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>Shortwave's most recent financing was a $500K convertible note that closed in April 2026, bringing total funding raised to $9.5M.</li><li>Shortwave is a Gmail-native email client that replaces the default Gmail interface with a more structured, AI-assisted workspace.</li><li>Shortwave sells B2B SaaS on a per-seat subscription model, with billing organized around teams rather than individuals.</li></ul>

Shortwave's most recent financing was a $500K convertible note that closed in April 2026, bringing total funding raised to $9.5M.Shortwave is a Gmail-native email client that replaces the default Gmail interface with a more structured, AI-assisted workspace.Shortwave sells B2B SaaS on a per-seat subscription model, with billing organized around teams rather than individuals.

<ul><li>Reddit generated $804M in revenue in 2023, up 20% from $668M in 2022.</li><li>Reddit’s revenue per monthly user is roughly $1.19, up from 2021 when it was about $0.81.</li><li>Sacra estimates that Reddit generated $625M in ad revenue in Q1 2026, up from $485M in full-year 2021.</li></ul>

Reddit generated $804M in revenue in 2023, up 20% from $668M in 2022.Reddit’s revenue per monthly user is roughly $1.19, up from 2021 when it was about $0.81.Sacra estimates that Reddit generated $625M in ad revenue in Q1 2026, up from $485M in full-year 2021.

<ul><li>Sacra estimates that Discord hit $725M in annual recurring revenue (ARR) at the end of 2024, up ~21% year-over-year from $600M in 2023.</li><li>Discord reported positive adjusted EBITDA for five consecutive quarters as of April 2025, signaling that the business has reached profitability at the operating level even as it continues investing in platform expansion.</li><li>In January 2026, Bloomberg reported that Discord had confidentially filed for a U.S. IPO, working with Goldman Sachs and JPMorgan as lead underwriters; TechCrunch reported the company had been targeting a March 2026 debut.</li></ul>

Sacra estimates that Discord hit $725M in annual recurring revenue (ARR) at the end of 2024, up ~21% year-over-year from $600M in 2023.Discord reported positive adjusted EBITDA for five consecutive quarters as of April 2025, signaling that the business has reached profitability at the operating level even as it continues investing in platform expansion.In January 2026, Bloomberg reported that Discord had confidentially filed for a U.S. IPO, working with Goldman Sachs and JPMorgan as lead underwriters; TechCrunch reported the company had been targeting a March 2026 debut.

<ul><li>Sacra estimates that Superhuman hit $35M in annual recurring revenue (ARR) in June 2025, up from $30M ARR at the end of 2024.</li><li>Superhuman raised $75 million in a Series C round in August 2021 led by IVP, with participation from Tiger Global.</li><li>Superhuman's AI strategy is evolving from on-demand features toward autonomous agents that can handle end-to-end workflows.</li></ul>

Sacra estimates that Superhuman hit $35M in annual recurring revenue (ARR) in June 2025, up from $30M ARR at the end of 2024.Superhuman raised $75 million in a Series C round in August 2021 led by IVP, with participation from Tiger Global.Superhuman's AI strategy is evolving from on-demand features toward autonomous agents that can handle end-to-end workflows.

<ul><li>Sacra estimates Fyxer hit $9M in annual recurring revenue (ARR) in May 2025, up 9x from $1M at year-end 2024.</li><li>As its early adoption by solo executives & consultants turned into multi-seat team deals with brokerages and professional services firms like eXp Realty ($1.2M/year for 5,000 seats) that put all their brokers on Fyxer, Sacra estimates that Fyxer hit $9M in annual recurring revenue (ARR) in May 2025, up 9x from $1M at year-end 2024.</li><li>With the risk of getting disintermediated by Gmail with Gemini and Outlook via Copilot, Fyxer is moving across tools to eat up scheduling (Calendly) and meeting notetaking (Otter) so that it has richer context for its copilot than any one tool individually.</li></ul>

Sacra estimates Fyxer hit $9M in annual recurring revenue (ARR) in May 2025, up 9x from $1M at year-end 2024.As its early adoption by solo executives & consultants turned into multi-seat team deals with brokerages and professional services firms like eXp Realty ($1.2M/year for 5,000 seats) that put all their brokers on Fyxer, Sacra estimates that Fyxer hit $9M in annual recurring revenue (ARR) in May 2025, up 9x from $1M at year-end 2024.With the risk of getting disintermediated by Gmail with Gemini and Outlook via Copilot, Fyxer is moving across tools to eat up scheduling (Calendly) and meeting notetaking (Otter) so that it has richer context for its copilot than any one tool individually.

$9M/yr Glean For White Collar Contractors

United States

Email client with chat-like UI and bundles for organizing Gmail inboxes

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Shortwave (SHORTWAVE US)

Primer: Shortwave - 02 Jun 2026

AI-powered email app that automates, summarizes, organizes, and helps compose and schedule emails for individuals and teams

Sacra

Primer: Reddit - 24 Aug 2026

Forum and ad network for user-generated discussions across niche online communities

Sacra

Primer: Discord - 03 Aug 2026

Chat and voice software for gaming communities and interactive online experiences

Sacra

Primer: Superhuman - 01 Jul 2025

Email client for Gmail and Outlook focused on productivity for high-volume professionals

Sacra

$9M/yr Glean For White Collar Contractors

TL;DR: Fyxer is building an AI copilot for work for white-collar contractors and SMBs—freelancers, real estate brokers, consultants, fractional...

Sacra

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