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 Mercury hit $650M in annualized revenue in September 2025, up from $500M in 2024.</li><li>Mercury was valued at $5.2B following its $200M Series D round led by TCV in May 2026, up from $3.5B at its Series C in March 2025.</li><li>The company has been GAAP profitable for three consecutive years and achieved ten consecutive quarters of profitability on both EBITDA and GAAP net income by March 2025.</li></ul>

Sacra estimates that Mercury hit $650M in annualized revenue in September 2025, up from $500M in 2024.Mercury was valued at $5.2B following its $200M Series D round led by TCV in May 2026, up from $3.5B at its Series C in March 2025.The company has been GAAP profitable for three consecutive years and achieved ten consecutive quarters of profitability on both EBITDA and GAAP net income by March 2025.

<ul><li>Sacra estimates that Databricks hit $7B in annualized revenue in July 2026, up from $6.9B in June 2026 and $5.4B in January 2026.</li><li>On August 13, 2026, Databricks closed a $5B strategic funding round at a $190B valuation, led by existing investors Coatue, Blackstone, MGX, and accounts advised by T. Rowe Price, alongside new investor Sixth Street Growth.</li><li>Databricks is expanding beyond analytical workloads into operational database markets through Lakebase and the acquisition of Neon, a serverless Postgres platform.</li></ul>

Sacra estimates that Databricks hit $7B in annualized revenue in July 2026, up from $6.9B in June 2026 and $5.4B in January 2026.On August 13, 2026, Databricks closed a $5B strategic funding round at a $190B valuation, led by existing investors Coatue, Blackstone, MGX, and accounts advised by T. Rowe Price, alongside new investor Sixth Street Growth.Databricks is expanding beyond analytical workloads into operational database markets through Lakebase and the acquisition of Neon, a serverless Postgres platform.

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Thematic (Sector/Industry)

<ul><li>Venture Capital Funding and Deployment has continued to soar, despite declining investor sentiment and market conditions.</li><li>VCs had a record-breaking year in 2021 and are set to do even better in 2022, creating a dozen or more Unicorns (billion-dollar startups) each month.</li><li>As investor appetite for private market companies continues to grow, companies like private market exchange Forge Global, which recently went public through a SPAC, will likely benefit from the boom.</li></ul>

Venture Capital Funding and Deployment has continued to soar, despite declining investor sentiment and market conditions.VCs had a record-breaking year in 2021 and are set to do even better in 2022, creating a dozen or more Unicorns (billion-dollar startups) each month.As investor appetite for private market companies continues to grow, companies like private market exchange Forge Global, which recently went public through a SPAC, will likely benefit from the boom.

<ul><li>Sacra estimates that Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.</li><li>The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.</li><li>Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.</li></ul>

Sacra estimates that Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.

<ul><li>Sacra estimates Mirakl hit $218M in annual recurring revenue (ARR) in 2025, up 23% year-over-year from $177M in 2024, reaccelerating from 15% growth the prior year and marking the company&#39;s first full year of group-wide profitability.</li><li>Gross merchandise value (GMV) processed through Mirakl-powered marketplaces reached $14.6–15B in 2025, up 31% year-over-year from $11.2B in 2024, roughly four times faster than overall e-commerce growth.</li><li>Mirakl reached a valuation of $3.5 billion in September 2021 following a $555 million Series E funding round led by Silver Lake.</li></ul>

Sacra estimates Mirakl hit $218M in annual recurring revenue (ARR) in 2025, up 23% year-over-year from $177M in 2024, reaccelerating from 15% growth the prior year and marking the company&#39;s first full year of group-wide profitability.Gross merchandise value (GMV) processed through Mirakl-powered marketplaces reached $14.6–15B in 2025, up 31% year-over-year from $11.2B in 2024, roughly four times faster than overall e-commerce growth.Mirakl reached a valuation of $3.5 billion in September 2021 following a $555 million Series E funding round led by Silver Lake.

United States

Stripe, Inc. provides payment software services and solutions. The Company designs and produces software to process online credit and debit card payments. Stripe serves customers worldwide.

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Stripe (0170016D US)

Primer: Mercury - 25 Aug 2026

Banking software for startups offering checking accounts, cards, treasury, and venture debt

Sacra

Primer: Databricks - 17 Aug 2026

Data lakehouse software for managing, querying, and analyzing enterprise-scale AI and data workloads

Sacra

Forging a Path Ahead

VCs had a record-breaking year in 2021 and are set to do even better in 2022, creating a dozen or more Unicorns (billion-dollar startups) each month.

subSPAC

Primer: Gusto - 16 Jul 2026

Payroll software for SMBs to manage employee and contractor payments, taxes, and benefits

Sacra

Primer: Mirakl - 15 Jul 2026

Software for retailers to launch and monetize third-party online marketplaces

Sacra

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