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 Pleo generated $150M in revenue in 2025, up 33% from $113M in 2024.</li><li>Pleo&#39;s implied valuation has fallen from $4.7 billion in 2021 to approximately $1.7 billion as of mid-2026.</li><li>The company compounded ARR at a 65% CAGR from 2020 to 2025, reaching EUR 164 million ARR in Q4 2025.</li></ul>

Sacra estimates that Pleo generated $150M in revenue in 2025, up 33% from $113M in 2024.Pleo&#39;s implied valuation has fallen from $4.7 billion in 2021 to approximately $1.7 billion as of mid-2026.The company compounded ARR at a 65% CAGR from 2020 to 2025, reaching EUR 164 million ARR in Q4 2025.

<ul><li>Klarna reported total revenue of $2.43B in the first nine months of 2025 ($903M in Q3, $823M in Q2, $701M in Q1), up 24% year-over-year.</li><li>In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.</li><li>Klarna's platform integrates with e-commerce websites, replacing traditional checkouts.</li></ul>

Klarna reported total revenue of $2.43B in the first nine months of 2025 ($903M in Q3, $823M in Q2, $701M in Q1), up 24% year-over-year.In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.Klarna's platform integrates with e-commerce websites, replacing traditional checkouts.

<ul><li>Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.</li><li>In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.</li><li>Brex became operating-cash-flow positive for the first time in October 2025.</li></ul>

Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.Brex became operating-cash-flow positive for the first time in October 2025.

<ul><li>Sacra estimates that Swile generated $265M in 2025, up 20% YoY from $221M in 2024 and $176M in 2023.</li><li>Swile generated $17M in net income in 2025, up from $2M in 2024, and reached roughly $57M in implied EBITDA.</li><li>Swile acquired five companies with new products, such as gift vouchers and employee engagement tools, coming out of these acquisitions.</li></ul>

Sacra estimates that Swile generated $265M in 2025, up 20% YoY from $221M in 2024 and $176M in 2023.Swile generated $17M in net income in 2025, up from $2M in 2024, and reached roughly $57M in implied EBITDA.Swile acquired five companies with new products, such as gift vouchers and employee engagement tools, coming out of these acquisitions.

<ul><li>Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).</li><li>FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.</li><li>Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).</li></ul>

Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).

United States

Software for finance teams to manage corporate cards, bill pay, and accounting

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Primer: Pleo - 31 Jul 2026

Expense management tool with smart company cards for employee purchases and finance oversight

Sacra

Primer: Klarna - 10 Jul 2026

Checkout software offering interest-free installment payments to consumers and higher conversion for merchants

Sacra

Primer: Brex - 10 Jul 2026

Software suite for global companies to manage cards, expenses, and business accounts

Sacra

Primer: Swile - 09 Jul 2026

Smart card and app for managing employee meal, gift, and travel benefits

Sacra

Primer: Navan - 19 Apr 2026

Tool for corporate travel booking, expense management, and corporate card reconciliation

Sacra

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