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% 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>This round increased the company&#39;s total funding to over $220M across all fundraising rounds.</li><li>Alma reduces administrative burdens for independent therapists by managing insurance credentialing, claims processing, and practice management within a single platform.</li><li>The company has added prescribers and medication-adherence features to its core therapy network.</li></ul>

This round increased the company&#39;s total funding to over $220M across all fundraising rounds.Alma reduces administrative burdens for independent therapists by managing insurance credentialing, claims processing, and practice management within a single platform.The company has added prescribers and medication-adherence features to its core therapy network.

<ul><li>Headway reached a $2.3 billion valuation in July 2024 with its $100 million Series D round led by Spark Capital.</li><li>Patients can book appointments within an average of 48 hours, with sessions available virtually via HIPAA-compliant video or in-person at provider offices.</li><li>Headway has expanded its insurance plan partnerships from 40 to over 70 within the past year, achieving preferred network status with major carriers.</li></ul>

Headway reached a $2.3 billion valuation in July 2024 with its $100 million Series D round led by Spark Capital.Patients can book appointments within an average of 48 hours, with sessions available virtually via HIPAA-compliant video or in-person at provider offices.Headway has expanded its insurance plan partnerships from 40 to over 70 within the past year, achieving preferred network status with major carriers.

<ul><li>Sacra estimates that Rula Health hit approximately $471M million in annualized gross revenue in 2024, up about 100% YoY from $235M at the end of 2023.</li><li>Rula Health has raised approximately $263 million in total funding across multiple rounds.</li><li>Rula&#39;s expansion to nationwide psychiatry services across all 50 states complements its existing therapy coverage.</li></ul>

Sacra estimates that Rula Health hit approximately $471M million in annualized gross revenue in 2024, up about 100% YoY from $235M at the end of 2023.Rula Health has raised approximately $263 million in total funding across multiple rounds.Rula&#39;s expansion to nationwide psychiatry services across all 50 states complements its existing therapy coverage.

<ul><li>Sacra estimates Rula reached $470M in annualized gross revenue in 2024, up 100% YoY.</li><li>The fastest growing category of consumer marketplace in 2023 with GMV surging 260% YoY, mental health outpaced overall health (150%), pets (140%), and tickets (55%).</li><li>Neck-and-neck with Alma (20,000+ providers) and SonderMind (10,000+) at 15,000+ providers in the category led by Headway (60,000+ providers), Rula competes directly to win therapists onto its platform.</li></ul>

Sacra estimates Rula reached $470M in annualized gross revenue in 2024, up 100% YoY.The fastest growing category of consumer marketplace in 2023 with GMV surging 260% YoY, mental health outpaced overall health (150%), pets (140%), and tickets (55%).Neck-and-neck with Alma (20,000+ providers) and SonderMind (10,000+) at 15,000+ providers in the category led by Headway (60,000+ providers), Rula competes directly to win therapists onto its platform.

United States

Platform connecting individuals with licensed therapists and psychiatric providers for personalized, in-network mental healthcare

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Rula (RULA US)

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: Alma - 03 Sep 2025

Membership-based network for mental health care providers to accept insurance and build private practices

Sacra

Primer: Headway - 03 Sep 2025

Platform connecting mental health providers with patients through insurance

Sacra

Primer: Rula - 03 Sep 2025

Platform connecting individuals with licensed therapists and psychiatric providers for personalized, in-network mental healthcare

Sacra

Rula At $471M/year Growing 100% YoY

TL;DR: Post-COVID, mental health became the fastest-growing consumer marketplace category, driving the growth of managed therapist marketplaces...

Sacra

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