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>Hightouch escaped the collapse of its category by converting itself into a “composable CDP” for marketers.</li><li>To escape the commoditization of reverse ETL, Hightouch moved up the stack to the marketers on the receiving end of every sync.</li><li>Sacra estimates Hightouch hit $100M in ARR in April 2026, up from $85M at the end of 2025 (+143% YoY).</li></ul>

Hightouch escaped the collapse of its category by converting itself into a “composable CDP” for marketers.To escape the commoditization of reverse ETL, Hightouch moved up the stack to the marketers on the receiving end of every sync.Sacra estimates Hightouch hit $100M in ARR in April 2026, up from $85M at the end of 2025 (+143% YoY).

<ul><li>Sacra estimates Hightouch hit $100M in annual recurring revenue (ARR) in April 2026, up from $85M at the end of 2025.</li><li>The company reported $20M in annual recurring revenue for 2023, doubling from $10M in 2022.</li><li>Hightouch is currently valued at $615M as of 2024.</li></ul>

Sacra estimates Hightouch hit $100M in annual recurring revenue (ARR) in April 2026, up from $85M at the end of 2025.The company reported $20M in annual recurring revenue for 2023, doubling from $10M in 2022.Hightouch is currently valued at $615M as of 2024.

<ul><li>The 2023 data budget crunch exposed a fundamental ROI problem with the modern data stack movement: horizontal tools that process terabytes of data often struggle to show business impact, while verticalized data platforms like CDPs can point directly to lift in CTR, conversion rates, and paid media efficiency.</li><li>Databricks is growing nearly 2x faster than Snowflake because it started upstream with managed Spark (launched 2016), expanding downstream into warehousing (launched Databricks SQL in December 2021) and bundling adjacent products, versus Snowflake which started downstream with the warehouse (launched 2015) and must shift left.</li><li>AI is driving a new wave of data infrastructure demand as companies race to power AI experiences with customer data, which at mid-market and enterprise lives primarily in data warehouses, creating tailwinds for companies like Prequel ($5M seed, NextView) that can help SaaS vendors pull data from customer warehouses into their apps.</li></ul>

The 2023 data budget crunch exposed a fundamental ROI problem with the modern data stack movement: horizontal tools that process terabytes of data often struggle to show business impact, while verticalized data platforms like CDPs can point directly to lift in CTR, conversion rates, and paid media efficiency.Databricks is growing nearly 2x faster than Snowflake because it started upstream with managed Spark (launched 2016), expanding downstream into warehousing (launched Databricks SQL in December 2021) and bundling adjacent products, versus Snowflake which started downstream with the warehouse (launched 2015) and must shift left.AI is driving a new wave of data infrastructure demand as companies race to power AI experiences with customer data, which at mid-market and enterprise lives primarily in data warehouses, creating tailwinds for companies like Prequel ($5M seed, NextView) that can help SaaS vendors pull data from customer warehouses into their apps.

Charles Chretien, co-founder Of Prequel, On The Modern Data Stack’s ROI Problem

<ul><li>Prequel raised a $5.2M seed round in September 2023 led by NextView Ventures and Stage 2 Capital.</li><li>Third is the Data Import capability launching in 2025 that works in reverse, allowing SaaS vendors to read data from customer warehouses.</li><li>The shift toward warehouse-native applications creates new customer categories beyond traditional SaaS.</li></ul>

Prequel raised a $5.2M seed round in September 2023 led by NextView Ventures and Stage 2 Capital.Third is the Data Import capability launching in 2025 that works in reverse, allowing SaaS vendors to read data from customer warehouses.The shift toward warehouse-native applications creates new customer categories beyond traditional SaaS.

<ul><li>Positioning against the breadth-first appeal of unified APIs, new native product integration infra companies like Ampersand (Matrix, $4.7M seed) enable vendors to build deep custom integrations with the handful of highest revenue generating, enterprise-tier, “fat head” systems of record like Salesforce and HubSpot.</li><li>Our positioning has been: if you want to go very deep natively, whatever you can do on top of the API, you can do with Ampersand, cutting down from 6 months to 6 days.</li><li>We are starting with the go-to-market stack.</li></ul>

Positioning against the breadth-first appeal of unified APIs, new native product integration infra companies like Ampersand (Matrix, $4.7M seed) enable vendors to build deep custom integrations with the handful of highest revenue generating, enterprise-tier, “fat head” systems of record like Salesforce and HubSpot.Our positioning has been: if you want to go very deep natively, whatever you can do on top of the API, you can do with Ampersand, cutting down from 6 months to 6 days.We are starting with the go-to-market stack.

Ayan Barua, CEO Of Ampersand, On Going Upmarket With Deep Native Product Integrations

United States

Tool for syncing warehouse data to business apps like CRMs and marketing tools

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Hightouch (HIGHTOUCH US)

$100M/year Segment For Marketers

TL;DR: Founded by ex-Segment engineers as a reverse ETL tool for syncing warehouse data into CRMs and ad platforms, Hightouch escaped the collapse...

Sacra

Primer: Hightouch - 09 Jul 2026

Tool for syncing warehouse data to business apps like CRMs and marketing tools

Sacra

Charles Chretien, co-founder Of Prequel, On The Modern Data Stack’s ROI Problem

The “modern data stack” seems to have peaked in ~2021 and has been rolling back since. We’ve seen a wave of consolidation in the space. How would...

Sacra

Primer: Prequel - 20 Jan 2026

Tool for SaaS vendors to build native data warehouse connectors for their customers

Sacra

Ayan Barua, CEO Of Ampersand, On Going Upmarket With Deep Native Product Integrations

Before starting Ampersand, you were VP of Engineering at G2, and you got there via the acquisition of your startup Siftery. Can you talk about...

Sacra

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