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>Doctronic raised a $20 million Series A in September 2025, led by Lightspeed Venture Partners.</li><li>The Series A funding will be allocated toward expanding Doctronic's multi-agent AI system and increasing the availability of licensed physicians for on-demand consultations.</li><li>Amazon One Medical presents a significant competitive challenge with its $49 video visits, $29 asynchronous messaging, and integration with Prime membership benefits.</li></ul>

Doctronic raised a $20 million Series A in September 2025, led by Lightspeed Venture Partners.The Series A funding will be allocated toward expanding Doctronic's multi-agent AI system and increasing the availability of licensed physicians for on-demand consultations.Amazon One Medical presents a significant competitive challenge with its $49 video visits, $29 asynchronous messaging, and integration with Prime membership benefits.

<ul><li>Sacra estimates Rula reached $470M in annualized gross revenue in 2024, up 100% YoY.</li><li>The fastest growing category of consumer marketplace in 2023 with GMV surging 260% YoY, mental health outpaced overall health (150%), pets (140%), and tickets (55%).</li><li>Neck-and-neck with Alma (20,000+ providers) and SonderMind (10,000+) at 15,000+ providers in the category led by Headway (60,000+ providers), Rula competes directly to win therapists onto its platform.</li></ul>

Sacra estimates Rula reached $470M in annualized gross revenue in 2024, up 100% YoY.The fastest growing category of consumer marketplace in 2023 with GMV surging 260% YoY, mental health outpaced overall health (150%), pets (140%), and tickets (55%).Neck-and-neck with Alma (20,000+ providers) and SonderMind (10,000+) at 15,000+ providers in the category led by Headway (60,000+ providers), Rula competes directly to win therapists onto its platform.

Function Health / Private Capital Markets

<ul><li>Sacra estimates Function Health grew to a $100M revenue run rate in February 2025, up 450% year-over-year with approximately 200,000 subscribers.</li><li>Function Health is a $100M/year consumer blood testing startup offering a $499/year subscription for comprehensive blood testing—now expanding into imaging and genomics as it builds a unified platform for self-directed health tracking.</li><li>Moving beyond blood testing, Function Health’s acquisition of Ezra (May 2025) has it bundling full-body MRI scanning into its membership product at $499/scan (down from $1,495 pre-acquisition), expanding its product surface area as pure-play blood testing is commoditized.</li></ul>

Sacra estimates Function Health grew to a $100M revenue run rate in February 2025, up 450% year-over-year with approximately 200,000 subscribers.Function Health is a $100M/year consumer blood testing startup offering a $499/year subscription for comprehensive blood testing—now expanding into imaging and genomics as it builds a unified platform for self-directed health tracking.Moving beyond blood testing, Function Health’s acquisition of Ezra (May 2025) has it bundling full-body MRI scanning into its membership product at $499/scan (down from $1,495 pre-acquisition), expanding its product surface area as pure-play blood testing is commoditized.

<ul><li>Maven Clinic will hit $268M of ARR in 2024, up 26% YoY, with their women’s health benefit offering now covering 17 million people globally.</li><li>After doubling down on fertility, Maven has now won their biggest customer ever in Amazon, who switched away from incumbent Progyny (NASDAQ: PGNY) for 2025.</li><li>Maven's asset-light model combining coaching, content and telehealth has enabled them to go global (175 countries)—without sacrificing retention (98% customer retention).</li></ul>

Maven Clinic will hit $268M of ARR in 2024, up 26% YoY, with their women’s health benefit offering now covering 17 million people globally.After doubling down on fertility, Maven has now won their biggest customer ever in Amazon, who switched away from incumbent Progyny (NASDAQ: PGNY) for 2025.Maven's asset-light model combining coaching, content and telehealth has enabled them to go global (175 countries)—without sacrificing retention (98% customer retention).

<ul><li>Virta Health (2014) is a telehealth provider that sells type 2 diabetes reversal via the ketogenic diet as a benefit ($2.8K per patient with a $10-20K platform fee per year) into health plans and self-insured employers, delivering it through a combo of connected devices (glucose meter, ketone meter, scale), 2-4 daily health coach check-ins, and continuous physician oversight.</li><li>In 2022, Virta launched a second product for obesity ($900/year), with Sacra now estimating Virta will do $175M of revenue in 2024, up 51% YoY, with roughly 550 customers (~$318K ARPC) and 98,000 patients (~180 patients per customer) for blended average revenue per patient of $1.8K.</li><li>With Ozempic’s runaway success ($14B of sales in 2023) driving up employer health costs by ~10% YoY, Virta’s obesity product (growing 150% YoY) provides a cheaper, pharma-free alternative ($900/year vs. $3,000/year), with new employer signups for obesity now growing faster than their diabetes reversal product.</li></ul>

Virta Health (2014) is a telehealth provider that sells type 2 diabetes reversal via the ketogenic diet as a benefit ($2.8K per patient with a $10-20K platform fee per year) into health plans and self-insured employers, delivering it through a combo of connected devices (glucose meter, ketone meter, scale), 2-4 daily health coach check-ins, and continuous physician oversight.In 2022, Virta launched a second product for obesity ($900/year), with Sacra now estimating Virta will do $175M of revenue in 2024, up 51% YoY, with roughly 550 customers (~$318K ARPC) and 98,000 patients (~180 patients per customer) for blended average revenue per patient of $1.8K.With Ozempic’s runaway success ($14B of sales in 2023) driving up employer health costs by ~10% YoY, Virta’s obesity product (growing 150% YoY) provides a cheaper, pharma-free alternative ($900/year vs. $3,000/year), with new employer signups for obesity now growing faster than their diabetes reversal product.

Sweden

Telehealth service combining in-house clinicians, AI triage, and physical clinics across Europe

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Kry (KRY SE)

Primer: Doctronic - 16 Sep 2025

AI-powered health assistant providing personalized, anonymous health insights and connecting users to licensed providers instantly and affordably

Sacra

Rula At $471M/year Growing 100% YoY

TL;DR: Post-COVID, mental health became the fastest-growing consumer marketplace category, driving the growth of managed therapist marketplaces...

Sacra

Function Health At $100M/year

TL;DR: With the rise of consumer interest in longevity and health optimization, Function Health is building a $499/year bundle for 100+ biomarker...

Sacra

Maven Clinic At $268M ARR

TL;DR: Sacra estimates that Maven Clinic will hit $268M of ARR in 2024, up 26% YoY, with their women’s health benefit offering now covering 17...

Sacra

Virta Health At $175M Revenue

TL;DR: Sacra estimates that Virta Health will hit $175M of revenue in 2024, up 51% YoY, with their ketogenic diet-based therapy for type 2 diabetes...

Sacra

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