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 Spellbook more than tripled ARR in 2025, slightly surpassing the company projection of 200% growth in the year.</li><li>Management said in March 2026 that Spellbook was on track to reach $100M in ARR during 2026.</li><li>Spellbook&#39;s most recent equity round was a $50M Series B closed in October 2025, led by Khosla Ventures with participation from Keith Rabois, valuing the company at $350M post-money.</li></ul>

Sacra estimates that Spellbook more than tripled ARR in 2025, slightly surpassing the company projection of 200% growth in the year.Management said in March 2026 that Spellbook was on track to reach $100M in ARR during 2026.Spellbook&#39;s most recent equity round was a $50M Series B closed in October 2025, led by Khosla Ventures with participation from Keith Rabois, valuing the company at $350M post-money.

<ul><li>Contracts have emerged as the breakout use case for LLMs in legal because, unlike litigation where every case demands creative, subjective reasoning, contracts are valued for being as standardized and unoriginal as possible, with in-house legal teams aligned with speed & efficiency in contract turnaround & revenue acceleration adopting legal AI 3x faster than law firms.</li><li>The legal AI market is splitting along two axes: broad-based, chat-shaped legal AI platforms like Harvey ($190M ARR, $1B raised, Sequoia) and Legora ($800M raised, Redpoint Ventures) which tend to sell top-down into large law firms & the 20 million lawyers who work at them, versus specific, workflow-embedded tools like Spellbook that go bottom-up through individual lawyers as an AI plugin for Microsoft Word, with the upside of expanding into procurement, sales, and the broader market of everyone who touches contracts.</li><li>We have about 4,000 customers. About 60% of our revenue today comes from corporate in-house, from large enterprise teams with significant contract flows running through Spellbook.</li></ul>

Contracts have emerged as the breakout use case for LLMs in legal because, unlike litigation where every case demands creative, subjective reasoning, contracts are valued for being as standardized and unoriginal as possible, with in-house legal teams aligned with speed & efficiency in contract turnaround & revenue acceleration adopting legal AI 3x faster than law firms.The legal AI market is splitting along two axes: broad-based, chat-shaped legal AI platforms like Harvey ($190M ARR, $1B raised, Sequoia) and Legora ($800M raised, Redpoint Ventures) which tend to sell top-down into large law firms & the 20 million lawyers who work at them, versus specific, workflow-embedded tools like Spellbook that go bottom-up through individual lawyers as an AI plugin for Microsoft Word, with the upside of expanding into procurement, sales, and the broader market of everyone who touches contracts.We have about 4,000 customers. About 60% of our revenue today comes from corporate in-house, from large enterprise teams with significant contract flows running through Spellbook.

Scott Stevenson, CEO Of Spellbook, On Building Cursor For Contracts

<ul><li>Sacra estimates that Legora surpassed $200M in annual recurring revenue (ARR) in September 2026, doubling from $100M in less than six months after taking 18 months to grow from $1M to $100M.</li><li>In April 2026, Legora extended its Series D with an additional $50 million, bringing the total round to $600 million at a $5.6 billion post-money valuation.</li><li>In-house legal teams accounted for more than 40% of Legora&#39;s new business in Q3 2026 to date, according to the company, with customers including Air Canada, Salesforce, and Palo Alto Networks.</li></ul>

Sacra estimates that Legora surpassed $200M in annual recurring revenue (ARR) in September 2026, doubling from $100M in less than six months after taking 18 months to grow from $1M to $100M.In April 2026, Legora extended its Series D with an additional $50 million, bringing the total round to $600 million at a $5.6 billion post-money valuation.In-house legal teams accounted for more than 40% of Legora&#39;s new business in Q3 2026 to date, according to the company, with customers including Air Canada, Salesforce, and Palo Alto Networks.

<ul><li>Sacra estimates that Luminance hit $60 million in annual recurring revenue (ARR) at the end of 2025, growing 100% YoY from approximately $30 million at year-end 2024.</li><li>Luminance raised $75 million in a Series C funding round in February 2025 led by Point72 Private Investments, with participation from Forestay Capital, RPS Ventures, Schroders Capital, and existing investors March Capital and National Grid Partners.</li><li>Growth has been consistently strong: 2022-2023 saw roughly 118% YoY growth, followed by 150% YoY growth in 2024.</li></ul>

Sacra estimates that Luminance hit $60 million in annual recurring revenue (ARR) at the end of 2025, growing 100% YoY from approximately $30 million at year-end 2024.Luminance raised $75 million in a Series C funding round in February 2025 led by Point72 Private Investments, with participation from Forestay Capital, RPS Ventures, Schroders Capital, and existing investors March Capital and National Grid Partners.Growth has been consistently strong: 2022-2023 saw roughly 118% YoY growth, followed by 150% YoY growth in 2024.

<ul><li>Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.</li><li>With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).</li><li>Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.</li></ul>

Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.

United States

AI-powered tool for lawyers to draft and review contracts efficiently

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Spellbook (SPELLBOOK US)

Primer: Spellbook - 23 Sep 2026

AI contract drafting, review, and lifecycle automation software for law firms and in-house legal teams

Sacra

Scott Stevenson, CEO Of Spellbook, On Building Cursor For Contracts

Can you explain what Spellbook is, what the initial product-market fit was, and who was using it...

Sacra

Primer: Legora - 22 Sep 2026

AI-powered tool for legal teams to review, research, and draft documents faster

Sacra

Primer: Luminance - 31 Jul 2026

AI-powered platform for legal professionals to review, analyze, and manage documents efficiently

Sacra

Harvey At $195M ARR

TL;DR: Now at a Sacra-estimated $195M annual recurring revenue (ARR) as of the end of 2025, Harvey is expanding aggressively into Europe to expand...

Sacra

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