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 Hebbia hit $48M in annual recurring revenue (ARR) in August 2026, up from an estimated $30M at the end of 2025.</li><li>Hebbia was valued at $700 million during its Series B funding round in July 2024, led by Andreessen Horowitz.</li><li>Hebbia reported 373% year-over-year EMEA revenue growth from FY25 to FY26, coinciding with a tripling of its EMEA team.</li></ul>

Sacra estimates that Hebbia hit $48M in annual recurring revenue (ARR) in August 2026, up from an estimated $30M at the end of 2025.Hebbia was valued at $700 million during its Series B funding round in July 2024, led by Andreessen Horowitz.Hebbia reported 373% year-over-year EMEA revenue growth from FY25 to FY26, coinciding with a tripling of its EMEA team.

<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 Writer hit $47M in annual recurring revenue as of November 2024, up 194% from $16M ARR in 2023.</li><li>The startup has raised $320M in total funding and achieved a $1.9B valuation in its latest round, representing a 40x multiple on current ARR.</li><li>Writer has tailwinds from the enterprise AI transformation and growing demand for secure, compliant generative AI solutions.</li></ul>

Sacra estimates Writer hit $47M in annual recurring revenue as of November 2024, up 194% from $16M ARR in 2023.The startup has raised $320M in total funding and achieved a $1.9B valuation in its latest round, representing a 40x multiple on current ARR.Writer has tailwinds from the enterprise AI transformation and growing demand for secure, compliant generative AI solutions.

<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>Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR &amp; launched its new no-code agent builder.</li><li>Glean has launched Autonomous Agents, with customers building agents for SDR outreach, compliance checks, and finance workflows.</li><li>Glean hit $200M annual recurring revenue (ARR) at the end of November 2025, doubling from $100M in November 2024, raising a $150M Series F (Kleiner Perkins) in June 2025 at a $7.2B valuation for a 36x revenue multiple.</li></ul>

Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR &amp; launched its new no-code agent builder.Glean has launched Autonomous Agents, with customers building agents for SDR outreach, compliance checks, and finance workflows.Glean hit $200M annual recurring revenue (ARR) at the end of November 2025, doubling from $100M in November 2024, raising a $150M Series F (Kleiner Perkins) in June 2025 at a $7.2B valuation for a 36x revenue multiple.

United States

AI-powered tool for querying and analyzing unstructured documents like filings and PDFs

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Hebbia (HEBBIA US)

Primer: Hebbia - 04 Sep 2026

AI-powered tool for querying and analyzing unstructured documents like filings and PDFs

Sacra

Primer: OpenEvidence - 21 Sep 2026

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

Sacra

Primer: Writer - 19 Apr 2026

AI writing software for enterprises to generate brand-safe, compliant content at scale

Sacra

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

Glean At $200M ARR

TL;DR: Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR & launched its new no-code agent...

Sacra

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