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 Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).</li><li>FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.</li><li>Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).</li></ul>

Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).

<ul><li>Sacra estimates that Ramp hit $1B in annualized revenue in August 2025, up 110% YoY from ~$476M in August 2024.</li><li>By November 2025, Ramp reported 50,000+ business customers, $100B+ in annualized purchase volume, and 2,200 customers contributing $100K+ in annualized revenue.</li><li>Ramp is in talks to raise $750M at a pre-money valuation above $40B as of May 2026.</li></ul>

Sacra estimates that Ramp hit $1B in annualized revenue in August 2025, up 110% YoY from ~$476M in August 2024.By November 2025, Ramp reported 50,000+ business customers, $100B+ in annualized purchase volume, and 2,200 customers contributing $100K+ in annualized revenue.Ramp is in talks to raise $750M at a pre-money valuation above $40B as of May 2026.

<ul><li>Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.</li><li>In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.</li><li>Brex became operating-cash-flow positive for the first time in October 2025.</li></ul>

Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.Brex became operating-cash-flow positive for the first time in October 2025.

<ul><li>Sacra estimates Kapital hit $548M in annualized revenue in 2025, up 198% YoY from $184M in 2024, which itself grew 88% from $98M in 2023.</li><li>Kapital was valued at $1.3B following its $100M Series C round led by Tribe Capital and co-led by Pelion Ventures in September 2025, doubling its valuation from the prior round.</li><li>Kapital is targeting an IPO in the next ~3 years, aiming for a dual listing in Mexico and the U.S.</li></ul>

Sacra estimates Kapital hit $548M in annualized revenue in 2025, up 198% YoY from $184M in 2024, which itself grew 88% from $98M in 2023.Kapital was valued at $1.3B following its $100M Series C round led by Tribe Capital and co-led by Pelion Ventures in September 2025, doubling its valuation from the prior round.Kapital is targeting an IPO in the next ~3 years, aiming for a dual listing in Mexico and the U.S.

<ul><li>Sacra estimates that Pleo generated $59.4M in revenue in 2024, up 56% from $38.0 million in 2023.</li><li>Pleo reached unicorn status in December 2021 with a $4.7 billion valuation following a $200 million Series C extension led by Coatue Management.</li><li>Pleo operates a B2B SaaS model with dual revenue streams from subscription fees and payment processing.</li></ul>

Sacra estimates that Pleo generated $59.4M in revenue in 2024, up 56% from $38.0 million in 2023.Pleo reached unicorn status in December 2021 with a $4.7 billion valuation following a $200 million Series C extension led by Coatue Management.Pleo operates a B2B SaaS model with dual revenue streams from subscription fees and payment processing.

United States

Navan, Inc. provides software solutions. The Company offers a platform that allows users to book, view, and manage their business travel and expenses. Navan serves customers worldwide.

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Navan (NAVN US)

Primer: Navan - 19 Apr 2026

Tool for corporate travel booking, expense management, and corporate card reconciliation

Sacra

Primer: Ramp - 10 May 2026

Software for finance teams to manage corporate cards, bill pay, and accounting

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Primer: Brex - 27 Apr 2026

Software suite for global companies to manage cards, expenses, and business accounts

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Primer: Kapital - 23 Mar 2026

Banking and finance software for LatAm SMBs with built-in ERP, lending, and payments

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Primer: Pleo - 09 Mar 2026

Expense management tool with smart company cards for employee purchases and finance oversight

Sacra

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