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 Fivetran hit $325M in annual recurring revenue (ARR) in 2024, up 33% YoY.</li><li>In October 2025, Fivetran and dbt Labs announced an all‑stock merger to form a combined data infrastructure company with nearly $600M in annual revenue, with George Fraser as CEO and Tristan Handy as co‑founder and president; the companies expect the deal to close within a year.</li><li>Fivetran has raised $728M from investors such as Andreessen Horowitz, Matrix Partners, and General Catalyst.</li></ul>

Sacra estimates that Fivetran hit $325M in annual recurring revenue (ARR) in 2024, up 33% YoY.In October 2025, Fivetran and dbt Labs announced an all‑stock merger to form a combined data infrastructure company with nearly $600M in annual revenue, with George Fraser as CEO and Tristan Handy as co‑founder and president; the companies expect the deal to close within a year.Fivetran has raised $728M from investors such as Andreessen Horowitz, Matrix Partners, and General Catalyst.

<ul><li>The 2023 data budget crunch exposed a fundamental ROI problem with the modern data stack movement: horizontal tools that process terabytes of data often struggle to show business impact, while verticalized data platforms like CDPs can point directly to lift in CTR, conversion rates, and paid media efficiency.</li><li>Databricks is growing nearly 2x faster than Snowflake because it started upstream with managed Spark (launched 2016), expanding downstream into warehousing (launched Databricks SQL in December 2021) and bundling adjacent products, versus Snowflake which started downstream with the warehouse (launched 2015) and must shift left.</li><li>AI is driving a new wave of data infrastructure demand as companies race to power AI experiences with customer data, which at mid-market and enterprise lives primarily in data warehouses, creating tailwinds for companies like Prequel ($5M seed, NextView) that can help SaaS vendors pull data from customer warehouses into their apps.</li></ul>

The 2023 data budget crunch exposed a fundamental ROI problem with the modern data stack movement: horizontal tools that process terabytes of data often struggle to show business impact, while verticalized data platforms like CDPs can point directly to lift in CTR, conversion rates, and paid media efficiency.Databricks is growing nearly 2x faster than Snowflake because it started upstream with managed Spark (launched 2016), expanding downstream into warehousing (launched Databricks SQL in December 2021) and bundling adjacent products, versus Snowflake which started downstream with the warehouse (launched 2015) and must shift left.AI is driving a new wave of data infrastructure demand as companies race to power AI experiences with customer data, which at mid-market and enterprise lives primarily in data warehouses, creating tailwinds for companies like Prequel ($5M seed, NextView) that can help SaaS vendors pull data from customer warehouses into their apps.

Charles Chretien, co-founder Of Prequel, On The Modern Data Stack’s ROI Problem

<ul><li>Prequel raised a $5.2M seed round in September 2023 led by NextView Ventures and Stage 2 Capital.</li><li>Third is the Data Import capability launching in 2025 that works in reverse, allowing SaaS vendors to read data from customer warehouses.</li><li>The shift toward warehouse-native applications creates new customer categories beyond traditional SaaS.</li></ul>

Prequel raised a $5.2M seed round in September 2023 led by NextView Ventures and Stage 2 Capital.Third is the Data Import capability launching in 2025 that works in reverse, allowing SaaS vendors to read data from customer warehouses.The shift toward warehouse-native applications creates new customer categories beyond traditional SaaS.

<ul><li>Databricks hit $4.8B in annualized revenue in September 2025, growing 55% YoY with 140% net dollar retention, raising a $4B+ Series L at a $134B valuation for a ~28x revenue multiple</li><li>Databricks generating ~$2.8B in revenue (~60%) from its core data platform (Spark jobs, notebooks, ML pipelines), with data warehousing (Databricks SQL) and AI products (Mosaic AI) each at a $1B run-rate (~20% each)</li><li>Pushing from data infrastructure into the application layer, nascent product lines like Lakebase for serverless Postgres (from May 2025 Neon acquisition), Agent Bricks for AI agent orchestration, and Databricks Apps for app deployment increasingly position Databricks to capture revenue from software built on top of its platform vs. just the data processing underneath it.</li></ul>

Databricks hit $4.8B in annualized revenue in September 2025, growing 55% YoY with 140% net dollar retention, raising a $4B+ Series L at a $134B valuation for a ~28x revenue multipleDatabricks generating ~$2.8B in revenue (~60%) from its core data platform (Spark jobs, notebooks, ML pipelines), with data warehousing (Databricks SQL) and AI products (Mosaic AI) each at a $1B run-rate (~20% each)Pushing from data infrastructure into the application layer, nascent product lines like Lakebase for serverless Postgres (from May 2025 Neon acquisition), Agent Bricks for AI agent orchestration, and Databricks Apps for app deployment increasingly position Databricks to capture revenue from software built on top of its platform vs. just the data processing underneath it.

<ul><li>Databricks by 2014 found product-market fit wrapping Spark with collaborative notebooks where data scientists could write familiar Python or Scala &amp; point-and-click cluster management so companies could use it without a DevOps team.</li><li>After becoming cash-flow positive with 85% gross margins (vs. Snowflake at ~70%) and maintaining 50%+ growth at $4B+ revenue scale, Databricks is positioned for a late-2025 or early-2026 IPO that could be the largest software listing since Snowflake's $33B debut in 2020, even as the product’s technical complexity and the company’s engineer-first, academic DNA potentially creates tensions with the enterprise dealmaking that will be key to sustaining growth in the public markets.</li><li>Databricks hit $4B in annualized revenue in August 2025, growing 50% YoY.</li></ul>

Databricks by 2014 found product-market fit wrapping Spark with collaborative notebooks where data scientists could write familiar Python or Scala &amp; point-and-click cluster management so companies could use it without a DevOps team.After becoming cash-flow positive with 85% gross margins (vs. Snowflake at ~70%) and maintaining 50%+ growth at $4B+ revenue scale, Databricks is positioned for a late-2025 or early-2026 IPO that could be the largest software listing since Snowflake's $33B debut in 2020, even as the product’s technical complexity and the company’s engineer-first, academic DNA potentially creates tensions with the enterprise dealmaking that will be key to sustaining growth in the public markets.Databricks hit $4B in annualized revenue in August 2025, growing 50% YoY.

United States

Data pipeline tool for syncing SaaS and database data into cloud data warehouses

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Fivetran (FIVETRAN US)

Primer: Fivetran - 15 Oct 2025

Data pipeline tool for syncing SaaS and database data into cloud data warehouses

Sacra

Charles Chretien, co-founder Of Prequel, On The Modern Data Stack’s ROI Problem

The “modern data stack” seems to have peaked in ~2021 and has been rolling back since. We’ve seen a wave of consolidation in the space. How would...

Sacra

Primer: Prequel - 20 Jan 2026

Tool for SaaS vendors to build native data warehouse connectors for their customers

Sacra

Databricks At $4.8B ARR

TL;DR: Databricks is now growing nearly 2x faster than Snowflake at comparable scale (55% vs 29% YoY), with 60% of revenue coming from its core...

Sacra

Databricks At $4B ARR Growing 50% YoY

TL;DR: After becoming cash-flow positive with 85% gross margins and 650+ customers spending over $1M annually, Databricks is positioned for what...

Sacra

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