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 Rippling hit $1B in annualized revenue in March 2026, up from $850M at the end of 2025 and growing 78% year-over-year.</li><li>Rippling is valued at $16.8 billion following its May 2025 Series G round, in which the company raised $450 million in new financing and announced a tender offer to repurchase up to $200 million of equity from current and former employees.</li><li>Deel is Rippling's closest competitor, specializing in global payroll and Employer of Record services.</li></ul>

Sacra estimates that Rippling hit $1B in annualized revenue in March 2026, up from $850M at the end of 2025 and growing 78% year-over-year.Rippling is valued at $16.8 billion following its May 2025 Series G round, in which the company raised $450 million in new financing and announced a tender offer to repurchase up to $200 million of equity from current and former employees.Deel is Rippling's closest competitor, specializing in global payroll and Employer of Record services.

<ul><li>Sacra estimates that Deel hit $1.4B in annualized revenue in February 2026, up 63% year-over-year from $800M in 2024, with roughly 15% EBITDA margin.</li><li>In October 2025, Deel closed a $300M Series E primary round led by Ribbit Capital alongside Coatue and Andreessen Horowitz, lifting its valuation to $17.3B.</li><li>Deel has raised approximately $1.6B since its 2019 founding.</li></ul>

Sacra estimates that Deel hit $1.4B in annualized revenue in February 2026, up 63% year-over-year from $800M in 2024, with roughly 15% EBITDA margin.In October 2025, Deel closed a $300M Series E primary round led by Ribbit Capital alongside Coatue and Andreessen Horowitz, lifting its valuation to $17.3B.Deel has raised approximately $1.6B since its 2019 founding.

<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 Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.</li><li>Gusto completed a tender offer in June 2025, raising over $200M for existing shareholders at a $9.3B valuation.</li><li>Gusto operates as a centralized system for managing employment tasks at small and medium-sized businesses, serving more than 400,000 businesses as of late 2025.</li></ul>

Sacra estimates that Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.Gusto completed a tender offer in June 2025, raising over $200M for existing shareholders at a $9.3B valuation.Gusto operates as a centralized system for managing employment tasks at small and medium-sized businesses, serving more than 400,000 businesses as of late 2025.

<ul><li>Sacra estimates that Decagon hit $35M annualized revenue in October 2025, up from $10M at the end of 2024.</li><li>Decagon was valued at $4.5 billion in January 2026, following a $250 million Series D funding round led by Coatue Management and Index Ventures.</li><li>Decagon found product-market fit as an AI-powered customer support platform for high-growth startups and enterprises seeking to automate their support operations while maintaining quality customer experiences.</li></ul>

Sacra estimates that Decagon hit $35M annualized revenue in October 2025, up from $10M at the end of 2024.Decagon was valued at $4.5 billion in January 2026, following a $250 million Series D funding round led by Coatue Management and Index Ventures.Decagon found product-market fit as an AI-powered customer support platform for high-growth startups and enterprises seeking to automate their support operations while maintaining quality customer experiences.

United States

Workforce management software unifying HR, IT, and contractor payroll for global teams

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Rippling (RIPPLING US)

Primer: Rippling - 10 May 2026

Workforce management software unifying HR, IT, and contractor payroll for global teams

Sacra

Primer: Deel - 25 May 2026

Software for hiring, paying, and managing global contractors and employees compliantly

Sacra

Primer: Brex - 27 Apr 2026

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

Sacra

Primer: Gusto - 21 Apr 2026

Payroll software for SMBs to manage employee and contractor payments, taxes, and benefits

Sacra

Primer: Decagon - 13 Apr 2026

AI agent software for automating complex customer support tasks and analyzing feedback

Sacra

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