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>Eve achieved a $1 billion post-money valuation in September 2025 following a $103 million Series B round led by Spark Capital.</li><li>Eve operates as a B2B SaaS platform targeting plaintiffs&#39; law firms with a subscription model.</li><li>The core US personal injury market includes approximately 48,000 personal injury attorney businesses, giving Eve less than 1% market penetration with its current 450+ customers.</li></ul>

Eve achieved a $1 billion post-money valuation in September 2025 following a $103 million Series B round led by Spark Capital.Eve operates as a B2B SaaS platform targeting plaintiffs&#39; law firms with a subscription model.The core US personal injury market includes approximately 48,000 personal injury attorney businesses, giving Eve less than 1% market penetration with its current 450+ customers.

<ul><li>In January 2025, Sacra estimates Ironclad hit $150M in annual recurring revenue (ARR), up 39% year-over-year.</li><li>Extremely sticky once configured to a customer’s workflows, Ironclad first built those workflows for customers by hand, then launched a rich self-serve workflow builder, scaling to a Sacra-estimated $150M in ARR as of January 2025, up 39% year-over-year.</li><li>Ironclad’s strength in pre-signature structured workflows has made it durable to disruption from LLMs—buying Ironclad time to structure contract data with LLMs to go end-to-end, particularly in executed contracts for sales &amp; procurement.</li></ul>

In January 2025, Sacra estimates Ironclad hit $150M in annual recurring revenue (ARR), up 39% year-over-year.Extremely sticky once configured to a customer’s workflows, Ironclad first built those workflows for customers by hand, then launched a rich self-serve workflow builder, scaling to a Sacra-estimated $150M in ARR as of January 2025, up 39% year-over-year.Ironclad’s strength in pre-signature structured workflows has made it durable to disruption from LLMs—buying Ironclad time to structure contract data with LLMs to go end-to-end, particularly in executed contracts for sales &amp; procurement.

<ul><li>Luminance is pushing furthest into fully autonomous “AI-to-AI” deal-making.</li><li>Growth accelerated in 2024 as Luminance introduced Lumi Go and Auto-Markup for AI-led negotiation, growing to a Sacra-estimated $30M ARR at the end of 2024, up 150% YoY.</li><li>With vertical integration across its model stack, document ingestion, clause flagging, and negotiation workflow, Luminance is positioning to own every high-volume, high-risk document flow across legal, compliance, procurement, and sales—effectively becoming a system of record for AI-native document intelligence.</li></ul>

Luminance is pushing furthest into fully autonomous “AI-to-AI” deal-making.Growth accelerated in 2024 as Luminance introduced Lumi Go and Auto-Markup for AI-led negotiation, growing to a Sacra-estimated $30M ARR at the end of 2024, up 150% YoY.With vertical integration across its model stack, document ingestion, clause flagging, and negotiation workflow, Luminance is positioning to own every high-volume, high-risk document flow across legal, compliance, procurement, and sales—effectively becoming a system of record for AI-native document intelligence.

United Kingdom

AI-powered platform for legal professionals to review, analyze, and manage documents efficiently

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Luminance (LUMINANCE GB)

Primer: Eve - 01 Oct 2025

AI assistant for plaintiffs' law firms to automate case intake, drafting, and discovery

Sacra

Ironclad At $150M ARR

TL;DR: Founded in 2014, Ironclad began as a product-centric company building products for the rising category of legal ops that people would want...

Sacra

Luminance At $30M ARR

TL;DR: AI-native contract review and negotiation platforms are rapidly replacing manual red-lining, and Luminance is pushing furthest into fully...

Sacra

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