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>Handshake (2013) grew its campus recruiting portal & job marketplace to 18M students, ending 2024 at ~$190M in revenue (up 6% YoY) but with growth decelerating.</li><li>COVID dramatically accelerated Handshake's growth as remote recruiting exploded and in-person career fairs disappeared, driving revenue from $36M in 2020 to $75M in 2021 (108% YoY) and $120M in 2022 (60% YoY).</li><li>In 2023, frontier model companies drove massive demand for academically credentialed data labelers to power reasoning models and benchmarks in math, law & physics—driving the growth of companies like Mercor (Mercor $500M annualized revenue in August 2025)—with Handshake specifically well positioned to capitalize.</li></ul>

Handshake (2013) grew its campus recruiting portal & job marketplace to 18M students, ending 2024 at ~$190M in revenue (up 6% YoY) but with growth decelerating.COVID dramatically accelerated Handshake's growth as remote recruiting exploded and in-person career fairs disappeared, driving revenue from $36M in 2020 to $75M in 2021 (108% YoY) and $120M in 2022 (60% YoY).In 2023, frontier model companies drove massive demand for academically credentialed data labelers to power reasoning models and benchmarks in math, law & physics—driving the growth of companies like Mercor (Mercor $500M annualized revenue in August 2025)—with Handshake specifically well positioned to capitalize.

<ul><li>Slope raised $65M in equity and debt funding in July 2024, led by J.P. Morgan Payments.</li><li>Slope operates as an API-first order-to-cash automation platform that integrates directly into B2B marketplaces, ERPs, and checkout flows.</li><li>SlopeAI, introduced in July 2024, provides access to the company&#39;s LLM stack, including SlopeGPT and TransFormer models.</li></ul>

Slope raised $65M in equity and debt funding in July 2024, led by J.P. Morgan Payments.Slope operates as an API-first order-to-cash automation platform that integrates directly into B2B marketplaces, ERPs, and checkout flows.SlopeAI, introduced in July 2024, provides access to the company&#39;s LLM stack, including SlopeGPT and TransFormer models.

<ul><li>Now at a Sacra-estimated $1.15B in annualized revenue, up 70% YoY, Deel is colliding with Rippling & Gusto as global payroll goes domestic & vice versa as all three fight to own the full stack of payroll & HR.</li><li>Expanding from contractor payments, Deel launched EOR services (late 2020) to help companies hire full-time employees abroad, and then into global payroll (mid 2022) to unify compliance, tax & payments across their entire team, scaling from $4M annualized revenue in early 2020 to $295M by end of 2022, reaching an estimated $1.15B by August 2025 (up 70% YoY) at a $12.6B valuation for a 11x multiple.</li><li>After burning sub-$10M in 2021 and turning profitable in 2022, Deel has continued expanding its margins, hitting 16% EBITDA margin in 2025 with ~85% gross margins (vs. ADP at 46%), positioning the company for its stated goal of going public as early as 2026-2027.</li></ul>

Now at a Sacra-estimated $1.15B in annualized revenue, up 70% YoY, Deel is colliding with Rippling & Gusto as global payroll goes domestic & vice versa as all three fight to own the full stack of payroll & HR.Expanding from contractor payments, Deel launched EOR services (late 2020) to help companies hire full-time employees abroad, and then into global payroll (mid 2022) to unify compliance, tax & payments across their entire team, scaling from $4M annualized revenue in early 2020 to $295M by end of 2022, reaching an estimated $1.15B by August 2025 (up 70% YoY) at a $12.6B valuation for a 11x multiple.After burning sub-$10M in 2021 and turning profitable in 2022, Deel has continued expanding its margins, hitting 16% EBITDA margin in 2025 with ~85% gross margins (vs. ADP at 46%), positioning the company for its stated goal of going public as early as 2026-2027.

<ul><li>LayerX closed a $100 million Series B round in September 2025, led by TCV.</li><li>LayerX operates a B2B SaaS model with tiered subscription pricing based on feature access and usage volume.</li><li>LayerX is expanding its customer base from small and medium-sized businesses (SMBs) and mid-market clients to larger enterprises, with customer count increasing by 50%, from 10,000 to 15,000 companies, in just over a year.</li></ul>

LayerX closed a $100 million Series B round in September 2025, led by TCV.LayerX operates a B2B SaaS model with tiered subscription pricing based on feature access and usage volume.LayerX is expanding its customer base from small and medium-sized businesses (SMBs) and mid-market clients to larger enterprises, with customer count increasing by 50%, from 10,000 to 15,000 companies, in just over a year.

<ul><li>Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY.</li><li>Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025).</li><li>Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip.</li></ul>

Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY.Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025).Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip.

United States

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

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Ramp (COM US)

Handshake Vs Mercor

TL;DR: Handshake (2013) grew its campus recruiting portal & job marketplace to 18M students, ending 2024 at ~$190M in revenue (up 6% YoY) but with...

Sacra

Primer: Slope - 15 Sep 2025

B2B payments platform leveraging AI for order-to-cash automation, risk assessment, and embedded financing

Sacra

Deel At $1.15B/year Growing 70%+ YoY

TL;DR: Rising domestic labor costs and COVID catalyzed Deel’s explosive growth as a service that let startups hire globally from day one. Now at a...

Sacra

Primer: LayerX - 02 Sep 2025

AI SaaS platform automating enterprise back-office workflows including expense management, invoice processing, and corporate card operations

Sacra

Ramp At $1B/year

TL;DR: Growing 100%+ YoY every year from $50M through hundreds of millions in revenue scale, Sacra estimates Ramp reached $1B in annualized revenue...

Sacra

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