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 AppsFlyer hit $500M in ARR in January 2026, up from about $450M in 2024 and about $400M in December 2023.</li><li>AppsFlyer serves more than 15,000 brands globally, with monetization tied to marketers’ need to measure user acquisition, retention, and campaign performance across app stores, ad networks, and owned channels.</li><li>AppsFlyer operates a B2B SaaS model with pricing primarily based on usage, measured through app installs and tracked events.</li></ul>

Sacra estimates that AppsFlyer hit $500M in ARR in January 2026, up from about $450M in 2024 and about $400M in December 2023.AppsFlyer serves more than 15,000 brands globally, with monetization tied to marketers’ need to measure user acquisition, retention, and campaign performance across app stores, ad networks, and owned channels.AppsFlyer operates a B2B SaaS model with pricing primarily based on usage, measured through app installs and tracked events.

<ul><li>After a 2023-2024 pilot period where enterprises experimented with AI tools under relaxed security policies to avoid falling behind on AI transformation, IT departments are now reasserting control and demanding compliance—creating a compressed window where AI startups must retrofit SSO, audit logging, and directory sync or risk mass churn as renewal cycles hit.</li><li>As AI has collapsed the timeline to going upmarket into the enterprise from 6-7 years to 6-12 months, startups can no longer sequence enterprise features one at a time—SSO first, then audit logging, then fraud detection—throwing tailwinds behind ‘enterprise readiness’ bundles like WorkOS.</li><li>SSO has become ubiquitous across AI startups like Cursor & Perplexity—downmarket from enterprise B2B SaaS—to protect against LLM inference hijacking, which exploits self-serve models that give away output tokens for free, using device fingerprinting and anomalous behavior detection at login rather than just rate limiting at the API layer.</li></ul>

After a 2023-2024 pilot period where enterprises experimented with AI tools under relaxed security policies to avoid falling behind on AI transformation, IT departments are now reasserting control and demanding compliance—creating a compressed window where AI startups must retrofit SSO, audit logging, and directory sync or risk mass churn as renewal cycles hit.As AI has collapsed the timeline to going upmarket into the enterprise from 6-7 years to 6-12 months, startups can no longer sequence enterprise features one at a time—SSO first, then audit logging, then fraud detection—throwing tailwinds behind ‘enterprise readiness’ bundles like WorkOS.SSO has become ubiquitous across AI startups like Cursor & Perplexity—downmarket from enterprise B2B SaaS—to protect against LLM inference hijacking, which exploits self-serve models that give away output tokens for free, using device fingerprinting and anomalous behavior detection at login rather than just rate limiting at the API layer.

Michael Grinich, CEO Of WorkOS, On AI Startups Getting enterprise-ready At Launch

<ul><li>Sacra estimates that Statsig reached $40 million in annual recurring revenue (ARR) in May 2025.</li><li>As of September 2, 2025, OpenAI announced its agreement to acquire Statsig for $1.1 billion in an all-stock deal, marking one of the largest acquisitions in OpenAI’s history.</li><li>Statsig operates a B2B SaaS model with usage-based pricing that adjusts with customer growth and platform adoption.</li></ul>

Sacra estimates that Statsig reached $40 million in annual recurring revenue (ARR) in May 2025.As of September 2, 2025, OpenAI announced its agreement to acquire Statsig for $1.1 billion in an all-stock deal, marking one of the largest acquisitions in OpenAI’s history.Statsig operates a B2B SaaS model with usage-based pricing that adjusts with customer growth and platform adoption.

<ul><li>Julius AI raised $10 million in a Seed round led by Bessemer Venture Partners in July 2025.</li><li>The seed capital is earmarked for go-to-market expansion in Europe and Asia, along with enterprise-grade product development.</li><li>Julius operates as a B2B2C SaaS platform with a freemium model that converts users from free accounts to paid subscriptions.</li></ul>

Julius AI raised $10 million in a Seed round led by Bessemer Venture Partners in July 2025.The seed capital is earmarked for go-to-market expansion in Europe and Asia, along with enterprise-grade product development.Julius operates as a B2B2C SaaS platform with a freemium model that converts users from free accounts to paid subscriptions.

<ul><li>ThoughtSpot raised $100 million in a Series F round in November 2021 at a $4.2 billion valuation.</li><li>The company shifted to this credit-based system in 2024, where customers purchase credits that are consumed when queries are executed, data is processed, or AI features are used.</li><li>ThoughtSpot&#39;s Agentic Analytics Platform extends beyond descriptive analytics into decision automation, allowing users to trigger actions based on analytical insights.</li></ul>

ThoughtSpot raised $100 million in a Series F round in November 2021 at a $4.2 billion valuation.The company shifted to this credit-based system in 2024, where customers purchase credits that are consumed when queries are executed, data is processed, or AI features are used.ThoughtSpot&#39;s Agentic Analytics Platform extends beyond descriptive analytics into decision automation, allowing users to trigger actions based on analytical insights.

United States

Tool for product teams to run experiments and analyze feature impact with data

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Statsig (STATSIG US)

Primer: AppsFlyer - 09 Jul 2026

Analytics tool for tracking mobile app installs, user behavior, and marketing attribution

Sacra

Michael Grinich, CEO Of WorkOS, On AI Startups Getting enterprise-ready At Launch

What is WorkOS in short and what inspired you to build it based on your experience co-founding Nylas...

Sacra

Primer: Statsig - 02 Sep 2025

Tool for product teams to run experiments and analyze feature impact with data

Sacra

Primer: Julius - 29 Jul 2025

AI data analyst enabling users to analyze datasets, create visualizations, and perform predictive modeling

Sacra

Primer: ThoughtSpot - 24 Jul 2025

Analytics software with search-based interface for business users to query and explore data

Sacra

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