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 Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.</li><li>With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).</li><li>Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.</li></ul>

Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.

Solve Intelligence / Private Capital Markets

<ul><li>Solve Intelligence operates profitably and has generated more cash than it has raised to date.</li><li>Enterprise adoption has grown from 200 to 400+ IP teams globally during 2025.</li><li>Solve Intelligence closed a $40M Series B in December 2025 led by Visionaries Club.</li></ul>

Solve Intelligence operates profitably and has generated more cash than it has raised to date.Enterprise adoption has grown from 200 to 400+ IP teams globally during 2025.Solve Intelligence closed a $40M Series B in December 2025 led by Visionaries Club.

<ul><li>Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR &amp; launched its new no-code agent builder.</li><li>Glean has launched Autonomous Agents, with customers building agents for SDR outreach, compliance checks, and finance workflows.</li><li>Glean hit $200M annual recurring revenue (ARR) at the end of November 2025, doubling from $100M in November 2024, raising a $150M Series F (Kleiner Perkins) in June 2025 at a $7.2B valuation for a 36x revenue multiple.</li></ul>

Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR &amp; launched its new no-code agent builder.Glean has launched Autonomous Agents, with customers building agents for SDR outreach, compliance checks, and finance workflows.Glean hit $200M annual recurring revenue (ARR) at the end of November 2025, doubling from $100M in November 2024, raising a $150M Series F (Kleiner Perkins) in June 2025 at a $7.2B valuation for a 36x revenue multiple.

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

Equity Capital Markets

<ul><li>As we move into Q1, the IPO market is entering a more constructive phase—but not in the way many expected just a few months ago.</li><li>While December was widely anticipated to be a heavy year-end issuance window, the market ultimately proved more selective.</li><li>Fewer deals crossed the finish line, and those that did faced a higher bar.</li></ul>

As we move into Q1, the IPO market is entering a more constructive phase—but not in the way many expected just a few months ago.While December was widely anticipated to be a heavy year-end issuance window, the market ultimately proved more selective.Fewer deals crossed the finish line, and those that did faced a higher bar.

Q1 IPO Outlook: Selective Momentum — and the Deals That Could Define the Next Phase

<ul><li>OpusClip was last valued at $215 million in March 2025 following a $20 million investment from SoftBank Vision Fund 2.</li><li>The company has achieved significant traction with over 10 million users.</li><li>OpusClip&#39;s ClipAnything technology enables efficient transformation of this content, addressing a market that extends beyond individual creators to enterprises with vast content libraries.</li></ul>

OpusClip was last valued at $215 million in March 2025 following a $20 million investment from SoftBank Vision Fund 2.The company has achieved significant traction with over 10 million users.OpusClip&#39;s ClipAnything technology enables efficient transformation of this content, addressing a market that extends beyond individual creators to enterprises with vast content libraries.

United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI serves customers worldwide.

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OpenAI (2193707D US)

Harvey At $195M ARR

TL;DR: Now at a Sacra-estimated $195M annual recurring revenue (ARR) as of the end of 2025, Harvey is expanding aggressively into Europe to expand...

Sacra

Primer: Solve Intelligence - 22 Jan 2026

AI platform assisting legal professionals with patent drafting, prosecution, and invention harvesting

Sacra

Glean At $200M ARR

TL;DR: Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR & launched its new no-code agent...

Sacra

Q1 IPO Outlook: Selective Momentum — and the Deals That Could Define the Next Phase

As we move into Q1, the IPO market is entering a more constructive phase—but not in the way many expected just a few months ago. While December...

IPO Prophet

Primer: OpusClip - 11 Jan 2026

AI video editing tool for turning long-form content into social media clips

Sacra

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