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 Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.</li><li>The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.</li><li>Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.</li></ul>

Sacra estimates that Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.

<ul><li>Gusto hit $975M in revenue in 2025, up 30% YoY from $750M in 2024.</li><li>Gusto generated $975M of trailing twelve months revenue for 2025, up 30% year-over-year from $750M in 2024.</li><li>Gusto has stayed focused on SMBs, bundling in back-office services like benefits, time tracking, & invoicing to expand average revenue per customer (ARPC) by 2x.</li></ul>

Gusto hit $975M in revenue in 2025, up 30% YoY from $750M in 2024.Gusto generated $975M of trailing twelve months revenue for 2025, up 30% year-over-year from $750M in 2024.Gusto has stayed focused on SMBs, bundling in back-office services like benefits, time tracking, & invoicing to expand average revenue per customer (ARPC) by 2x.

<ul><li>Sacra estimates that Mercury hit $650M in annualized revenue in September 2025, up from $500M in 2024.</li><li>Mercury was valued at $5.2B following its $200M Series D round led by TCV in May 2026, up from $3.5B at its Series C in March 2025.</li><li>The company has been GAAP profitable for three consecutive years and achieved ten consecutive quarters of profitability on both EBITDA and GAAP net income by March 2025.</li></ul>

Sacra estimates that Mercury hit $650M in annualized revenue in September 2025, up from $500M in 2024.Mercury was valued at $5.2B following its $200M Series D round led by TCV in May 2026, up from $3.5B at its Series C in March 2025.The company has been GAAP profitable for three consecutive years and achieved ten consecutive quarters of profitability on both EBITDA and GAAP net income by March 2025.

<ul><li>Wingspan raised $24M in Series B funding in July 2025, led by Touring Capital, bringing total capital raised to $54M.</li><li>Wingspan provides an all-in-one platform designed specifically for onboarding, paying, and supporting independent contractors, freelancers, and gig workers.</li><li>The big opportunity for Wingspan is to build a closed loop payments network for the $1.4T and growing of freelancer payments made every year.</li></ul>

Wingspan raised $24M in Series B funding in July 2025, led by Touring Capital, bringing total capital raised to $54M.Wingspan provides an all-in-one platform designed specifically for onboarding, paying, and supporting independent contractors, freelancers, and gig workers.The big opportunity for Wingspan is to build a closed loop payments network for the $1.4T and growing of freelancer payments made every year.

<ul><li>Sacra estimates that Deel hit $1.5B in annualized revenue in June 2026, up from $1.3B at the end of 2025.</li><li>Deel&#39;s revenue growth has been driven by both organic expansion and strategic acquisitions, including Playgroup (payroll and HCM), Capbase (equity management), and Safeguard Global&#39;s enterprise payroll division (effective March 2025).</li><li>Deel has raised approximately $1.6B since its 2019 founding.</li></ul>

Sacra estimates that Deel hit $1.5B in annualized revenue in June 2026, up from $1.3B at the end of 2025.Deel&#39;s revenue growth has been driven by both organic expansion and strategic acquisitions, including Playgroup (payroll and HCM), Capbase (equity management), and Safeguard Global&#39;s enterprise payroll division (effective March 2025).Deel has raised approximately $1.6B since its 2019 founding.

United States

Payroll software for SMBs to manage employee and contractor payments, taxes, and benefits

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Gusto (GUSTO US)

Primer: Gusto - 16 Jul 2026

Payroll software for SMBs to manage employee and contractor payments, taxes, and benefits

Sacra

Gusto Vs Mercury

TL;DR: After decelerating through 2024, Gusto is re-accelerating, with its 500K+ SMB customer base now generating 2x the ARPC of 2022 through a...

Sacra

Primer: Mercury - 25 Aug 2026

Banking software for startups offering checking accounts, cards, treasury, and venture debt

Sacra

Primer: Wingspan - 24 Aug 2026

Payroll and compliance software for companies managing large networks of independent contractors

Sacra

Primer: Deel - 17 Aug 2026

Software for hiring, paying, and managing global contractors and employees compliantly

Sacra

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