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 Benchling hit $210M in annual recurring revenue (ARR) in May 2024, up from $185M at the end of 2023.</li><li>Benchling&#39;s customer base expanded from 410 in 2020 to 1,200 as of May 2024.</li><li>Benchling drives this expansion through a combination of user growth within accounts (i.e., adding more seats) and upselling additional modules and capabilities.</li></ul>

Sacra estimates that Benchling hit $210M in annual recurring revenue (ARR) in May 2024, up from $185M at the end of 2023.Benchling&#39;s customer base expanded from 410 in 2020 to 1,200 as of May 2024.Benchling drives this expansion through a combination of user growth within accounts (i.e., adding more seats) and upselling additional modules and capabilities.

Strand Therapeutics / Private Capital Markets

<ul><li>Strand Therapeutics raised $153 million in a Series B round led by Kinnevik in August 2025, bringing the company's valuation to approximately $550 million.</li><li>The lead product, STX-001, is administered via direct injection into tumors and encodes mRNA instructions for producing interleukin-12 (IL-12), an immune-stimulating protein.</li><li>Phase 1 data from 22 checkpoint-refractory cancer patients reported one complete response and multiple partial responses, with no dose-limiting toxicities observed.</li></ul>

Strand Therapeutics raised $153 million in a Series B round led by Kinnevik in August 2025, bringing the company's valuation to approximately $550 million.The lead product, STX-001, is administered via direct injection into tumors and encodes mRNA instructions for producing interleukin-12 (IL-12), an immune-stimulating protein.Phase 1 data from 22 checkpoint-refractory cancer patients reported one complete response and multiple partial responses, with no dose-limiting toxicities observed.

Primer: Strand Therapeutics - 07 Dec 2025

<ul><li>As of June 2026, Lila is in talks to raise approximately $2 billion in a Series B at a pre-money valuation of roughly $8.5 billion, implying a post-money valuation of approximately $10.5 billion.</li><li>By the time of its Series A in October 2025, Lila's first AISF had already closed the loop across hundreds of thousands of AI-driven experiments.</li><li>The planned 200,000-square-foot Cambridge AISF, targeted for Q3 2026 opening, is the clearest near-term capacity lever.</li></ul>

As of June 2026, Lila is in talks to raise approximately $2 billion in a Series B at a pre-money valuation of roughly $8.5 billion, implying a post-money valuation of approximately $10.5 billion.By the time of its Series A in October 2025, Lila's first AISF had already closed the loop across hundreds of thousands of AI-driven experiments.The planned 200,000-square-foot Cambridge AISF, targeted for Q3 2026 opening, is the clearest near-term capacity lever.

<ul><li>Sacra estimates BillionToOne hit $153M in revenue in 2024, more than doubling from $72M in 2023, representing 112% year-over-year growth.</li><li>The company generates revenue primarily through its prenatal testing business, which has captured 15% market share in the US and is profitable.</li><li>BillionToOne reached a valuation of over $1 billion following a $130 million Series D financing round.</li></ul>

Sacra estimates BillionToOne hit $153M in revenue in 2024, more than doubling from $72M in 2023, representing 112% year-over-year growth.The company generates revenue primarily through its prenatal testing business, which has captured 15% market share in the US and is profitable.BillionToOne reached a valuation of over $1 billion following a $130 million Series D financing round.

<ul><li>We estimate Apeel’s 2021 revenue at $22M, up 21% from 2020.</li><li>It was last valued at $2B at an estimated 100x valuation/revenue multiple.</li><li>Apeel recently acquired spectral imaging startup ImpactVision, which lets growers see inside their produce to understand its ripening window.</li></ul>

We estimate Apeel’s 2021 revenue at $22M, up 21% from 2020.It was last valued at $2B at an estimated 100x valuation/revenue multiple.Apeel recently acquired spectral imaging startup ImpactVision, which lets growers see inside their produce to understand its ripening window.

United States

mRNA therapy developer using genetic circuits for targeted cancer and immune system activation

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Strand Therapeutics (THERAPEUTICS US)

Primer: Benchling - 12 Oct 2026

Software for biotech teams to design, document, and manage scientific experiments and samples

Sacra

Primer: Strand Therapeutics - 07 Dec 2025

mRNA therapy developer using genetic circuits for targeted cancer and immune system activation

Sacra

Primer: Lila Sciences - 04 Jun 2026

Autonomous lab system for AI-driven hypothesis generation, experiment design, and execution

Sacra

Primer: BillionToOne - 18 May 2026

Genetic testing tool for prenatal screening and cancer therapy selection via blood samples

Sacra

Primer: Apeel - 09 Mar 2026

Plant-based coating that extends shelf life of produce for retailers and suppliers

Sacra

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