: government-grade digital identity, enterprise/API identity verification, and platform-native identity ecosystems.

<ul><li>Defakto raised $30.75 million in Series B funding in October 2025, bringing total lifetime funding to approximately $50 million.</li><li>Defakto sells a B2B SaaS platform used by enterprise security, platform engineering, and DevOps teams.</li><li>Revenue expansion comes from new customer acquisition and from existing customers expanding deployments.</li></ul>

Defakto raised $30.75 million in Series B funding in October 2025, bringing total lifetime funding to approximately $50 million.Defakto sells a B2B SaaS platform used by enterprise security, platform engineering, and DevOps teams.Revenue expansion comes from new customer acquisition and from existing customers expanding deployments.

<ul><li>Sacra estimates that WorkOS hit $30M in annual recurring revenue (ARR) in October 2025, up from $20 million in June.</li><li>WorkOS raised an $80 million Series B in June 2022 led by Greenoaks, bringing total funding to approximately $100 million.</li><li>AuthKit serves as the core authentication product, offering a hosted login interface that supports email and password, OAuth providers like Google and Microsoft, magic links, and enterprise single sign-on.</li></ul>

Sacra estimates that WorkOS hit $30M in annual recurring revenue (ARR) in October 2025, up from $20 million in June.WorkOS raised an $80 million Series B in June 2022 led by Greenoaks, bringing total funding to approximately $100 million.AuthKit serves as the core authentication product, offering a hosted login interface that supports email and password, OAuth providers like Google and Microsoft, magic links, and enterprise single sign-on.

<ul><li>After a 2023-2024 pilot period where enterprises experimented with AI tools under relaxed security policies to avoid falling behind on AI transformation, IT departments are now reasserting control and demanding compliance—creating a compressed window where AI startups must retrofit SSO, audit logging, and directory sync or risk mass churn as renewal cycles hit.</li><li>As AI has collapsed the timeline to going upmarket into the enterprise from 6-7 years to 6-12 months, startups can no longer sequence enterprise features one at a time—SSO first, then audit logging, then fraud detection—throwing tailwinds behind ‘enterprise readiness’ bundles like WorkOS.</li><li>SSO has become ubiquitous across AI startups like Cursor & Perplexity—downmarket from enterprise B2B SaaS—to protect against LLM inference hijacking, which exploits self-serve models that give away output tokens for free, using device fingerprinting and anomalous behavior detection at login rather than just rate limiting at the API layer.</li></ul>

After a 2023-2024 pilot period where enterprises experimented with AI tools under relaxed security policies to avoid falling behind on AI transformation, IT departments are now reasserting control and demanding compliance—creating a compressed window where AI startups must retrofit SSO, audit logging, and directory sync or risk mass churn as renewal cycles hit.As AI has collapsed the timeline to going upmarket into the enterprise from 6-7 years to 6-12 months, startups can no longer sequence enterprise features one at a time—SSO first, then audit logging, then fraud detection—throwing tailwinds behind ‘enterprise readiness’ bundles like WorkOS.SSO has become ubiquitous across AI startups like Cursor & Perplexity—downmarket from enterprise B2B SaaS—to protect against LLM inference hijacking, which exploits self-serve models that give away output tokens for free, using device fingerprinting and anomalous behavior detection at login rather than just rate limiting at the API layer.

Michael Grinich, CEO Of WorkOS, On AI Startups Getting enterprise-ready At Launch

<ul><li>In October 2025, Twilio agreed to acquire Stytch to build an intelligent identity layer for AI agents; Twilio expects the transaction to close in mid‑November 2025.</li><li>Stytch operates a B2B SaaS model serving both consumer-facing applications and B2B software companies.</li><li>The emergence of AI agents as first-class users of software applications creates entirely new authentication and authorization requirements.</li></ul>

In October 2025, Twilio agreed to acquire Stytch to build an intelligent identity layer for AI agents; Twilio expects the transaction to close in mid‑November 2025.Stytch operates a B2B SaaS model serving both consumer-facing applications and B2B software companies.The emergence of AI agents as first-class users of software applications creates entirely new authentication and authorization requirements.

Ukraine

Platform providing dynamic, verifiable identities for non-human actors to secure automated interactions across workloads, pipelines, and AI agents

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Defakto (DEFAKTO UA)

Primer: ID.me - 12 Oct 2026

Digital identity verification platform enabling users to securely prove and share their identity online

Sacra

Primer: Defakto - 28 Oct 2025

Platform providing dynamic, verifiable identities for non-human actors to secure automated interactions across workloads, pipelines, and AI agents

Sacra

Primer: WorkOS - 14 Dec 2025

API platform enabling developers to add enterprise features like SSO, directory sync, and user management

Sacra

Michael Grinich, CEO Of WorkOS, On AI Startups Getting enterprise-ready At Launch

What is WorkOS in short and what inspired you to build it based on your experience co-founding Nylas...

Sacra

Primer: Stytch - 31 Oct 2025

API and SDK suite for passwordless authentication and identity management in web apps

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)