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 Hebbia hit $48M in annual recurring revenue (ARR) in August 2026, up from an estimated $30M at the end of 2025.</li><li>Hebbia was valued at $700 million during its Series B funding round in July 2024, led by Andreessen Horowitz.</li><li>Hebbia reported 373% year-over-year EMEA revenue growth from FY25 to FY26, coinciding with a tripling of its EMEA team.</li></ul>

Sacra estimates that Hebbia hit $48M in annual recurring revenue (ARR) in August 2026, up from an estimated $30M at the end of 2025.Hebbia was valued at $700 million during its Series B funding round in July 2024, led by Andreessen Horowitz.Hebbia reported 373% year-over-year EMEA revenue growth from FY25 to FY26, coinciding with a tripling of its EMEA team.

<ul><li>Sacra estimates that Gong hit $500M ARR in May 2026, up from $298M in 2024.</li><li>Gong re-accelerated revenue growth in 2024 after a slowdown in 2022 and 2023 related to sales teams downsizing across the industry, which led to significant headwinds for their per-seat pricing model and declines in net dollar retention.</li><li>Gong was valued at $4.5B during a secondary sale conducted through Nasdaq Private Market in November 2025.</li></ul>

Sacra estimates that Gong hit $500M ARR in May 2026, up from $298M in 2024.Gong re-accelerated revenue growth in 2024 after a slowdown in 2022 and 2023 related to sales teams downsizing across the industry, which led to significant headwinds for their per-seat pricing model and declines in net dollar retention.Gong was valued at $4.5B during a secondary sale conducted through Nasdaq Private Market in November 2025.

<ul><li>Sacra estimates that Vercel hit $172M ARR in in February 2025, up 80% YoY.</li><li>Vercel enables teams to deploy JS-based apps with minimal configuration—selling speed and simplicity through opinionated defaults—and monetizing through (1) usage-based pricing (compute, bandwidth, storage), (2) per-seat Pro ($20/month/seat) and Enterprise plans, and (3) a separate $20/month subscription for v0, its AI frontend builder.</li><li>The launch of Vercel’s AI app builder v0 in September 2023 caught the wave of AI app builders in 2024 and marked a key inflection point for Vercel, re-accelerating growth to 80% YoY and driving the company to a Sacra-estimated $172M in annual recurring revenue (ARR) by February 2025, up from ~$96M at the end of 2023.</li></ul>

Sacra estimates that Vercel hit $172M ARR in in February 2025, up 80% YoY.Vercel enables teams to deploy JS-based apps with minimal configuration—selling speed and simplicity through opinionated defaults—and monetizing through (1) usage-based pricing (compute, bandwidth, storage), (2) per-seat Pro ($20/month/seat) and Enterprise plans, and (3) a separate $20/month subscription for v0, its AI frontend builder.The launch of Vercel’s AI app builder v0 in September 2023 caught the wave of AI app builders in 2024 and marked a key inflection point for Vercel, re-accelerating growth to 80% YoY and driving the company to a Sacra-estimated $172M in annual recurring revenue (ARR) by February 2025, up from ~$96M at the end of 2023.

<ul><li>The once-open web that Google first indexed in the late 90s is fragmenting into a patchwork of walled gardens, with AI companies forging data partnerships to guarantee their ability to scrape the most valuable media and news content, from Conde Nast (OpenAI) to TIME (Perplexity) to Axel Springer (Microsoft) to Reddit (Google).</li><li>With every company launching AI apps based on proprietary data, AI-native search API companies like Exa (Lightspeed, $22M raised), Tavily (14K GitHub stars), Jina AI (Canaan Partners, $39M raised) and Perplexity have become a key component of the retrieval-augmented generation (RAG) stack alongside vector databases like Pinecone (A16Z, $138M raised), enabling companies to supplement their data with data from the public web.</li><li>Our customers often bring their own LLM and prompt. We definitely think about those things too, but the vast amount of the value of our whole search system comes from the retrieval, not from the LLM.</li></ul>

The once-open web that Google first indexed in the late 90s is fragmenting into a patchwork of walled gardens, with AI companies forging data partnerships to guarantee their ability to scrape the most valuable media and news content, from Conde Nast (OpenAI) to TIME (Perplexity) to Axel Springer (Microsoft) to Reddit (Google).With every company launching AI apps based on proprietary data, AI-native search API companies like Exa (Lightspeed, $22M raised), Tavily (14K GitHub stars), Jina AI (Canaan Partners, $39M raised) and Perplexity have become a key component of the retrieval-augmented generation (RAG) stack alongside vector databases like Pinecone (A16Z, $138M raised), enabling companies to supplement their data with data from the public web.Our customers often bring their own LLM and prompt. We definitely think about those things too, but the vast amount of the value of our whole search system comes from the retrieval, not from the LLM.

Will Bryk, CEO Of Exa, On Building Search For AI Agents

<ul><li>Pre-COVID, 61% of B2B companies sold in-person and over email/phone—post-COVID, that fell to 29% while the number selling through video calls rose from 38% to 53%.</li><li>Gong launched in 2015 as pair programming for sales teams, giving reps instant video replays of their sales calls for peer coaching—today, it’s the place where every customer call at a company gets stored for rewatching.</li><li>Sacra estimates that Gong hit $285M annual recurring revenue (ARR) in 2023, up 43% from $200M ARR in 2022 for a 25x forward revenue multiple on the $7.5B valuation they raised at in 2019.</li></ul>

Pre-COVID, 61% of B2B companies sold in-person and over email/phone—post-COVID, that fell to 29% while the number selling through video calls rose from 38% to 53%.Gong launched in 2015 as pair programming for sales teams, giving reps instant video replays of their sales calls for peer coaching—today, it’s the place where every customer call at a company gets stored for rewatching.Sacra estimates that Gong hit $285M annual recurring revenue (ARR) in 2023, up 43% from $200M ARR in 2022 for a 25x forward revenue multiple on the $7.5B valuation they raised at in 2019.

United States

Vector database for storing and querying embeddings in AI and semantic search applications

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Pinecone (PINECONE US)

Primer: Hebbia - 04 Sep 2026

AI-powered tool for querying and analyzing unstructured documents like filings and PDFs

Sacra

Primer: Gong - 16 Jul 2026

Software for recording, analyzing, and storing sales calls to support revenue teams

Sacra

$172M/year Heroku Of Vibe Coding

TL;DR: Starting as a platform-as-a-service for deploying & hosting modern JavaScript apps, Vercel has re-accelerated with the launch of its AI app...

Sacra

Will Bryk, CEO Of Exa, On Building Search For AI Agents

Tell us about Exa—what was the key insight that led you to start the company and set out to redesign search for AI agents...

Sacra

Gongification Of SaaS

TL;DR: Gong built a $285M annual recurring revenue (ARR) business by recording and storing every sales call for rewatching. Now, every sales SaaS...

Sacra

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