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>The AI pendant category has collapsed, with Humane sold to HP, Friend pivoting to software, and now Limitless getting acqui-hired by Meta.</li><li>Meta acquired Limitless and wound down hardware sales, absorbing the team into Reality Labs to work on AI-enabled wearables like Ray-Ban Meta smart glasses.</li><li>Meta's December 2025 acquisition of the Limitless pendant & immediate winding down of the hardware product signals the death of the category.</li></ul>

The AI pendant category has collapsed, with Humane sold to HP, Friend pivoting to software, and now Limitless getting acqui-hired by Meta.Meta acquired Limitless and wound down hardware sales, absorbing the team into Reality Labs to work on AI-enabled wearables like Ray-Ban Meta smart glasses.Meta's December 2025 acquisition of the Limitless pendant & immediate winding down of the hardware product signals the death of the category.

<ul><li>Sacra estimates Limitless hit $2M in annual recurring revenue (ARR) in April 2025, up from $0.90M at the end of 2024.</li><li>In December 2025, Meta acquired Limitless.</li><li>Limitless found product-market fit as a meeting productivity tool for professionals who spend significant time in back-to-back meetings.</li></ul>

Sacra estimates Limitless hit $2M in annual recurring revenue (ARR) in April 2025, up from $0.90M at the end of 2024.In December 2025, Meta acquired Limitless.Limitless found product-market fit as a meeting productivity tool for professionals who spend significant time in back-to-back meetings.

<ul><li>Friend has raised $2.5 million in a seed round in July 2024.</li><li>Friend uses a direct-to-consumer hardware sales model with no recurring subscriptions.</li><li>Meta, Apple, and Google are rapidly integrating AI companionship features into mass-market devices like glasses, earbuds, and smartphones.</li></ul>

Friend has raised $2.5 million in a seed round in July 2024.Friend uses a direct-to-consumer hardware sales model with no recurring subscriptions.Meta, Apple, and Google are rapidly integrating AI companionship features into mass-market devices like glasses, earbuds, and smartphones.

<ul><li>Oura accelerated for the second year in a row, growing 120% YoY after growing 79% YoY in 2023 and 10% in 2022.</li><li>Oura sold 1.3M rings in 2024 (~$390M hardware revenue, 80% of overall) and doubled paying subscribers to 2M (~$110M subscription revenue, 20% of overall).</li><li>From its initial wedge in sleep tracking (2015), Oura has expanded into readiness &amp; recovery (2018), cycle tracking (2022), stress (2024), and most recently metabolic health (May 2025).</li></ul>

Oura accelerated for the second year in a row, growing 120% YoY after growing 79% YoY in 2023 and 10% in 2022.Oura sold 1.3M rings in 2024 (~$390M hardware revenue, 80% of overall) and doubled paying subscribers to 2M (~$110M subscription revenue, 20% of overall).From its initial wedge in sleep tracking (2015), Oura has expanded into readiness &amp; recovery (2018), cycle tracking (2022), stress (2024), and most recently metabolic health (May 2025).

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.

Finland

Smart ring for sleep, activity, and temperature tracking with optional health subscription

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Oura (OURA FI)

Why Meta Bought Limitless

TL;DR: The AI pendant category has collapsed, with Humane sold to HP, Friend pivoting to software, and now Limitless getting acqui-hired by Meta,...

Sacra

Primer: Limitless - 11 Dec 2025

Wearable and software tool for recording, transcribing, and searching workplace conversations

Sacra

Primer: Friend - 11 Dec 2025

Wearable AI companion pendant designed to provide real-time conversational support, encouragement, and companionship without subscriptions

Sacra

Oura At $500M/year Growing 120% YoY

TL;DR: At a Sacra-estimated $500M in revenue for 2024, Oura accelerated for the second year in a row, growing 120% YoY after growing 79% YoY in...

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

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