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>In 2024, Sacra estimates Cribl hit $200M in ARR, growing 71% year-over-year.</li><li>Founded in 2018 by ex-Splunk employees, Cribl's core product trims unnecessary metadata from customers’ logs before its ingested it into platforms like Splunk, charging ~$500K/yr for 5TB of daily data ingest to save customers $4M/yr in Splunk.</li><li>After reaching $200M in ARR in 2024, growing 71% YoY, Cribl is continuing to expand outside observability and data routing, launching its own storage solution in Cribl Lake.</li></ul>

In 2024, Sacra estimates Cribl hit $200M in ARR, growing 71% year-over-year.Founded in 2018 by ex-Splunk employees, Cribl's core product trims unnecessary metadata from customers’ logs before its ingested it into platforms like Splunk, charging ~$500K/yr for 5TB of daily data ingest to save customers $4M/yr in Splunk.After reaching $200M in ARR in 2024, growing 71% YoY, Cribl is continuing to expand outside observability and data routing, launching its own storage solution in Cribl Lake.

<ul><li>Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY.</li><li>On the verge of passing CrowdStrike’s agentless scanner Falcon Horizon (launched October 2020) at $515M ARR (up 80% YoY) in August, Wiz’s sights are next set on Palo Alto Networks' Prisma Cloud (launched 2019) at ~$700M ARR (up 30% YoY).</li><li>Going on the offensive across the cybersecurity stack, Wiz launched Wiz Code (September 2024) to go after Snyk in application security, Wiz Defend (December 2024) to go after CrowdStrike in threat detection and Wiz Cloud, an expanded agentless platform, to go after Palo Alto Networks in cloud-native application protection.</li></ul>

Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY.On the verge of passing CrowdStrike’s agentless scanner Falcon Horizon (launched October 2020) at $515M ARR (up 80% YoY) in August, Wiz’s sights are next set on Palo Alto Networks' Prisma Cloud (launched 2019) at ~$700M ARR (up 30% YoY).Going on the offensive across the cybersecurity stack, Wiz launched Wiz Code (September 2024) to go after Snyk in application security, Wiz Defend (December 2024) to go after CrowdStrike in threat detection and Wiz Cloud, an expanded agentless platform, to go after Palo Alto Networks in cloud-native application protection.

<ul><li>When we first covered Snyk, we estimated that they had crossed $250M in annual recurring revenue (ARR) at the end of 2023, growing 25% YoY.</li><li>Now, Sacra estimates that Snyk has crossed $300M in ARR as of October, growing 25% YoY, with tailwinds from the rise of AI code generation—like Cursor ($65M ARR) and GitHub Copilot—in the enterprise.</li><li>Snyk is increasingly an enterprise business—enterprise ARR grew 40% and represented 70% of net new ARR in Q2'24 as they acquired companies like Probely (API vulnerability scanning) and Helios (distributed app testing) to sell themselves as a complete developer security platform.</li></ul>

When we first covered Snyk, we estimated that they had crossed $250M in annual recurring revenue (ARR) at the end of 2023, growing 25% YoY.Now, Sacra estimates that Snyk has crossed $300M in ARR as of October, growing 25% YoY, with tailwinds from the rise of AI code generation—like Cursor ($65M ARR) and GitHub Copilot—in the enterprise.Snyk is increasingly an enterprise business—enterprise ARR grew 40% and represented 70% of net new ARR in Q2'24 as they acquired companies like Probely (API vulnerability scanning) and Helios (distributed app testing) to sell themselves as a complete developer security platform.

Noname Security / Private Capital Markets

<ul><li>Sacra estimates Noname Security hit $40M in annual recurring revenue (ARR) in 2023, growing rapidly since its emergence from stealth in December 2020.</li><li>The startup has secured significant funding to fuel its growth, raising $220M across three rounds within just 12 months, achieving a $1B valuation in December 2021.</li><li>Noname Security primarily generates revenue through enterprise contracts, with approximately 20% of Fortune 500 companies as customers.</li></ul>

Sacra estimates Noname Security hit $40M in annual recurring revenue (ARR) in 2023, growing rapidly since its emergence from stealth in December 2020.The startup has secured significant funding to fuel its growth, raising $220M across three rounds within just 12 months, achieving a $1B valuation in December 2021.Noname Security primarily generates revenue through enterprise contracts, with approximately 20% of Fortune 500 companies as customers.

<ul><li>In 2023, Google, Yahoo and Apple announced they would begin requiring anyone sending email to their users to have DMARC enabled—or end up in spam—accelerating demand for Vailmail to 43% YoY, with Sacra estimating that Valimail will hit $30M in annual recurring revenue (ARR) by the end of 2024, with 65,000 customers for average revenue per customer (ARPC) of about $460.</li><li>As phishing continues to rise ($3B stolen in 2023, up 9% YoY), Valimail serves as a solution both as a deliverability tool for marketers sending outgoing mail (as a way to keep newsletters out of spam) and as a cybersecurity tool for incoming mail (preventing “CEO fraud” where attackers spoof your corporate domain).</li><li>The email authentication protocol DMARC gained attention in 2015 when Gmail, Yahoo Mail and AOL Mail started using it to prevent their domains from being spoofed—creating the opportunity for Valimail (2015) to launch a DMARC-as-a-service tool for any company regardless of IT capacity.</li></ul>

In 2023, Google, Yahoo and Apple announced they would begin requiring anyone sending email to their users to have DMARC enabled—or end up in spam—accelerating demand for Vailmail to 43% YoY, with Sacra estimating that Valimail will hit $30M in annual recurring revenue (ARR) by the end of 2024, with 65,000 customers for average revenue per customer (ARPC) of about $460.As phishing continues to rise ($3B stolen in 2023, up 9% YoY), Valimail serves as a solution both as a deliverability tool for marketers sending outgoing mail (as a way to keep newsletters out of spam) and as a cybersecurity tool for incoming mail (preventing “CEO fraud” where attackers spoof your corporate domain).The email authentication protocol DMARC gained attention in 2015 when Gmail, Yahoo Mail and AOL Mail started using it to prevent their domains from being spoofed—creating the opportunity for Valimail (2015) to launch a DMARC-as-a-service tool for any company regardless of IT capacity.

United States

Dashboard for enterprise security teams to discover, monitor, and protect APIs at scale

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Noname Security (SECURITY US)

Cribl At $200M ARR

TL;DR: By saving companies 30-90% on their Splunk bills, Cribl’s data router went from $1M to $100M annual recurring revenue (ARR) in 4 years. In...

Sacra

Wiz Passes $500M ARR

TL;DR: Sacra estimates that Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY. After declining a $23B acquisition offer from...

Sacra

Snyk At $300M ARR

TL;DR: Sacra estimates that Snyk hit $300M annual recurring revenue (ARR) in October 2024, up 25% YoY. Snyk Code represents a third of that...

Sacra

Primer: Noname Security - 16 Nov 2024

Dashboard for enterprise security teams to discover, monitor, and protect APIs at scale

Sacra

Valimail At $30M ARR

TL;DR: Sacra estimates that Valimail will hit $30M annualized recurring revenue (ARR) in 2024, up 43% YoY, re-accelerating as Google, Yahoo and...

Sacra

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