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 Base Power hit $12M in annualized revenue in 2025.</li><li>For 2026, Base projects $70M in revenue, contingent on scaling Gen 3 in-house battery manufacturing and expanding beyond ERCOT through retail-choice markets and utility partnerships.</li><li>In August 2026, Base Power raised a $1 billion Series D at a $13 billion post-money valuation, led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase&#39;s Strategic Investment Group.</li></ul>

Sacra estimates that Base Power hit $12M in annualized revenue in 2025.For 2026, Base projects $70M in revenue, contingent on scaling Gen 3 in-house battery manufacturing and expanding beyond ERCOT through retail-choice markets and utility partnerships.In August 2026, Base Power raised a $1 billion Series D at a $13 billion post-money valuation, led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase&#39;s Strategic Investment Group.

<ul><li>Light raised a $30 million Series A in September 2025 led by Balderton Capital.</li><li>Light rebuilds the entire back office of scaling companies around an AI-native general ledger.</li><li>Oracle NetSuite dominates the mid-market ERP space and is adding AI capabilities to defend against AI-native challengers.</li></ul>

Light raised a $30 million Series A in September 2025 led by Balderton Capital.Light rebuilds the entire back office of scaling companies around an AI-native general ledger.Oracle NetSuite dominates the mid-market ERP space and is adding AI capabilities to defend against AI-native challengers.

<ul><li>Pilot hit about $43M ARR in 2022, up 30% from the year before.</li><li>Pilot announced crossing 1,000 customers in 2020, and was at roughly 1,700 at the end of 2022, with an average revenue per customer of around $25,000.</li><li>SMBs today spend about $60B per year on bookkeeping and accounting, meaning Pilot today has only 0.4% penetration into the market.</li></ul>

Pilot hit about $43M ARR in 2022, up 30% from the year before.Pilot announced crossing 1,000 customers in 2020, and was at roughly 1,700 at the end of 2022, with an average revenue per customer of around $25,000.SMBs today spend about $60B per year on bookkeeping and accounting, meaning Pilot today has only 0.4% penetration into the market.

<ul><li>Ramp recently announced a suite of GPT-4 powered services across expense management, vendor management and bookkeeping.</li><li>GPT unlocks the ability for any company to tap into advanced data science techniques focused on the understanding of language.</li><li>Now, we can offer them these services at a fraction of the cost because it costs us significantly less to offer it.</li></ul>

Ramp recently announced a suite of GPT-4 powered services across expense management, vendor management and bookkeeping.GPT unlocks the ability for any company to tap into advanced data science techniques focused on the understanding of language.Now, we can offer them these services at a fraction of the cost because it costs us significantly less to offer it.

Geoff Charles, VP Of Product At Ramp, On Ramp's AI Flywheel

<ul><li>COVID was a massive tailwind for remote and international hiring.</li><li>Companies reducing headcount is obviously a short-term headwind, and there's no denying that.</li><li>Ultimately, as with anything, it is a risk management exercise, and hopefully we can give you the right advice and the right tools to be able to make that decision for yourself.</li></ul>

COVID was a massive tailwind for remote and international hiring.Companies reducing headcount is obviously a short-term headwind, and there's no denying that.Ultimately, as with anything, it is a risk management exercise, and hopefully we can give you the right advice and the right tools to be able to make that decision for yourself.

Matt Drozdzynski, CEO And co-founder Of Plane, On Global Payroll post-COVID

United States

Tech-enabled bookkeeping service with human-in-the-loop built on top of QuickBooks

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Pilot (PILOT US)

Primer: Base Power - 03 Aug 2026

Provider of home battery systems and electricity plans offering reliable backup power and competitive energy rates

Sacra

Primer: Light - 25 Sep 2025

AI-powered finance platform for automating accounting, bookkeeping, and financial reporting

Sacra

Primer: Pilot - 07 Dec 2024

Tech-enabled bookkeeping service with human-in-the-loop built on top of QuickBooks

Sacra

Geoff Charles, VP Of Product At Ramp, On Ramp's AI Flywheel

Sacra interview with Geoff Charles, VP of Product at Ramp.

Sacra

Matt Drozdzynski, CEO And co-founder Of Plane, On Global Payroll post-COVID

Sacra interview with Matt Drozdzynski, CEO and co-founder of Plane.

Sacra

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