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>ElevenLabs generates revenue primarily through its AI voice platform, which is used by 41% of Fortune 500 companies.</li><li>As of February 2026, ElevenLabs raised $500M in a Series D round led by Sequoia Capital at an $11B valuation.</li><li>The company added $100M in net new ARR in Q1 2026 alone, ending the quarter at roughly $450M ARR before crossing $500M in April.</li></ul>

ElevenLabs generates revenue primarily through its AI voice platform, which is used by 41% of Fortune 500 companies.As of February 2026, ElevenLabs raised $500M in a Series D round led by Sequoia Capital at an $11B valuation.The company added $100M in net new ARR in Q1 2026 alone, ending the quarter at roughly $450M ARR before crossing $500M in April.

<ul><li>Higgsfield hit $1B in annualized revenue in September 2026, up from $700M in August and about $200M at the end of 2025, reaching its year-end target three months early.</li><li>Higgsfield raised a $400M Series B in August 2026 at a $5.4B valuation, led by DST Global with participation from Goldman Sachs Alternatives, Tribe Capital, Intel Capital, and Liberty Global Tech Ventures, among others.</li><li>Growth is driven by higher-ARPU products including Ads 2.0, Soul UGC Builder, and UGC Factory for e-commerce creative teams, alongside presets that move customers into longer clips, higher resolutions, and multi-shot workflows.</li></ul>

Higgsfield hit $1B in annualized revenue in September 2026, up from $700M in August and about $200M at the end of 2025, reaching its year-end target three months early.Higgsfield raised a $400M Series B in August 2026 at a $5.4B valuation, led by DST Global with participation from Goldman Sachs Alternatives, Tribe Capital, Intel Capital, and Liberty Global Tech Ventures, among others.Growth is driven by higher-ARPU products including Ads 2.0, Soul UGC Builder, and UGC Factory for e-commerce creative teams, alongside presets that move customers into longer clips, higher resolutions, and multi-shot workflows.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><ul><li>WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.</li><li>As of 5/11/26, the index had 38 active constituents and a total market value of $2.20 trillion. The two largest constituents are Anthropic (~41.0%) and OpenAI (~38.2%).</li><li>Another big month increase driven by Anthropic. WTR AI Private Pools Index performance for month ending May 11, 2026*. </li></ul></div>

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.As of 5/11/26, the index had 38 active constituents and a total market value of $2.20 trillion. The two largest constituents are Anthropic (~41.0%) and OpenAI (~38.2%).Another big month increase driven by Anthropic. WTR AI Private Pools Index performance for month ending May 11, 2026*. 

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - 18 May 2026

<ul><li>Sacra estimates that HeyGen hit $205M in annual recurring revenue (ARR) in June 2026, up from $123M at the end of 2025.</li><li>HeyGen was valued at $500 million following its Series A funding round in 2023.</li><li>HeyGen's product strategy hinges on speed-to-value and ease of use—the platform launched "Instant Avatar" in November 2023, compressing avatar creation from days to 5 minutes.</li></ul>

Sacra estimates that HeyGen hit $205M in annual recurring revenue (ARR) in June 2026, up from $123M at the end of 2025.HeyGen was valued at $500 million following its Series A funding round in 2023.HeyGen's product strategy hinges on speed-to-value and ease of use—the platform launched "Instant Avatar" in November 2023, compressing avatar creation from days to 5 minutes.

<ul><li>Sacra estimates that Decagon hit $100M in annualized revenue in July 2026, up from $44M at the end of 2025.</li><li>Decagon was valued at $4.5 billion in January 2026, following a $250 million Series D funding round led by Coatue Management and Index Ventures.</li><li>The customer support automation market is projected to grow from $308 million in 2022 to $2.89 billion by 2032.</li></ul>

Sacra estimates that Decagon hit $100M in annualized revenue in July 2026, up from $44M at the end of 2025.Decagon was valued at $4.5 billion in January 2026, following a $250 million Series D funding round led by Coatue Management and Index Ventures.The customer support automation market is projected to grow from $308 million in 2022 to $2.89 billion by 2032.

United Kingdom

Tool for generating and editing human-like synthetic voices from text or samples

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ElevenLabs (ELEVENLABS GB)

Primer: ElevenLabs - 20 Aug 2026

Tool for generating and editing human-like synthetic voices from text or samples

Sacra

Primer: Higgsfield - 08 Oct 2026

AI-native video reasoning engine enabling creators and enterprises to produce cinematic-quality short-form video in minutes

Sacra

Primer: HeyGen - 03 Sep 2026

Video generation tool for creating AI avatar videos for training and sales outreach

Sacra

Primer: Decagon - 18 Aug 2026

AI agent software for automating complex customer support tasks and analyzing feedback

Sacra

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: ElevenLabs - 20 Aug 2026

Tool for generating and editing human-like synthetic voices from text or samples

Sacra

Primer: Higgsfield - 08 Oct 2026

AI-native video reasoning engine enabling creators and enterprises to produce cinematic-quality short-form video in minutes

Sacra

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - 18 May 2026

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI...

Water Tower Research

Primer: HeyGen - 03 Sep 2026

Video generation tool for creating AI avatar videos for training and sales outreach

Sacra

Primer: Decagon - 18 Aug 2026

AI agent software for automating complex customer support tasks and analyzing feedback

Sacra