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>Keycard raised $38 million across two funding rounds, with the most recent being a $30 million Series A in October 2025 led by Acrew Capital.</li><li>Keycard is a cloud-native identity and access management platform for AI agents rather than human users.</li><li>The AI agent market is early with uncertain adoption timelines for autonomous agents in enterprise environments.</li></ul>

Keycard raised $38 million across two funding rounds, with the most recent being a $30 million Series A in October 2025 led by Acrew Capital.Keycard is a cloud-native identity and access management platform for AI agents rather than human users.The AI agent market is early with uncertain adoption timelines for autonomous agents in enterprise environments.

<ul><li>Sacra estimates that 1Password hit $400M annual recurring revenue (ARR) in October 2025, up from $331M in 2024.</li><li>More than 75% of revenue now comes from businesses, with 180,000 business customers and gross retention above 90%, and the company remains free cash‑flow positive.</li><li>In October 2025, 1Password’s founders completed a $100M secondary, including a $75M stake purchased by the Halo Fund founded by Ryan Smith and Ryan Sweeney.</li></ul>

Sacra estimates that 1Password hit $400M annual recurring revenue (ARR) in October 2025, up from $331M in 2024.More than 75% of revenue now comes from businesses, with 180,000 business customers and gross retention above 90%, and the company remains free cash‑flow positive.In October 2025, 1Password’s founders completed a $100M secondary, including a $75M stake purchased by the Halo Fund founded by Ryan Smith and Ryan Sweeney.

<ul><li>Rising bot-driven fraud—powered by password breaches &amp; password reuse—leading to account takeovers, fake &amp; spam signups, and promo &amp; referral abuse, made passwordless a necessary feature of identity platforms like Stytch ($30M Series A, Thrive Capital), Clerk ($15M Series A, Madrona) and WorkOS ($15M Series A, Lachy Groom), but it didn’t lead to widespread rip-and-replace of authentication systems.</li><li>MCP connectors and AI agents are emerging as the next big inflection point in authentication, as they force every app developer to add an OAuth2-compliant identity server with role based access control for governing what agents can read + write—so they can integrate into and be positioned to ride the wave of AI adoption.</li><li>And while this shift to passwordless and fraud prevention was the catalyst for launching Stytch and a huge influx of VC funding across the industry at the time, it’s going to pale in comparison to agent identity.</li></ul>

Rising bot-driven fraud—powered by password breaches &amp; password reuse—leading to account takeovers, fake &amp; spam signups, and promo &amp; referral abuse, made passwordless a necessary feature of identity platforms like Stytch ($30M Series A, Thrive Capital), Clerk ($15M Series A, Madrona) and WorkOS ($15M Series A, Lachy Groom), but it didn’t lead to widespread rip-and-replace of authentication systems.MCP connectors and AI agents are emerging as the next big inflection point in authentication, as they force every app developer to add an OAuth2-compliant identity server with role based access control for governing what agents can read + write—so they can integrate into and be positioned to ride the wave of AI adoption.And while this shift to passwordless and fraud prevention was the catalyst for launching Stytch and a huge influx of VC funding across the industry at the time, it’s going to pale in comparison to agent identity.

Reed McGinley-Stempel, CEO Of Stytch, On Authentication For AI Agents

<ul><li>Clerk raised a $30 million Series B in January 2024 led by CRV with strategic participation from Stripe.</li><li>Clerk provides React components that developers can drop into web and mobile applications to handle user authentication and management.</li><li>Clerk's expansion into authorization and billing represents a significant TAM expansion beyond pure authentication.</li></ul>

Clerk raised a $30 million Series B in January 2024 led by CRV with strategic participation from Stripe.Clerk provides React components that developers can drop into web and mobile applications to handle user authentication and management.Clerk's expansion into authorization and billing represents a significant TAM expansion beyond pure authentication.

<ul><li>1Password hit $265M annual recurring revenue (ARR) in 2023, up 33% year-over-year, as they integrate into enterprise workflows around access management and device security.</li><li>Sacra estimates that 1Password hit $265M ARR at the end of 2023, still growing at 30%+ year-over-year as they've expanded from individuals to families to SMBs to the enterprise.</li><li>In the enterprise, 1Password now competes with Rippling ($350M ARR), which bundles authentication into device management, and Okta, which launched the free Okta Personal into their extended IAM platform.</li></ul>

1Password hit $265M annual recurring revenue (ARR) in 2023, up 33% year-over-year, as they integrate into enterprise workflows around access management and device security.Sacra estimates that 1Password hit $265M ARR at the end of 2023, still growing at 30%+ year-over-year as they've expanded from individuals to families to SMBs to the enterprise.In the enterprise, 1Password now competes with Rippling ($350M ARR), which bundles authentication into device management, and Okta, which launched the free Okta Personal into their extended IAM platform.

United States

API and SDK suite for passwordless authentication and identity management in web apps

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Stytch (STYTCH US)

Primer: Keycard - 22 Oct 2025

Identity and access management platform enabling secure, trusted AI agent operations across systems and organizations

Sacra

Primer: 1Password - 10 Oct 2025

Password manager for individuals and teams to store, share, and autofill sensitive credentials

Sacra

Primer: Clerk - 24 Sep 2025

Authentication and user management platform providing React components for sign-up, sign-in, and profile management

Sacra

1Password At $265M ARR

TL;DR: Sacra estimates that 1Password hit $265M annual recurring revenue (ARR) in 2023, up 33% year-over-year, as they integrate into enterprise...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Keycard - 22 Oct 2025

Identity and access management platform enabling secure, trusted AI agent operations across systems and organizations

Sacra

Primer: 1Password - 10 Oct 2025

Password manager for individuals and teams to store, share, and autofill sensitive credentials

Sacra

Reed McGinley-Stempel, CEO Of Stytch, On Authentication For AI Agents

What is Stytch in short and what inspired you to build it from your time at Plaid...

Sacra

Primer: Clerk - 24 Sep 2025

Authentication and user management platform providing React components for sign-up, sign-in, and profile management

Sacra

1Password At $265M ARR

TL;DR: Sacra estimates that 1Password hit $265M annual recurring revenue (ARR) in 2023, up 33% year-over-year, as they integrate into enterprise...

Sacra