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 Ro hit $598M in annualized revenue in 2024, up 66% year-over-year from $360M in 2023.</li><li>This reacceleration was driven overwhelmingly by the launch and scale-up of Ro Body, the company’s GLP-1–centered obesity management business, which became Ro’s primary growth engine by late 2023.</li><li>Ro’s most recent priced primary round was in February 2022, when it raised $150M in a round led by ShawSpring and participated in by existing backers including General Catalyst, FirstMark, and TQ.</li></ul>

Sacra estimates that Ro hit $598M in annualized revenue in 2024, up 66% year-over-year from $360M in 2023.This reacceleration was driven overwhelmingly by the launch and scale-up of Ro Body, the company’s GLP-1–centered obesity management business, which became Ro’s primary growth engine by late 2023.Ro’s most recent priced primary round was in February 2022, when it raised $150M in a round led by ShawSpring and participated in by existing backers including General Catalyst, FirstMark, and TQ.

<ul><li>Sacra estimates that Ro hit $598M in annualized revenue in 2024, up 66% YoY from $360M in 2023.</li><li>In November 2025, the Trump administration announced TrumpRx, a federal direct purchasing platform using tariff threats to extract Most Favored Nation (MFN) pricing from pharmaceutical manufacturers &amp; bringing the cost of GLP-1s like Ozempic down to $350/month for cash payers (from $1,350/month).</li><li>TrumpRx threatens to commoditize away their pricing advantage.</li></ul>

Sacra estimates that Ro hit $598M in annualized revenue in 2024, up 66% YoY from $360M in 2023.In November 2025, the Trump administration announced TrumpRx, a federal direct purchasing platform using tariff threats to extract Most Favored Nation (MFN) pricing from pharmaceutical manufacturers &amp; bringing the cost of GLP-1s like Ozempic down to $350/month for cash payers (from $1,350/month).TrumpRx threatens to commoditize away their pricing advantage.

<ul><li>Sacra estimates that Kry hit $258M in revenue in 2024, up from an estimated $215M in 2022.</li><li>Kry has moved aggressively towards profitability over the last year, reducing EBITDA burn by more than 70% and projecting that they will hit profitability across all geographies by 2024.</li><li>Kry is actively expanding its physical clinic footprint in Sweden through both acquisitions and organic openings.</li></ul>

Sacra estimates that Kry hit $258M in revenue in 2024, up from an estimated $215M in 2022.Kry has moved aggressively towards profitability over the last year, reducing EBITDA burn by more than 70% and projecting that they will hit profitability across all geographies by 2024.Kry is actively expanding its physical clinic footprint in Sweden through both acquisitions and organic openings.

<ul><li>Sacra estimates that Noom hit $1B in ARR in 2023, growing 25% YoY with 1.5M subscribers paying anywhere from $17/month to $70/month depending on the length of their subscription renewal cycle, with revenue largely coming from Noom's core weight loss app (vs Noom Mood, its mental health app and Noom Med, its Ozempic D2C healthcare product).</li><li>Noom and WeightWatchers together account for roughly 60% of global weight loss app revenue.</li><li>Noom's growth during this period (reaching $1B in revenue by 2023) suggests it has successfully captured market share from these legacy players.</li></ul>

Sacra estimates that Noom hit $1B in ARR in 2023, growing 25% YoY with 1.5M subscribers paying anywhere from $17/month to $70/month depending on the length of their subscription renewal cycle, with revenue largely coming from Noom's core weight loss app (vs Noom Mood, its mental health app and Noom Med, its Ozempic D2C healthcare product).Noom and WeightWatchers together account for roughly 60% of global weight loss app revenue.Noom's growth during this period (reaching $1B in revenue by 2023) suggests it has successfully captured market share from these legacy players.

<ul><li>Sacra estimates that Numan generated over $90 million in annual recurring revenue (ARR) in 2024, more than doubling year-over-year from approximately $37 million in 2023.</li><li>Numan raised $60 million in July 2025 through a Series B extension, comprising $30 million in equity and $27 million in growth capital.</li><li>Weight loss programs now constitute the majority of Numan's revenue following the launch of its obesity management program in September 2023.</li></ul>

Sacra estimates that Numan generated over $90 million in annual recurring revenue (ARR) in 2024, more than doubling year-over-year from approximately $37 million in 2023.Numan raised $60 million in July 2025 through a Series B extension, comprising $30 million in equity and $27 million in growth capital.Weight loss programs now constitute the majority of Numan's revenue following the launch of its obesity management program in September 2023.

United States

Telehealth marketplace for online doctor visits and prescription delivery for men’s health

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Ro (RO US)

Primer: Ro - 13 Apr 2026

Telehealth marketplace for online doctor visits and prescription delivery for men’s health

Sacra

Ro Vs TrumpRx

TL;DR: D2C telehealth platforms like Ro and Hims & Hers scaled from high-margin ED generics to even more lucrative GLP-1s, but Trump's TrumpRx...

Sacra

Primer: Kry - 10 Aug 2026

Telehealth service combining in-house clinicians, AI triage, and physical clinics across Europe

Sacra

Primer: Noom - 05 Apr 2026

Mobile app for weight loss combining tracking, coaching, and GLP-1 prescriptions

Sacra

Primer: Numan - 04 Jan 2026

Digital health platform offering personalized treatments for men's health issues like erectile dysfunction, hair loss, weight management, and sleep

Sacra

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