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 Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.</li><li>After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.</li><li>As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.</li></ul>

Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.

<ul><li>Onit's most recent funding was a $200 million investment from K1 Investment Management in January 2019.</li><li>In early 2025, Onit introduced Unity, a unified interface layer that consolidates its acquired brands.</li><li>Onit operates a B2B SaaS model targeting corporate legal departments, government agencies, and insurance companies.</li></ul>

Onit's most recent funding was a $200 million investment from K1 Investment Management in January 2019.In early 2025, Onit introduced Unity, a unified interface layer that consolidates its acquired brands.Onit operates a B2B SaaS model targeting corporate legal departments, government agencies, and insurance companies.

<ul><li>Sacra estimates Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024.</li><li>Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized.</li><li>The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025.</li></ul>

Sacra estimates Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024.Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized.The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025.

<ul><li>Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024</li><li>OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping </li><li>By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the </li></ul>

Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the 

OpenEvidence At $50M/year Growing 30% MoM

<ul><li>Clio is seizing the AI moment to cross over from back office to front office with its AI copilot for law firms.</li><li>Since the launch of Clio Payments (2021), payments now drive the majority of net new revenue growth, with Clio reaching a Sacra-estimated $300M in annual recurring revenue (ARR) in June 2025, up from $235M at the end of 2024.</li><li>With its June 2025 acquisition of legal research platform vLex—and its 1B+ cases, statutes, and treatises from 200+ jurisdictions—Clio can combine its library of precedent with the lead-to-ledger data, document storage & workflows it already owns.</li></ul>

Clio is seizing the AI moment to cross over from back office to front office with its AI copilot for law firms.Since the launch of Clio Payments (2021), payments now drive the majority of net new revenue growth, with Clio reaching a Sacra-estimated $300M in annual recurring revenue (ARR) in June 2025, up from $235M at the end of 2024.With its June 2025 acquisition of legal research platform vLex—and its 1B+ cases, statutes, and treatises from 200+ jurisdictions—Clio can combine its library of precedent with the lead-to-ledger data, document storage & workflows it already owns.

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)

Manus At $90M/year

TL;DR: Founded in 2022, Manus launched in March 2025 as the first consumer-facing agent that combined agentic browser control, deep research, and...

Sacra

Primer: Onit - 17 Sep 2025

Enterprise software and AI platforms for legal, compliance, sales, IT, HR, and finance departments

Sacra

Perplexity At $148M/year

TL;DR: Perplexity’s original wedge—LLM search with citations—has now been commoditized by every model lab. Now at a Sacra-estimated $148M in...

Sacra

OpenEvidence At $50M/year Growing 30% MoM

TL;DR: With doctors overwhelmed by the medical literature—which doubles in size every 5 years—OpenEvidence built a free AI-powered search engine...

Sacra

Clio At $300M/year

TL;DR: After building a practice management SaaS for solo lawyers & SMBs and layering on marketing, payments, & accounting, Clio is seizing the AI...

Sacra

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