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

Redwood Materials / Private Capital Markets

<ul><li>Sacra estimates that Redwood Materials generated $200M in revenue in 2024.</li><li>Redwood processed more than 20 GWh of lithium-ion batteries in 2024, enough material for roughly 250,000 electric vehicles, while recovering more than 95% of the critical minerals inside.</li><li>Redwood Materials was valued at more than $6B following the final close of its $425M Series E round led by Eclipse in January 2026.</li></ul>

Sacra estimates that Redwood Materials generated $200M in revenue in 2024.Redwood processed more than 20 GWh of lithium-ion batteries in 2024, enough material for roughly 250,000 electric vehicles, while recovering more than 95% of the critical minerals inside.Redwood Materials was valued at more than $6B following the final close of its $425M Series E round led by Eclipse in January 2026.

<ul><li>Sacra estimates that Bolt Threads generated $4.5M in 2025, up more than 200% YoY from $1.4M in 2024.</li><li>Bolt guided to $11M in 2026 revenue, up from prior guidance of $9M, but that should be treated as guidance rather than actual revenue.</li><li>Bolt&#39;s 2024 10-K disclosed substantial doubt about its ability to continue as a going concern, with only $3.5M cash at year-end 2024 and a net loss of $65.4M.</li></ul>

Sacra estimates that Bolt Threads generated $4.5M in 2025, up more than 200% YoY from $1.4M in 2024.Bolt guided to $11M in 2026 revenue, up from prior guidance of $9M, but that should be treated as guidance rather than actual revenue.Bolt&#39;s 2024 10-K disclosed substantial doubt about its ability to continue as a going concern, with only $3.5M cash at year-end 2024 and a net loss of $65.4M.

<ul><li>We estimate Apeel’s 2021 revenue at $22M, up 21% from 2020.</li><li>It was last valued at $2B at an estimated 100x valuation/revenue multiple.</li><li>Apeel recently acquired spectral imaging startup ImpactVision, which lets growers see inside their produce to understand its ripening window.</li></ul>

We estimate Apeel’s 2021 revenue at $22M, up 21% from 2020.It was last valued at $2B at an estimated 100x valuation/revenue multiple.Apeel recently acquired spectral imaging startup ImpactVision, which lets growers see inside their produce to understand its ripening window.

<ul><li>Rainmaker raised $25 million in a Series A funding round in May 2025, led by Lowercarbon Capital.</li><li>Rainmaker operates as a B2B service provider, offering cloud seeding operations to government water agencies, irrigation districts, and agricultural customers.</li><li>Rainmaker currently operates in five western U.S. states, but its convective cloud capabilities could enable service expansion to aquifer-stressed areas such as Texas and Florida.</li></ul>

Rainmaker raised $25 million in a Series A funding round in May 2025, led by Lowercarbon Capital.Rainmaker operates as a B2B service provider, offering cloud seeding operations to government water agencies, irrigation districts, and agricultural customers.Rainmaker currently operates in five western U.S. states, but its convective cloud capabilities could enable service expansion to aquifer-stressed areas such as Texas and Florida.

<ul><li>Sacra estimates Aurora Solar hit $170M in revenue in 2023, growing approximately 70% year-over-year.</li><li>Aurora Solar reached a $4B valuation during its Series D funding round in 2022, led by Coatue and ICONIQ Capital.</li><li>The solar industry is experiencing exponential growth, with installations expected to grow 12x between now and 2050.</li></ul>

Sacra estimates Aurora Solar hit $170M in revenue in 2023, growing approximately 70% year-over-year.Aurora Solar reached a $4B valuation during its Series D funding round in 2022, led by Coatue and ICONIQ Capital.The solar industry is experiencing exponential growth, with installations expected to grow 12x between now and 2050.

United States

Recycling and remanufacturing system for lithium-ion battery materials like lithium and nickel

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Redwood Materials (MATERIALS US)

Primer: Redwood Materials - 03 Aug 2026

Recycling and remanufacturing system for lithium-ion battery materials like lithium and nickel

Sacra

Primer: Bolt Threads - 10 Jul 2026

Biomaterials company developing lab-grown silk and mycelium-based leather alternatives for fashion brands

Sacra

Primer: Apeel - 09 Mar 2026

Plant-based coating that extends shelf life of produce for retailers and suppliers

Sacra

Primer: Rainmaker - 15 Sep 2025

Company specializing in drone-based cloud seeding to enhance precipitation in drought-prone areas

Sacra

Primer: Aurora Solar - 07 Dec 2024

Software for solar installers to design, sell, and permit residential solar systems remotely

Sacra

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