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>Now, its CEO has stepped down as Snyk looks to reinvent itself for the AI era.</li><li>Sacra estimates Snyk hit $326M in ARR in February 2026, up 7% YoY.</li><li>Built on the shift of app security from security teams to developers, Snyk is now adapting as developers themselves push security down to AI &amp; agentic coding.</li></ul>

Now, its CEO has stepped down as Snyk looks to reinvent itself for the AI era.Sacra estimates Snyk hit $326M in ARR in February 2026, up 7% YoY.Built on the shift of app security from security teams to developers, Snyk is now adapting as developers themselves push security down to AI &amp; agentic coding.

<ul><li>With the White House’s 2024 executive order cracking down on government vendors’ software supply chains, the market for secured container images has exploded.</li><li>Sacra estimates Chainguard hit $40M in ARR at the end of January 2025, up from $37M in ARR at year-end 2024, growing 640% from $5M in 2023.</li><li>After a 2024 White House executive order requiring all government software vendors to self-attest to the security of their software supply chain, Sacra estimates that Chainguard grew to $40M annual recurring revenue (ARR) as of January 2025.</li></ul>

With the White House’s 2024 executive order cracking down on government vendors’ software supply chains, the market for secured container images has exploded.Sacra estimates Chainguard hit $40M in ARR at the end of January 2025, up from $37M in ARR at year-end 2024, growing 640% from $5M in 2023.After a 2024 White House executive order requiring all government software vendors to self-attest to the security of their software supply chain, Sacra estimates that Chainguard grew to $40M annual recurring revenue (ARR) as of January 2025.

<ul><li>Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY.</li><li>On the verge of passing CrowdStrike’s agentless scanner Falcon Horizon (launched October 2020) at $515M ARR (up 80% YoY) in August, Wiz’s sights are next set on Palo Alto Networks' Prisma Cloud (launched 2019) at ~$700M ARR (up 30% YoY).</li><li>Going on the offensive across the cybersecurity stack, Wiz launched Wiz Code (September 2024) to go after Snyk in application security, Wiz Defend (December 2024) to go after CrowdStrike in threat detection and Wiz Cloud, an expanded agentless platform, to go after Palo Alto Networks in cloud-native application protection.</li></ul>

Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY.On the verge of passing CrowdStrike’s agentless scanner Falcon Horizon (launched October 2020) at $515M ARR (up 80% YoY) in August, Wiz’s sights are next set on Palo Alto Networks' Prisma Cloud (launched 2019) at ~$700M ARR (up 30% YoY).Going on the offensive across the cybersecurity stack, Wiz launched Wiz Code (September 2024) to go after Snyk in application security, Wiz Defend (December 2024) to go after CrowdStrike in threat detection and Wiz Cloud, an expanded agentless platform, to go after Palo Alto Networks in cloud-native application protection.

<ul><li>When we first covered Snyk, we estimated that they had crossed $250M in annual recurring revenue (ARR) at the end of 2023, growing 25% YoY.</li><li>Now, Sacra estimates that Snyk has crossed $300M in ARR as of October, growing 25% YoY, with tailwinds from the rise of AI code generation—like Cursor ($65M ARR) and GitHub Copilot—in the enterprise.</li><li>Snyk is increasingly an enterprise business—enterprise ARR grew 40% and represented 70% of net new ARR in Q2'24 as they acquired companies like Probely (API vulnerability scanning) and Helios (distributed app testing) to sell themselves as a complete developer security platform.</li></ul>

When we first covered Snyk, we estimated that they had crossed $250M in annual recurring revenue (ARR) at the end of 2023, growing 25% YoY.Now, Sacra estimates that Snyk has crossed $300M in ARR as of October, growing 25% YoY, with tailwinds from the rise of AI code generation—like Cursor ($65M ARR) and GitHub Copilot—in the enterprise.Snyk is increasingly an enterprise business—enterprise ARR grew 40% and represented 70% of net new ARR in Q2'24 as they acquired companies like Probely (API vulnerability scanning) and Helios (distributed app testing) to sell themselves as a complete developer security platform.

<ul><li>Snyk (2015) grew to 100K developers in 2 years with its free vulnerability scanning tool that made it easy for Node.js developers to hook up a GitHub repo and automatically scan all its open source dependencies for known vulnerabilities.</li><li>Shrinking development cycles have obsoleted the traditional security review, shifting responsibility for app security from security teams to developers themselves, giving Snyk tailwinds such that Sacra estimates ARR hit $250M in 2023, up 25% year-over-year.</li><li>Snyk is now rebundling security around the developer, taking on incumbents like Palo Alto Networks and Wiz as they expand into container security (Aqua Security), infrastructure-as-code protection (HashiCorp), and cloud security (Wiz).</li></ul>

Snyk (2015) grew to 100K developers in 2 years with its free vulnerability scanning tool that made it easy for Node.js developers to hook up a GitHub repo and automatically scan all its open source dependencies for known vulnerabilities.Shrinking development cycles have obsoleted the traditional security review, shifting responsibility for app security from security teams to developers themselves, giving Snyk tailwinds such that Sacra estimates ARR hit $250M in 2023, up 25% year-over-year.Snyk is now rebundling security around the developer, taking on incumbents like Palo Alto Networks and Wiz as they expand into container security (Aqua Security), infrastructure-as-code protection (HashiCorp), and cloud security (Wiz).

United Kingdom

Tool for developers to detect and fix code, container, and cloud vulnerabilities

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$40M/yr Vanta For Containers

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Wiz Passes $500M ARR

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Snyk At $300M ARR

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Snyk At $250M ARR

TL;DR: Sacra estimates that Snyk hit $250M annual recurring revenue (ARR) in 2023, up 25% year-over-year, as they rebundle the entire app security...

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