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 Supabase hit $170M in ARR in May 2026, up from ~$101M at the end of 2025.</li><li>Supabase raised a $500M Series F at a $10.5B post-money valuation in June 2026, led by GIC.</li><li>The global BaaS market is projected to grow from $5.1 billion in 2023 to $23.3 billion by 2032, representing a CAGR of 18.4%.</li></ul>

Sacra estimates that Supabase hit $170M in ARR in May 2026, up from ~$101M at the end of 2025.Supabase raised a $500M Series F at a $10.5B post-money valuation in June 2026, led by GIC.The global BaaS market is projected to grow from $5.1 billion in 2023 to $23.3 billion by 2032, representing a CAGR of 18.4%.

<ul><li>Sacra estimates that Sentry hit $128M annual recurring revenue (ARR) on 50,000 customers by the end of 2023, growing 30% year-over-year, valued at ~23x its Series E financing at “over $3 billion” announced in May 2022.</li><li>Sentry employs a hybrid open-source and self-serve SaaS business model that is unique in the application performance monitoring (APM) space.</li><li>Sentry is expanding its total addressable market (TAM) by moving upmarket from error tracking to application performance monitoring (APM).</li></ul>

Sacra estimates that Sentry hit $128M annual recurring revenue (ARR) on 50,000 customers by the end of 2023, growing 30% year-over-year, valued at ~23x its Series E financing at “over $3 billion” announced in May 2022.Sentry employs a hybrid open-source and self-serve SaaS business model that is unique in the application performance monitoring (APM) space.Sentry is expanding its total addressable market (TAM) by moving upmarket from error tracking to application performance monitoring (APM).

<ul><li>Companies like Ramp, Notion and Databricks take outputs from frontier models like OpenAI’s GPT-4 and use them to fine-tune smaller, cheaper and faster open source models like Mistral and Llama 3.1, reducing their costs by 90% for specific, repetitive tasks.</li><li>Fine-tuning platforms like OpenPipe ($6.7M raised), Predibase (Felicis, $28.5M raised) and Airtrain AI (Y Combinator, $3.2M raised) unbundle fine-tuning from the LLMs and rebundle it with MLOps, combining a software development kit (SDK) for collecting prompt-completion pairs with model training, eval, and deployment to launch and rapidly iterate on fine-tuned models.</li><li>We recognized that fine-tuning could greatly enhance capabilities and reliability, but it typically required having a specialist on staff. We realized that if we built the right workflow tool, we could replace that specialist and make it possible for anyone proficient in prompt engineering to successfully build a fine-tuned model.</li></ul>

Companies like Ramp, Notion and Databricks take outputs from frontier models like OpenAI’s GPT-4 and use them to fine-tune smaller, cheaper and faster open source models like Mistral and Llama 3.1, reducing their costs by 90% for specific, repetitive tasks.Fine-tuning platforms like OpenPipe ($6.7M raised), Predibase (Felicis, $28.5M raised) and Airtrain AI (Y Combinator, $3.2M raised) unbundle fine-tuning from the LLMs and rebundle it with MLOps, combining a software development kit (SDK) for collecting prompt-completion pairs with model training, eval, and deployment to launch and rapidly iterate on fine-tuned models.We recognized that fine-tuning could greatly enhance capabilities and reliability, but it typically required having a specialist on staff. We realized that if we built the right workflow tool, we could replace that specialist and make it possible for anyone proficient in prompt engineering to successfully build a fine-tuned model.

Kyle Corbitt, CEO Of OpenPipe, On The Future Of fine-tuning LLMs

<ul><li>Sentry hit $128M annual recurring revenue (ARR) in 2023, growing 30% year-over-year, with 50,000 paying customers.</li><li>With the launch of performance monitoring, session replays, and code coverage, Sentry is now positioning as a bottom-up, developer-centric competitor to enterprise-focused incumbents like New Relic.</li><li>Sentry has prioritized self-serve (70% of total revenue) and kept sales & marketing headcount low, investing in product & engineering to launch new products & features into their existing SDK.</li></ul>

Sentry hit $128M annual recurring revenue (ARR) in 2023, growing 30% year-over-year, with 50,000 paying customers.With the launch of performance monitoring, session replays, and code coverage, Sentry is now positioning as a bottom-up, developer-centric competitor to enterprise-focused incumbents like New Relic.Sentry has prioritized self-serve (70% of total revenue) and kept sales & marketing headcount low, investing in product & engineering to launch new products & features into their existing SDK.

Sentry: The $128M ARR Error Tracker Disrupting New Relic

<ul><li>Retool found product-market fit saving developer time building admin panels, dashboards, and other simple internal CRUD tools (create-read-update-delete) in ~1 day instead of ~2 weeks by giving them pre-built components to wire up on top of their production database.</li><li>Retool is per-seat subscription SaaS—they went from $10M ARR in 2020 to $30M ARR in 2021, and as of 2022, they’re at $82M ARR, growing 173% year-over-year.</li><li>Retool’s strength in the enterprise comes from its engineering-centric paradigm that unlike no-code tools, allows teams to build secure tooling for ETL tasks ala Census ($80M raised), devops ala Sentry ($3B valuation) and metrics reporting ala Looker (acq. for $2.6B) with access management, data integrity and other safety guarantees around their mission-critical production data and business logic—without having to buy more enterprise SaaS.</li></ul>

Retool found product-market fit saving developer time building admin panels, dashboards, and other simple internal CRUD tools (create-read-update-delete) in ~1 day instead of ~2 weeks by giving them pre-built components to wire up on top of their production database.Retool is per-seat subscription SaaS—they went from $10M ARR in 2020 to $30M ARR in 2021, and as of 2022, they’re at $82M ARR, growing 173% year-over-year.Retool’s strength in the enterprise comes from its engineering-centric paradigm that unlike no-code tools, allows teams to build secure tooling for ETL tasks ala Census ($80M raised), devops ala Sentry ($3B valuation) and metrics reporting ala Looker (acq. for $2.6B) with access management, data integrity and other safety guarantees around their mission-critical production data and business logic—without having to buy more enterprise SaaS.

Retool: The $82M ARR Internal App Builder

United States

Error tracking and performance monitoring tool for web and mobile app developers

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Sentry (SENTRY US)

Primer: Supabase - 11 Jun 2026

Open-source backend tool for developers built on PostgreSQL with auth and real-time APIs

Sacra

Primer: Sentry - 07 Dec 2024

Error tracking and performance monitoring tool for web and mobile app developers

Sacra

Kyle Corbitt, CEO Of OpenPipe, On The Future Of fine-tuning LLMs

Tell us about OpenPipe—what was the key insight that led you to start the company and focus on fine-tuning...

Sacra

Sentry: The $128M ARR Error Tracker Disrupting New Relic

TL;DR: Sacra estimates that Sentry hit $128M annual recurring revenue (ARR) in 2023, growing 30% year-over-year, with 50,000 paying customers....

Sacra

Retool: The $82M ARR Internal App Builder

Retool went from bottom-up PLG to enterprise elephant-hunting en route to $82M ARR. Now they’re building out a parallel, low-code version of the...

Sacra

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