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 Attentive hit $500M in annual recurring revenue (ARR) at the end of 2024, up from $200M in 2022.</li><li>Attentive reported powering more than $29B in revenue for customers in the year ending September 2025, up more than 48% from the prior year.</li><li>Attentive reached a $6.90B valuation as of 2021, with their funding round led by Bain Capital Ventures and Coatue.</li></ul>

Sacra estimates that Attentive hit $500M in annual recurring revenue (ARR) at the end of 2024, up from $200M in 2022.Attentive reported powering more than $29B in revenue for customers in the year ending September 2025, up more than 48% from the prior year.Attentive reached a $6.90B valuation as of 2021, with their funding round led by Bain Capital Ventures and Coatue.

<ul><li>Sacra estimates Klaviyo hit $937M in annual recurring revenue (ARR) in 2024, growing 34% year-over-year.</li><li>Klaviyo has raised its full-year 2025 revenue guidance multiple times throughout the year, most recently to $1.215B–$1.219B in November 2025, representing approximately 30% YoY growth.</li><li>International expansion is accelerating, with combined EMEA and APAC revenue growing 43% YoY in Q3 2025.</li></ul>

Sacra estimates Klaviyo hit $937M in annual recurring revenue (ARR) in 2024, growing 34% year-over-year.Klaviyo has raised its full-year 2025 revenue guidance multiple times throughout the year, most recently to $1.215B–$1.219B in November 2025, representing approximately 30% YoY growth.International expansion is accelerating, with combined EMEA and APAC revenue growing 43% YoY in Q3 2025.

<ul><li>Originally built for technical marketers, customer engagement platforms like Customer.io, Klaviyo, Braze &amp; Iterable are using AI-powered assistants in the UI to expand platform accessibility to non-technical users, with LLMs translating natural language into sophisticated segmentation logic, conditional workflows and templating code.</li><li>Fully autonomous AI marketing agents face a trust gap analogous to self-driving cars in that they’re technically capable but unpredictably creative in ways that could catastrophically damage brand reputation, forcing platforms to deploy them in narrow, guardrailed contexts like A/B test selection rather than full campaign generation.</li><li>As token spend ramps on customer engagement platforms, it looks to split based on AI-powered features that help users use the product more effectively (assistants, segment generation, etc) which get absorbed by the platform as engagement &amp; LTV drivers, and per-message AI personalization which scales with send volume and requires usage-based pricing.</li></ul>

Originally built for technical marketers, customer engagement platforms like Customer.io, Klaviyo, Braze &amp; Iterable are using AI-powered assistants in the UI to expand platform accessibility to non-technical users, with LLMs translating natural language into sophisticated segmentation logic, conditional workflows and templating code.Fully autonomous AI marketing agents face a trust gap analogous to self-driving cars in that they’re technically capable but unpredictably creative in ways that could catastrophically damage brand reputation, forcing platforms to deploy them in narrow, guardrailed contexts like A/B test selection rather than full campaign generation.As token spend ramps on customer engagement platforms, it looks to split based on AI-powered features that help users use the product more effectively (assistants, segment generation, etc) which get absorbed by the platform as engagement &amp; LTV drivers, and per-message AI personalization which scales with send volume and requires usage-based pricing.

Colin Nederkoorn, CEO And Founder Of Customer.Io, On Ai's Effect On Marketing Automation

<ul><li>Sacra estimates that Customer.io hit $100M in annual recurring revenue (ARR) in September 2025, up 37% year-over-year and up from $78M at the end of 2024.</li><li>Customer.io has historically been highly capital efficient, getting to $30M ARR in 2021 on less than $4M raised.</li><li>Today, Customer.io is putting itself in competition with a wider array of companies, including Twilio and Litmus, as it moves towards becoming a multi-product, platform company.</li></ul>

Sacra estimates that Customer.io hit $100M in annual recurring revenue (ARR) in September 2025, up 37% year-over-year and up from $78M at the end of 2024.Customer.io has historically been highly capital efficient, getting to $30M ARR in 2021 on less than $4M raised.Today, Customer.io is putting itself in competition with a wider array of companies, including Twilio and Litmus, as it moves towards becoming a multi-product, platform company.

<ul><li>Founded in Australia in 2012, Rokt's core product is an SDK that big ecommerce retailers like Ticketmaster add to their checkout page to show offers for related products from 3rd-party brands.</li><li>After ending the year at $600M in ARR and acquiring the customer data platform (CDP) mParticle, Rokt has its sights set on expanding outside advertising.</li><li>With its acquisitions of mParticle and Shopify upsell app AfterSell (2024), Rokt is expanding across platforms, accumulating first-party data and streaming it at low latency across all customer interactions.</li></ul>

Founded in Australia in 2012, Rokt's core product is an SDK that big ecommerce retailers like Ticketmaster add to their checkout page to show offers for related products from 3rd-party brands.After ending the year at $600M in ARR and acquiring the customer data platform (CDP) mParticle, Rokt has its sights set on expanding outside advertising.With its acquisitions of mParticle and Shopify upsell app AfterSell (2024), Rokt is expanding across platforms, accumulating first-party data and streaming it at low latency across all customer interactions.

United States

Customer communication software for marketers to send personalized messages across channels

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Iterable (ITERABLE US)

Primer: Attentive - 12 Oct 2026

Messaging software for e-commerce brands to send personalized SMS and email campaigns

Sacra

Primer: Klaviyo - 19 Jan 2026

Marketing automation software for ecommerce brands to send personalized email and SMS campaigns

Sacra

Colin Nederkoorn, CEO And Founder Of Customer.Io, On Ai's Effect On Marketing Automation

Customer.io has begun positioning as an AI-powered customer engagement platform. Break that down for us. What does it mean to be AI-powered and...

Sacra

Primer: Customer.io - 26 Oct 2025

Messaging automation software for developers to send behavior-based emails, SMS, and push notifications

Sacra

Rokt At $600M/yr Growing 43% YoY

TL;DR: With its acquisition of customer data platform (CDP) mParticle at the beginning of 2025, Rokt is looking beyond the advertising business...

Sacra

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