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

Function Health / Private Capital Markets

<ul><li>Sacra estimates Function Health grew to a $100M revenue run rate in February 2025, up 450% year-over-year with approximately 200,000 subscribers.</li><li>Function Health is a $100M/year consumer blood testing startup offering a $499/year subscription for comprehensive blood testing—now expanding into imaging and genomics as it builds a unified platform for self-directed health tracking.</li><li>Moving beyond blood testing, Function Health’s acquisition of Ezra (May 2025) has it bundling full-body MRI scanning into its membership product at $499/scan (down from $1,495 pre-acquisition), expanding its product surface area as pure-play blood testing is commoditized.</li></ul>

Sacra estimates Function Health grew to a $100M revenue run rate in February 2025, up 450% year-over-year with approximately 200,000 subscribers.Function Health is a $100M/year consumer blood testing startup offering a $499/year subscription for comprehensive blood testing—now expanding into imaging and genomics as it builds a unified platform for self-directed health tracking.Moving beyond blood testing, Function Health’s acquisition of Ezra (May 2025) has it bundling full-body MRI scanning into its membership product at $499/scan (down from $1,495 pre-acquisition), expanding its product surface area as pure-play blood testing is commoditized.

<ul><li>Maven Clinic will hit $268M of ARR in 2024, up 26% YoY, with their women’s health benefit offering now covering 17 million people globally.</li><li>After doubling down on fertility, Maven has now won their biggest customer ever in Amazon, who switched away from incumbent Progyny (NASDAQ: PGNY) for 2025.</li><li>Maven's asset-light model combining coaching, content and telehealth has enabled them to go global (175 countries)—without sacrificing retention (98% customer retention).</li></ul>

Maven Clinic will hit $268M of ARR in 2024, up 26% YoY, with their women’s health benefit offering now covering 17 million people globally.After doubling down on fertility, Maven has now won their biggest customer ever in Amazon, who switched away from incumbent Progyny (NASDAQ: PGNY) for 2025.Maven's asset-light model combining coaching, content and telehealth has enabled them to go global (175 countries)—without sacrificing retention (98% customer retention).

<ul><li>Commure has accelerated to $105M in annual recurring revenue (ARR) as of March 2024, growing 150% YoY.</li><li>Compare to the dominant EHR in Epic at $4.9B in revenue in 2023, up 7% from $4.6B in 2022.</li><li>Through aggressive M&A like their July acquisition of AI scribe Augmedix, Commure’s product surface area and relationships with major healthcare systems like HCA Healthcare positions it as an upstart digital health platform.</li></ul>

Commure has accelerated to $105M in annual recurring revenue (ARR) as of March 2024, growing 150% YoY.Compare to the dominant EHR in Epic at $4.9B in revenue in 2023, up 7% from $4.6B in 2022.Through aggressive M&A like their July acquisition of AI scribe Augmedix, Commure’s product surface area and relationships with major healthcare systems like HCA Healthcare positions it as an upstart digital health platform.

<ul><li>Virta Health (2014) is a telehealth provider that sells type 2 diabetes reversal via the ketogenic diet as a benefit ($2.8K per patient with a $10-20K platform fee per year) into health plans and self-insured employers, delivering it through a combo of connected devices (glucose meter, ketone meter, scale), 2-4 daily health coach check-ins, and continuous physician oversight.</li><li>In 2022, Virta launched a second product for obesity ($900/year), with Sacra now estimating Virta will do $175M of revenue in 2024, up 51% YoY, with roughly 550 customers (~$318K ARPC) and 98,000 patients (~180 patients per customer) for blended average revenue per patient of $1.8K.</li><li>With Ozempic’s runaway success ($14B of sales in 2023) driving up employer health costs by ~10% YoY, Virta’s obesity product (growing 150% YoY) provides a cheaper, pharma-free alternative ($900/year vs. $3,000/year), with new employer signups for obesity now growing faster than their diabetes reversal product.</li></ul>

Virta Health (2014) is a telehealth provider that sells type 2 diabetes reversal via the ketogenic diet as a benefit ($2.8K per patient with a $10-20K platform fee per year) into health plans and self-insured employers, delivering it through a combo of connected devices (glucose meter, ketone meter, scale), 2-4 daily health coach check-ins, and continuous physician oversight.In 2022, Virta launched a second product for obesity ($900/year), with Sacra now estimating Virta will do $175M of revenue in 2024, up 51% YoY, with roughly 550 customers (~$318K ARPC) and 98,000 patients (~180 patients per customer) for blended average revenue per patient of $1.8K.With Ozempic’s runaway success ($14B of sales in 2023) driving up employer health costs by ~10% YoY, Virta’s obesity product (growing 150% YoY) provides a cheaper, pharma-free alternative ($900/year vs. $3,000/year), with new employer signups for obesity now growing faster than their diabetes reversal product.

<ul><li>Noom grew from $12M ARR in 2017 to an estimated $1B ARR in 2023, finding product-market fit by combining WeightWatchers' coaching model with the mobile-native food and activity tracking of MyFitnessPal.</li><li>After Noom pivoted from their early B2B model to a D2C weight loss app in 2017, their growth exploded, going from $12M ARR in 2017 to an estimated $1B ARR by the end of 2023, growing 25% YoY, driven by aggressive ad spend that scaled from $5M in 2017 to $330M in 2023.</li><li>Ozempic’s disruptive potential in weight loss—with $14B of sales in 2023, up 66% YoY—has forced Noom to start selling GLP-1s, which, fortunately for Noom, have structurally high customer lifetime value (CLTV) driven by their “for life” design and the ongoing need to tweak dosage.</li></ul>

Noom grew from $12M ARR in 2017 to an estimated $1B ARR in 2023, finding product-market fit by combining WeightWatchers' coaching model with the mobile-native food and activity tracking of MyFitnessPal.After Noom pivoted from their early B2B model to a D2C weight loss app in 2017, their growth exploded, going from $12M ARR in 2017 to an estimated $1B ARR by the end of 2023, growing 25% YoY, driven by aggressive ad spend that scaled from $5M in 2017 to $330M in 2023.Ozempic’s disruptive potential in weight loss—with $14B of sales in 2023, up 66% YoY—has forced Noom to start selling GLP-1s, which, fortunately for Noom, have structurally high customer lifetime value (CLTV) driven by their “for life” design and the ongoing need to tweak dosage.

United States

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

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Ro (RO US)

Function Health At $100M/year

TL;DR: With the rise of consumer interest in longevity and health optimization, Function Health is building a $499/year bundle for 100+ biomarker...

Sacra

Maven Clinic At $268M ARR

TL;DR: Sacra estimates that Maven Clinic will hit $268M of ARR in 2024, up 26% YoY, with their women’s health benefit offering now covering 17...

Sacra

Commure At $105M ARR

TL;DR: Sacra estimates that Commure has accelerated to $105M in annual recurring revenue (ARR) as of March 2024, growing 150% YoY, after their 2023...

Sacra

Virta Health At $175M Revenue

TL;DR: Sacra estimates that Virta Health will hit $175M of revenue in 2024, up 51% YoY, with their ketogenic diet-based therapy for type 2 diabetes...

Sacra

Noom At $1B ARR

TL;DR: Noom grew from $12M ARR in 2017 to an estimated $1B ARR in 2023, finding product-market fit by combining WeightWatchers' coaching model with...

Sacra

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