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 ID.me hit $200M in annual recurring revenue (ARR) in August 2025.</li><li>ID.me announced a $65M Series E in September 2025 at a valuation exceeding $2B, led by Ribbit Capital with participation from Ares Credit funds, Moonshots Capital, and Positive Sum.</li><li>ID.me competes across three overlapping identity markets that differ sharply in buying behavior, margin structure, and tolerance for failure: government-grade digital identity, enterprise/API identity verification, and platform-native identity ecosystems.</li></ul>

Sacra estimates that ID.me hit $200M in annual recurring revenue (ARR) in August 2025.ID.me announced a $65M Series E in September 2025 at a valuation exceeding $2B, led by Ribbit Capital with participation from Ares Credit funds, Moonshots Capital, and Positive Sum.ID.me competes across three overlapping identity markets that differ sharply in buying behavior, margin structure, and tolerance for failure: government-grade digital identity, enterprise/API identity verification, and platform-native identity ecosystems.

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul>
<li>We present a profitability analysis of the top 20 listed companies in Pakistan’s textile sector, comprising composite, spinning, weaving, woollen, and apparel companies.</li>
<li>The Pakistan textile sector’s profitability increased by 11% YoY to Rs51.9bn in FY26, driven by lower effective tax along with decline in finance cost.</li>
<li>Sales of listed textile companies remained broadly flat YoY at Rs1,403bn in FY26, Similarly, sales in US dollar terms remained stable at ~US$5.0bn, despite geopolitical headwinds and internal freight issues.</li>
</ul>


We present a profitability analysis of the top 20 listed companies in Pakistan’s textile sector, comprising composite, spinning, weaving, woollen, and apparel companies.
The Pakistan textile sector’s profitability increased by 11% YoY to Rs51.9bn in FY26, driven by lower effective tax along with decline in finance cost.
Sales of listed textile companies remained broadly flat YoY at Rs1,403bn in FY26, Similarly, sales in US dollar terms remained stable at ~US$5.0bn, despite geopolitical headwinds and internal freight issues.


Pakistan Textile – Profits Rise 11% in FY26; Top 20 Listed Companies Generates US$5bn in Sales

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<ul>
  <li>
<a href="https://smartkarma.com/entities/id-me">ID.me</a> is a leading digital identity verification platform in the U.S., with a strong foothold in the public sector, particularly with federal and state government agencies. Its 'verify once, use everywhere' model creates a network effect, enhancing user convenience and stickiness.</li>
  <li>The company is well-positioned to capitalize on the growing digital identity verification market, which is driven by increasing cybersecurity threats, digital transformation initiatives, and stringent regulatory requirements for identity proofing.</li>
  <li>Key risks for the company include its heavy reliance on government contracts, public and political scrutiny over data privacy and the use of facial recognition technology, and intense competition from other identity verification providers.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
ID.me is a leading digital identity verification platform in the U.S., with a strong foothold in the public sector, particularly with federal and state government agencies. Its 'verify once, use everywhere' model creates a network effect, enhancing user convenience and stickiness.
  The company is well-positioned to capitalize on the growing digital identity verification market, which is driven by increasing cybersecurity threats, digital transformation initiatives, and stringent regulatory requirements for identity proofing.
  Key risks for the company include its heavy reliance on government contracts, public and political scrutiny over data privacy and the use of facial recognition technology, and intense competition from other identity verification providers.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Sacra estimates that WorkOS hit $30M in annual recurring revenue (ARR) in October 2025, up from $20 million in June.</li><li>WorkOS raised an $80 million Series B in June 2022 led by Greenoaks, bringing total funding to approximately $100 million.</li><li>AuthKit serves as the core authentication product, offering a hosted login interface that supports email and password, OAuth providers like Google and Microsoft, magic links, and enterprise single sign-on.</li></ul>

Sacra estimates that WorkOS hit $30M in annual recurring revenue (ARR) in October 2025, up from $20 million in June.WorkOS raised an $80 million Series B in June 2022 led by Greenoaks, bringing total funding to approximately $100 million.AuthKit serves as the core authentication product, offering a hosted login interface that supports email and password, OAuth providers like Google and Microsoft, magic links, and enterprise single sign-on.

<ul><li>After a 2023-2024 pilot period where enterprises experimented with AI tools under relaxed security policies to avoid falling behind on AI transformation, IT departments are now reasserting control and demanding compliance—creating a compressed window where AI startups must retrofit SSO, audit logging, and directory sync or risk mass churn as renewal cycles hit.</li><li>As AI has collapsed the timeline to going upmarket into the enterprise from 6-7 years to 6-12 months, startups can no longer sequence enterprise features one at a time—SSO first, then audit logging, then fraud detection—throwing tailwinds behind ‘enterprise readiness’ bundles like WorkOS.</li><li>SSO has become ubiquitous across AI startups like Cursor & Perplexity—downmarket from enterprise B2B SaaS—to protect against LLM inference hijacking, which exploits self-serve models that give away output tokens for free, using device fingerprinting and anomalous behavior detection at login rather than just rate limiting at the API layer.</li></ul>

After a 2023-2024 pilot period where enterprises experimented with AI tools under relaxed security policies to avoid falling behind on AI transformation, IT departments are now reasserting control and demanding compliance—creating a compressed window where AI startups must retrofit SSO, audit logging, and directory sync or risk mass churn as renewal cycles hit.As AI has collapsed the timeline to going upmarket into the enterprise from 6-7 years to 6-12 months, startups can no longer sequence enterprise features one at a time—SSO first, then audit logging, then fraud detection—throwing tailwinds behind ‘enterprise readiness’ bundles like WorkOS.SSO has become ubiquitous across AI startups like Cursor & Perplexity—downmarket from enterprise B2B SaaS—to protect against LLM inference hijacking, which exploits self-serve models that give away output tokens for free, using device fingerprinting and anomalous behavior detection at login rather than just rate limiting at the API layer.

Michael Grinich, CEO Of WorkOS, On AI Startups Getting enterprise-ready At Launch

United States

Digital identity verification platform enabling users to securely prove and share their identity online

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ID.me (ME US)

Primer: ID.me - 12 Oct 2026

Digital identity verification platform enabling users to securely prove and share their identity online

Sacra

Pakistan Textile – Profits Rise 11% in FY26; Top 20 Listed Companies Generates US$5bn in Sales

We present a profitability analysis of the top 20 listed companies in Pakistan’s textile sector, comprising composite, spinning, weaving, woollen,...

Topline Securities

Primer: ID.me (ID.ME US) - Aug 2026

ID.me is a leading digital identity verification platform in the U.S., with a strong foothold in the public sector, particularly with federal...

αSK Primers

Primer: WorkOS - 14 Dec 2025

API platform enabling developers to add enterprise features like SSO, directory sync, and user management

Sacra

Michael Grinich, CEO Of WorkOS, On AI Startups Getting enterprise-ready At Launch

What is WorkOS in short and what inspired you to build it based on your experience co-founding Nylas...

Sacra

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