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 OpenEvidence hit $300M in annualized revenue in July 2026, up from $150M at the end of 2025.</li><li>OpenEvidence grew from $7.9M in annualized revenue at the end of 2024 to $150M at the end of 2025, up approximately 1,800% year-over-year, with reported 90% gross margins.</li><li>OpenEvidence’s latest $250M raise in September 2026 valued the company at $15B, implying approximately 50x its $300M annualized revenue.</li></ul>

Sacra estimates that OpenEvidence hit $300M in annualized revenue in July 2026, up from $150M at the end of 2025.OpenEvidence grew from $7.9M in annualized revenue at the end of 2024 to $150M at the end of 2025, up approximately 1,800% year-over-year, with reported 90% gross margins.OpenEvidence’s latest $250M raise in September 2026 valued the company at $15B, implying approximately 50x its $300M annualized revenue.

<ul><li>Sacra estimates that Luminance hit $60 million in annual recurring revenue (ARR) at the end of 2025, growing 100% YoY from approximately $30 million at year-end 2024.</li><li>Luminance raised $75 million in a Series C funding round in February 2025 led by Point72 Private Investments, with participation from Forestay Capital, RPS Ventures, Schroders Capital, and existing investors March Capital and National Grid Partners.</li><li>Growth has been consistently strong: 2022-2023 saw roughly 118% YoY growth, followed by 150% YoY growth in 2024.</li></ul>

Sacra estimates that Luminance hit $60 million in annual recurring revenue (ARR) at the end of 2025, growing 100% YoY from approximately $30 million at year-end 2024.Luminance raised $75 million in a Series C funding round in February 2025 led by Point72 Private Investments, with participation from Forestay Capital, RPS Ventures, Schroders Capital, and existing investors March Capital and National Grid Partners.Growth has been consistently strong: 2022-2023 saw roughly 118% YoY growth, followed by 150% YoY growth in 2024.

<ul><li>Sacra estimates Clio hit $500M in annual recurring revenue in May 2026, up from about $433M at the end of 2025.</li><li>The company has maintained profitability (EBITDA positive) while more than doubling ARR over just two years.</li><li>Clio Payments represents a massive expansion opportunity beyond software subscription revenue.</li></ul>

Sacra estimates Clio hit $500M in annual recurring revenue in May 2026, up from about $433M at the end of 2025.The company has maintained profitability (EBITDA positive) while more than doubling ARR over just two years.Clio Payments represents a massive expansion opportunity beyond software subscription revenue.

Solve Intelligence / Private Capital Markets

<ul><li>Solve Intelligence operates profitably and has generated more cash than it has raised to date.</li><li>Enterprise adoption has grown from 200 to 400+ IP teams globally during 2025.</li><li>Solve Intelligence closed a $40M Series B in December 2025 led by Visionaries Club.</li></ul>

Solve Intelligence operates profitably and has generated more cash than it has raised to date.Enterprise adoption has grown from 200 to 400+ IP teams globally during 2025.Solve Intelligence closed a $40M Series B in December 2025 led by Visionaries Club.

<ul><li>Crosby closed a $20 million Series A in October 2025 led by Index Ventures, with participation from Bain Capital Ventures, Sequoia Capital, Elad Gil, Patrick Collison, and Cooley LLP.</li><li>Crosby expanded intake beyond Slack to include email and set a four‑hour review SLA, returning redlines within hours.</li><li>Crosby&#39;s agentic AI already learns which redlines are least likely to create bottlenecks, positioning the company to extend into negotiation automation that could simulate alternate clauses and automate back-and-forth markups.</li></ul>

Crosby closed a $20 million Series A in October 2025 led by Index Ventures, with participation from Bain Capital Ventures, Sequoia Capital, Elad Gil, Patrick Collison, and Cooley LLP.Crosby expanded intake beyond Slack to include email and set a four‑hour review SLA, returning redlines within hours.Crosby&#39;s agentic AI already learns which redlines are least likely to create bottlenecks, positioning the company to extend into negotiation automation that could simulate alternate clauses and automate back-and-forth markups.

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)

Primer: OpenEvidence - 21 Sep 2026

AI copilot for doctors to assist in making critical decisions at the point of care

Sacra

Primer: Luminance - 31 Jul 2026

AI-powered platform for legal professionals to review, analyze, and manage documents efficiently

Sacra

Primer: Clio - 15 Jun 2026

Software suite for law firms to manage cases, clients, documents, and billing

Sacra

Primer: Solve Intelligence - 22 Jan 2026

AI platform assisting legal professionals with patent drafting, prosecution, and invention harvesting

Sacra

Primer: Crosby - 14 Dec 2025

Hybrid AI law firm combining AI speed with human oversight to review contracts rapidly

Sacra

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