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>As retrieval augmented generation took off in 2023, Exa’s embedding-based search index was positioned as a core developer API for building AI applications with access to real-time data.</li><li>Sacra estimates Exa hit $10M annualized revenue in September 2025, up ~11x YoY from ~$880K, raising an $85M Series B at a $700M valuation from Benchmark.</li><li>As AI agents evolve from single-turn assistants to autonomous multi-step workflows, Exa's "deep" agentic search positions it as infrastructure for the next generation of AI applications that need to reason over web data rather than just retrieve it.</li></ul>

As retrieval augmented generation took off in 2023, Exa’s embedding-based search index was positioned as a core developer API for building AI applications with access to real-time data.Sacra estimates Exa hit $10M annualized revenue in September 2025, up ~11x YoY from ~$880K, raising an $85M Series B at a $700M valuation from Benchmark.As AI agents evolve from single-turn assistants to autonomous multi-step workflows, Exa's "deep" agentic search positions it as infrastructure for the next generation of AI applications that need to reason over web data rather than just retrieve it.

<ul><li>Sacra estimates that Perplexity hit $750M in annualized revenue in August 2026, up from $232M at the end of 2025.</li><li>Perplexity was valued at $20B after raising $200M in a round announced in September 2025.</li><li>Perplexity operates on a tiered subscription model.</li></ul>

Sacra estimates that Perplexity hit $750M in annualized revenue in August 2026, up from $232M at the end of 2025.Perplexity was valued at $20B after raising $200M in a round announced in September 2025.Perplexity operates on a tiered subscription model.

<ul><li>Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.</li><li>With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).</li><li>Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.</li></ul>

Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.

<ul><li>Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR &amp; launched its new no-code agent builder.</li><li>Glean has launched Autonomous Agents, with customers building agents for SDR outreach, compliance checks, and finance workflows.</li><li>Glean hit $200M annual recurring revenue (ARR) at the end of November 2025, doubling from $100M in November 2024, raising a $150M Series F (Kleiner Perkins) in June 2025 at a $7.2B valuation for a 36x revenue multiple.</li></ul>

Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR &amp; launched its new no-code agent builder.Glean has launched Autonomous Agents, with customers building agents for SDR outreach, compliance checks, and finance workflows.Glean hit $200M annual recurring revenue (ARR) at the end of November 2025, doubling from $100M in November 2024, raising a $150M Series F (Kleiner Perkins) in June 2025 at a $7.2B valuation for a 36x revenue multiple.

<ul><li>While adoption of tools like Harvey in law is shifting from episodic use to daily workflow integration for transactional work, litigation use cases still lag behind.</li><li>Sacra estimates <a href="https://sacra.com/c/harvey/" target="_blank" rel="noopener noreferrer">Harvey </a> hit <a href="https://sacra.com/research/harvey-revenue-growth-valuation/" target="_blank" rel="noopener noreferrer">$150M in annual recurring revenue (ARR) in November 2025, up ~3.3x from $50M at the end of 2024</a>.</li><li>For transactional work, AI adoption is shifting from <a href="https://sacra.com/research/glean-for-law/" target="_blank" rel="noopener noreferrer">episodic use to daily workflow integration</a>.</li></ul>

While adoption of tools like Harvey in law is shifting from episodic use to daily workflow integration for transactional work, litigation use cases still lag behind.Sacra estimates Harvey  hit $150M in annual recurring revenue (ARR) in November 2025, up ~3.3x from $50M at the end of 2024.For transactional work, AI adoption is shifting from episodic use to daily workflow integration.

United States

API for meaning-based web search tailored to AI agents and complex queries

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Exa (EXA US)

Exa At $10M Growing 11x YoY

TL;DR: As retrieval augmented generation took off in 2023, Exa’s embedding-based search index was positioned as a core developer API for building...

Sacra

Primer: Perplexity - 24 Aug 2026

AI-powered search tool for answering complex, multi-sentence queries with cited summaries

Sacra

Harvey At $195M ARR

TL;DR: Now at a Sacra-estimated $195M annual recurring revenue (ARR) as of the end of 2025, Harvey is expanding aggressively into Europe to expand...

Sacra

Glean At $200M ARR

TL;DR: Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR & launched its new no-code agent...

Sacra

Harvey At $150M ARR

TL;DR: While adoption of tools like Harvey in law is shifting from episodic use to daily workflow integration for transactional work, litigation...

Sacra

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