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 Neon hit $25M in annual recurring revenue (ARR) in May 2025.</li><li>Databricks acquired Neon for approximately $1 billion in May 2025, representing a significant premium for the serverless Postgres platform.</li><li>The platform saw explosive growth in database creation, scaling from 20,000 databases in early 2023 to over 700,000 databases by April 2024.</li></ul>

Sacra estimates that Neon hit $25M in annual recurring revenue (ARR) in May 2025.Databricks acquired Neon for approximately $1 billion in May 2025, representing a significant premium for the serverless Postgres platform.The platform saw explosive growth in database creation, scaling from 20,000 databases in early 2023 to over 700,000 databases by April 2024.

<ul><li>Relace raised $23 million in a Series A round in October 2025 led by Andreessen Horowitz, with participation from Matrix Partners and Y Combinator.</li><li>Relace operates as a B2B infrastructure platform targeting AI-native startups building prompt-to-app experiences and traditional SaaS companies embedding coding agents into their products.</li><li>The business model creates network effects as more repositories and code patterns flow through the system, potentially improving the accuracy of retrieval and apply operations.</li></ul>

Relace raised $23 million in a Series A round in October 2025 led by Andreessen Horowitz, with participation from Matrix Partners and Y Combinator.Relace operates as a B2B infrastructure platform targeting AI-native startups building prompt-to-app experiences and traditional SaaS companies embedding coding agents into their products.The business model creates network effects as more repositories and code patterns flow through the system, potentially improving the accuracy of retrieval and apply operations.

<ul><li>Software development has moved away from the IDE as the “Microsoft Word for code” toward AI-assisted IDEs, starting as AI-in-the-IDE via tab autocomplete in GitHub Copilot (2021) and then getting popularized as the AI-IDE via chat panels in Cursor ($500M ARR in May 2025) & Windsurf ($82M ARR in July 2025 when acquired by agent company Cognition).</li><li>As AI assistance has progressed from code generation & handling one-shot tasks to planning & executing on multi-step workflows, human developers have moved upstream in the development process to tech-lead orchestration, with interfaces flipping to an agent-first workflow of chat in the terminal (Claude Code, OpenAI’s Codex, Warp) and code review of agent work behind that in the diff/code-review pane.</li><li>Fully autonomous agents promise to operate not just across your code base but throughout your deployment, dev tools, and project management SaaS, spinning up on CI failures (CircleCI), production errors (Sentry), or new tickets (Linear) and building features and fixing issues without interactive prompting and human intervention.</li></ul>

Software development has moved away from the IDE as the “Microsoft Word for code” toward AI-assisted IDEs, starting as AI-in-the-IDE via tab autocomplete in GitHub Copilot (2021) and then getting popularized as the AI-IDE via chat panels in Cursor ($500M ARR in May 2025) & Windsurf ($82M ARR in July 2025 when acquired by agent company Cognition).As AI assistance has progressed from code generation & handling one-shot tasks to planning & executing on multi-step workflows, human developers have moved upstream in the development process to tech-lead orchestration, with interfaces flipping to an agent-first workflow of chat in the terminal (Claude Code, OpenAI’s Codex, Warp) and code review of agent work behind that in the diff/code-review pane.Fully autonomous agents promise to operate not just across your code base but throughout your deployment, dev tools, and project management SaaS, spinning up on CI failures (CircleCI), production errors (Sentry), or new tickets (Linear) and building features and fixing issues without interactive prompting and human intervention.

Zach Lloyd, CEO Of Warp, On The 3 Phases Of AI Coding

<ul><li>Supabase hit $70M in annually recurring revenue (ARR) in August 2025, up from $30M at the end of 2024 and up 250% year-over-year.</li><li>During the vibe coding boom of 2024-5, Supabase became the default backend integration for both Bolt.new and Lovable, with Sacra estimating that Supabase hit $70M annual recurring revenue (ARR) in September 2025, up from $30M at the end of 2024 and up 250% year-over-year, with user growth up 700%+ YoY and with the company now in talks to raise at a $5B+ valuation for a 71x revenue multiple.</li><li>As vibe coding platforms face pressure to improve their gross margins, they are launching their own platform-native databases, authentication, storage, payments, and more, threatening to disintermediate Supabase and change the dynamic from cooperation to coopetition.</li></ul>

Supabase hit $70M in annually recurring revenue (ARR) in August 2025, up from $30M at the end of 2024 and up 250% year-over-year.During the vibe coding boom of 2024-5, Supabase became the default backend integration for both Bolt.new and Lovable, with Sacra estimating that Supabase hit $70M annual recurring revenue (ARR) in September 2025, up from $30M at the end of 2024 and up 250% year-over-year, with user growth up 700%+ YoY and with the company now in talks to raise at a $5B+ valuation for a 71x revenue multiple.As vibe coding platforms face pressure to improve their gross margins, they are launching their own platform-native databases, authentication, storage, payments, and more, threatening to disintermediate Supabase and change the dynamic from cooperation to coopetition.

<ul><li>Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.</li><li>After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.</li><li>As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.</li></ul>

Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.

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Browser-based code editor with real-time collaboration, AI assistance, and one-click deployment

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Primer: Neon - 07 Dec 2025

Serverless Postgres platform enabling developers to build and scale applications with autoscaling, database branching, and a serverless operating...

Sacra

Primer: Relace - 09 Oct 2025

Source control platform with codebase retrieval, utility SLMs, and task-specific agents for coding workflows

Sacra

Zach Lloyd, CEO Of Warp, On The 3 Phases Of AI Coding

In short, what is Warp...

Sacra

Supabase At $70M ARR Growing 250% YoY

TL;DR: Founded in 2020 as an open source alternative to Firebase, Supabase started out as part of the database-as-a-service & backend-as-a-service...

Sacra

Manus At $90M/year

TL;DR: Founded in 2022, Manus launched in March 2025 as the first consumer-facing agent that combined agentic browser control, deep research, and...

Sacra

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