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 Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.</li><li>The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.</li><li>Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.</li></ul>

Sacra estimates that Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.

<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 Swile generated $265M in 2025, up 20% YoY from $221M in 2024 and $176M in 2023.</li><li>Swile generated $17M in net income in 2025, up from $2M in 2024, and reached roughly $57M in implied EBITDA.</li><li>Swile acquired five companies with new products, such as gift vouchers and employee engagement tools, coming out of these acquisitions.</li></ul>

Sacra estimates that Swile generated $265M in 2025, up 20% YoY from $221M in 2024 and $176M in 2023.Swile generated $17M in net income in 2025, up from $2M in 2024, and reached roughly $57M in implied EBITDA.Swile acquired five companies with new products, such as gift vouchers and employee engagement tools, coming out of these acquisitions.

<ul><li>Sacra estimates JumpCloud hit $105M in annual recurring revenue (ARR) in 2023, growing 31% year-over-year from $80M in 2022.</li><li>The company has successfully raised significant capital, including a $159M Series F round in September 2021 at a $2.56B valuation, indicating strong investor confidence in its growth trajectory.</li><li>JumpCloud has found product-market fit as a cloud-based directory service for small and mid-sized organizations that were moving away from on-premises Microsoft Active Directory.</li></ul>

Sacra estimates JumpCloud hit $105M in annual recurring revenue (ARR) in 2023, growing 31% year-over-year from $80M in 2022.The company has successfully raised significant capital, including a $159M Series F round in September 2021 at a $2.56B valuation, indicating strong investor confidence in its growth trajectory.JumpCloud has found product-market fit as a cloud-based directory service for small and mid-sized organizations that were moving away from on-premises Microsoft Active Directory.

<ul><li>Justworks made $982.7M in FY2021, an increase of 33% over FY2020.</li><li>Justworks has raised $143M from investors such as FirstMark Capital, Union Square Ventures, and Bain Capital.</li><li>Justworks has two levers to increase its SaaS revenue: subscription price and the number of employees it covers.</li></ul>

Justworks made $982.7M in FY2021, an increase of 33% over FY2020.Justworks has raised $143M from investors such as FirstMark Capital, Union Square Ventures, and Bain Capital.Justworks has two levers to increase its SaaS revenue: subscription price and the number of employees it covers.

United States

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

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Rippling (RIPPLING US)

Primer: Gusto - 16 Jul 2026

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

Sacra

Primer: Brex - 10 Jul 2026

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

Sacra

Primer: Swile - 09 Jul 2026

Smart card and app for managing employee meal, gift, and travel benefits

Sacra

Primer: JumpCloud - 15 Jun 2026

Cloud-based directory tool for managing user identities, devices, and access controls

Sacra

Primer: Justworks - 10 Mar 2026

Payroll and benefits software for SMBs to manage HR, compliance, and payments

Sacra

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