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 Runway hit $90M in annualized revenue in June 2025, up from $70M at year-end 2024.</li><li>Runway closed a $315M Series E led by General Atlantic, with participation from NVIDIA, Adobe Ventures, AllianceBernstein, AMD Ventures, Fidelity, Mirae Asset, Emphatic Capital, Felicis, and Premji Invest, at a $5.3B post-money valuation.</li><li>Runway's technology reduces tasks that once took hours to minutes, with rotoscoping time cut from 5 hours to 5 minutes—a 60x improvement.</li></ul>

Sacra estimates that Runway hit $90M in annualized revenue in June 2025, up from $70M at year-end 2024.Runway closed a $315M Series E led by General Atlantic, with participation from NVIDIA, Adobe Ventures, AllianceBernstein, AMD Ventures, Fidelity, Mirae Asset, Emphatic Capital, Felicis, and Premji Invest, at a $5.3B post-money valuation.Runway's technology reduces tasks that once took hours to minutes, with rotoscoping time cut from 5 hours to 5 minutes—a 60x improvement.

<ul><li>ComfyUI raised $30 million at a $500 million valuation in a round led by Craft Ventures in April 2026, bringing total capital raised to approximately $47.5 million.</li><li>Since launching as open source in early 2023, ComfyUI has grown to over 4 million users and more than 150,000 daily downloads.</li><li>The risk is that these simplified tools continue adding advanced features while maintaining their accessibility advantage, potentially commoditizing ComfyUI's power-user moat.</li></ul>

ComfyUI raised $30 million at a $500 million valuation in a round led by Craft Ventures in April 2026, bringing total capital raised to approximately $47.5 million.Since launching as open source in early 2023, ComfyUI has grown to over 4 million users and more than 150,000 daily downloads.The risk is that these simplified tools continue adding advanced features while maintaining their accessibility advantage, potentially commoditizing ComfyUI's power-user moat.

<ul><li>Sacra estimates that Higgsfield hit $300M in annualized revenue run rate in February 2026, up from $200M in January 2026 and $100M roughly two months prior.</li><li>Higgsfield was valued at $1.3 billion following its $80 million Series A extension round led by Accel in January 2026.</li><li>Higgsfield operates as an AI-native video reasoning engine that transforms lightweight inputs into cinematic short-form videos within seconds.</li></ul>

Sacra estimates that Higgsfield hit $300M in annualized revenue run rate in February 2026, up from $200M in January 2026 and $100M roughly two months prior.Higgsfield was valued at $1.3 billion following its $80 million Series A extension round led by Accel in January 2026.Higgsfield operates as an AI-native video reasoning engine that transforms lightweight inputs into cinematic short-form videos within seconds.

<ul><li>Pika Labs is currently valued at $470 million following its $80 million Series B funding round in June 2024, with reports suggesting a potential valuation up to $700 million.</li><li>Pika Labs was founded in April 2023 by Demi Guo and Chenlin Meng, former Stanford AI PhD students who dropped out to build an accessible AI video generation platform after experiencing frustration with existing tools.</li><li>Pika Labs operates in a market that includes several distinct categories of AI video generation competitors, ranging from tech giants to specialized startups.</li></ul>

Pika Labs is currently valued at $470 million following its $80 million Series B funding round in June 2024, with reports suggesting a potential valuation up to $700 million.Pika Labs was founded in April 2023 by Demi Guo and Chenlin Meng, former Stanford AI PhD students who dropped out to build an accessible AI video generation platform after experiencing frustration with existing tools.Pika Labs operates in a market that includes several distinct categories of AI video generation competitors, ranging from tech giants to specialized startups.

Black Forest Labs / Private Capital Markets

<ul><li>Sacra estimates that Black Forest Labs hit $96M in annualized revenue as of August 2025.</li><li>In September 2025, Black Forest Labs signed a multi-year contract with Meta worth $140 million for use of its generative AI image technology, bringing total contract value across partners including Adobe, Canva, and Snap to approximately $300 million.</li><li>In December 2025, Black Forest Labs raised $300M in a Series B at a $3.25B post-money valuation, co-led by Salesforce Ventures and Anjney Midha (AMP), with participation from a16z, NVIDIA, General Catalyst, and Temasek, to expand Flux model development, compute infrastructure, and commercial operations.</li></ul>

Sacra estimates that Black Forest Labs hit $96M in annualized revenue as of August 2025.In September 2025, Black Forest Labs signed a multi-year contract with Meta worth $140 million for use of its generative AI image technology, bringing total contract value across partners including Adobe, Canva, and Snap to approximately $300 million.In December 2025, Black Forest Labs raised $300M in a Series B at a $3.25B post-money valuation, co-led by Salesforce Ventures and Anjney Midha (AMP), with participation from a16z, NVIDIA, General Catalyst, and Temasek, to expand Flux model development, compute infrastructure, and commercial operations.

United States

Web-based video editing software with AI tools for creators, marketers, and filmmakers

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Runway (RUNWAY US)

Primer: Runway - 13 Apr 2026

Web-based video editing software with AI tools for creators, marketers, and filmmakers

Sacra

Primer: ComfyUI - 26 Apr 2026

Open-source, node-based application for generating images, videos, and audio using AI

Sacra

Primer: Higgsfield - 19 Apr 2026

AI-native video reasoning engine enabling creators and enterprises to produce cinematic-quality short-form video in minutes

Sacra

Primer: Pika - 22 Mar 2026

Video tool for generating and editing clips from text prompts or images

Sacra

Primer: Black Forest Labs - 10 Mar 2026

Developer of advanced generative deep learning models for images and videos emphasizing broad accessibility and transparency

Sacra

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