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 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>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.

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 Spellbook more than tripled ARR in 2025, slightly surpassing the company projection of 200% growth in the year.</li><li>Management said in March 2026 that Spellbook was on track to reach $100M in ARR during 2026.</li><li>Spellbook&#39;s most recent equity round was a $50M Series B closed in October 2025, led by Khosla Ventures with participation from Keith Rabois, valuing the company at $350M post-money.</li></ul>

Sacra estimates that Spellbook more than tripled ARR in 2025, slightly surpassing the company projection of 200% growth in the year.Management said in March 2026 that Spellbook was on track to reach $100M in ARR during 2026.Spellbook&#39;s most recent equity round was a $50M Series B closed in October 2025, led by Khosla Ventures with participation from Keith Rabois, valuing the company at $350M post-money.

<ul><li>Sacra estimates that Legora surpassed $200M in annual recurring revenue (ARR) in September 2026, doubling from $100M in less than six months after taking 18 months to grow from $1M to $100M.</li><li>In April 2026, Legora extended its Series D with an additional $50 million, bringing the total round to $600 million at a $5.6 billion post-money valuation.</li><li>In-house legal teams accounted for more than 40% of Legora&#39;s new business in Q3 2026 to date, according to the company, with customers including Air Canada, Salesforce, and Palo Alto Networks.</li></ul>

Sacra estimates that Legora surpassed $200M in annual recurring revenue (ARR) in September 2026, doubling from $100M in less than six months after taking 18 months to grow from $1M to $100M.In April 2026, Legora extended its Series D with an additional $50 million, bringing the total round to $600 million at a $5.6 billion post-money valuation.In-house legal teams accounted for more than 40% of Legora&#39;s new business in Q3 2026 to date, according to the company, with customers including Air Canada, Salesforce, and Palo Alto Networks.

United States

AI assistant for legal research and document review used by law firms and in-house counsel

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Harvey (HARVEY US)

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

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

Primer: Spellbook - 23 Sep 2026

AI contract drafting, review, and lifecycle automation software for law firms and in-house legal teams

Sacra

Primer: Legora - 22 Sep 2026

AI-powered tool for legal teams to review, research, and draft documents faster

Sacra

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

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: Spellbook - 23 Sep 2026

AI contract drafting, review, and lifecycle automation software for law firms and in-house legal teams

Sacra

Primer: Legora - 22 Sep 2026

AI-powered tool for legal teams to review, research, and draft documents faster

Sacra