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>Rippling operates a B2B SaaS model with subscription pricing determined by employee count and the modules utilized.</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.Rippling operates a B2B SaaS model with subscription pricing determined by employee count and the modules utilized.

<ul><li>Sacra estimates that Mercury hit $650M in annualized revenue in September 2025, up from $500M in 2024.</li><li>Mercury was valued at $5.2B following its $200M Series D round led by TCV in May 2026, up from $3.5B at its Series C in March 2025.</li><li>The company has been GAAP profitable for three consecutive years and achieved ten consecutive quarters of profitability on both EBITDA and GAAP net income by March 2025.</li></ul>

Sacra estimates that Mercury hit $650M in annualized revenue in September 2025, up from $500M in 2024.Mercury was valued at $5.2B following its $200M Series D round led by TCV in May 2026, up from $3.5B at its Series C in March 2025.The company has been GAAP profitable for three consecutive years and achieved ten consecutive quarters of profitability on both EBITDA and GAAP net income by March 2025.

<ul><li>Wingspan raised $24M in Series B funding in July 2025, led by Touring Capital, bringing total capital raised to $54M.</li><li>Wingspan provides an all-in-one platform designed specifically for onboarding, paying, and supporting independent contractors, freelancers, and gig workers.</li><li>The big opportunity for Wingspan is to build a closed loop payments network for the $1.4T and growing of freelancer payments made every year.</li></ul>

Wingspan raised $24M in Series B funding in July 2025, led by Touring Capital, bringing total capital raised to $54M.Wingspan provides an all-in-one platform designed specifically for onboarding, paying, and supporting independent contractors, freelancers, and gig workers.The big opportunity for Wingspan is to build a closed loop payments network for the $1.4T and growing of freelancer payments made every year.

<ul><li>Sacra estimates that Decagon hit $100M in annualized revenue in July 2026, up from $44M at the end of 2025.</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>The customer support automation market is projected to grow from $308 million in 2022 to $2.89 billion by 2032.</li></ul>

Sacra estimates that Decagon hit $100M in annualized revenue in July 2026, up from $44M at the end of 2025.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.The customer support automation market is projected to grow from $308 million in 2022 to $2.89 billion by 2032.

<ul><li>Sacra estimates that Deel hit $1.5B in annualized revenue in June 2026, up from $1.3B at the end of 2025.</li><li>Deel&#39;s revenue growth has been driven by both organic expansion and strategic acquisitions, including Playgroup (payroll and HCM), Capbase (equity management), and Safeguard Global&#39;s enterprise payroll division (effective March 2025).</li><li>Deel has raised approximately $1.6B since its 2019 founding.</li></ul>

Sacra estimates that Deel hit $1.5B in annualized revenue in June 2026, up from $1.3B at the end of 2025.Deel&#39;s revenue growth has been driven by both organic expansion and strategic acquisitions, including Playgroup (payroll and HCM), Capbase (equity management), and Safeguard Global&#39;s enterprise payroll division (effective March 2025).Deel has raised approximately $1.6B since its 2019 founding.

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: Mercury - 25 Aug 2026

Banking software for startups offering checking accounts, cards, treasury, and venture debt

Sacra

Primer: Wingspan - 24 Aug 2026

Payroll and compliance software for companies managing large networks of independent contractors

Sacra

Primer: Decagon - 18 Aug 2026

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

Sacra

Primer: Deel - 17 Aug 2026

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

Sacra

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