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 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.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Klaviyo's third-quarter fiscal 2025 results reveal strong performance, highlighting its commitment to building a high-growth software business at scale.</li><li>Revenue reached $311 million, a 32% year-over-year increase, driven by robust new customer demand and multiproduct expansion from existing customers.</li><li>The company now serves over 183,000 customers in more than 100 countries.</li></ul>

Klaviyo's third-quarter fiscal 2025 results reveal strong performance, highlighting its commitment to building a high-growth software business at scale.Revenue reached $311 million, a 32% year-over-year increase, driven by robust new customer demand and multiproduct expansion from existing customers.The company now serves over 183,000 customers in more than 100 countries.

Klaviyo Is Quietly Building a CRM Empire—Inside Its Bold Product Diversification Strategy!

<ul><li>Sacra estimates that Apollo.io hit $265M in annual recurring revenue (ARR) in September 2026, up from $194M at the end of 2025.</li><li>Apollo.io raised a $100M Series D in August 2023 at a $1.6B valuation, led by Bain Capital Ventures with participation from Sequoia Capital, Tribe Capital, and Nexus Venture Partners.</li><li>In February 2026, Matt Curl became CEO and Zheng moved to chairman.</li></ul>

Sacra estimates that Apollo.io hit $265M in annual recurring revenue (ARR) in September 2026, up from $194M at the end of 2025.Apollo.io raised a $100M Series D in August 2023 at a $1.6B valuation, led by Bain Capital Ventures with participation from Sequoia Capital, Tribe Capital, and Nexus Venture Partners.In February 2026, Matt Curl became CEO and Zheng moved to chairman.

<ul><li>Litmus today is at about $45M annual recurring revenue (ARR), growing about 15% year-over-year.</li><li>Validity acquired Litmus on April 10, 2025; no financial terms were disclosed.</li><li>Litmus has raised a total of $79M across two funding rounds.</li></ul>

Litmus today is at about $45M annual recurring revenue (ARR), growing about 15% year-over-year.Validity acquired Litmus on April 10, 2025; no financial terms were disclosed.Litmus has raised a total of $79M across two funding rounds.

<ul><li>Sacra estimates Gorgias hit $69M in ARR in 2024, up 34% year-over-year from $51M ARR in 2023, which itself was double the $25M ARR reported in 2022.</li><li>In April 2025, Gorgias introduced Shopping Assistant, an AI-driven pre-sales tool that delivers personalized product recommendations, dynamic discounts, and upsell bundles in real time.</li><li>Gorgias was valued at $530M in its May 2024 Series C funding round, with a total of $100M+ raised to date.</li></ul>

Sacra estimates Gorgias hit $69M in ARR in 2024, up 34% year-over-year from $51M ARR in 2023, which itself was double the $25M ARR reported in 2022.In April 2025, Gorgias introduced Shopping Assistant, an AI-driven pre-sales tool that delivers personalized product recommendations, dynamic discounts, and upsell bundles in real time.Gorgias was valued at $530M in its May 2024 Series C funding round, with a total of $100M+ raised to date.

United States

Klaviyo, Inc. provides e-marketing solutions. The Company offers marketing automation and email platform which enables users to access, store, analyze, and use transactional and behavioral data to power highly-targeted email and advertising campaigns. Klaviyo serves customers worldwide.

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Klaviyo (KVYO US)

Primer: Klaviyo - 19 Jan 2026

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

Sacra

Klaviyo Is Quietly Building a CRM Empire—Inside Its Bold Product Diversification Strategy!

Klaviyo's third-quarter fiscal 2025 results reveal strong performance, highlighting its commitment to building a high-growth software business at...

Baptista Research

Primer: Apollo.io - 31 May 2026

Tool for sales teams to find leads and run outbound email campaigns

Sacra

Primer: Litmus - 27 Feb 2026

Tool for testing and previewing email HTML across clients like Outlook and Gmail

Sacra

Primer: Gorgias - 23 Dec 2025

Help desk software for Shopify merchants to manage ecommerce customer support tickets

Sacra

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