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>Koah raised $5 million in a seed round in September 2025, led by Forerunner Ventures with participation from South Park Commons and Andrew Karam, co-founder of AppLovin.</li><li>Koah operates as a B2B2C advertising network using a revenue-sharing model with AI application publishers.</li><li>While Koah already operates globally, there is potential for deeper expansion in Latin America, India, Indonesia, and Nigeria, which collectively account for over 1 billion English-capable mobile users.</li></ul>

Koah raised $5 million in a seed round in September 2025, led by Forerunner Ventures with participation from South Park Commons and Andrew Karam, co-founder of AppLovin.Koah operates as a B2B2C advertising network using a revenue-sharing model with AI application publishers.While Koah already operates globally, there is potential for deeper expansion in Latin America, India, Indonesia, and Nigeria, which collectively account for over 1 billion English-capable mobile users.

<ul><li>Recall.ai reached $8M ARR in 2024, up 300% YoY.</li><li>Recall.ai launched with a universal meeting-bot API that uses cloud VMs to join video calls, captures the complete meeting data, and delivers it via a single API.</li><li>Recall.ai grew 300% YoY from $2M annual recurring revenue (ARR) in 2023 to $8M ARR in 2024, reaching $10M ARR in January.</li></ul>

Recall.ai reached $8M ARR in 2024, up 300% YoY.Recall.ai launched with a universal meeting-bot API that uses cloud VMs to join video calls, captures the complete meeting data, and delivers it via a single API.Recall.ai grew 300% YoY from $2M annual recurring revenue (ARR) in 2023 to $8M ARR in 2024, reaching $10M ARR in January.

<ul><li>Synthesia hit $100M in ARR in March 2025, up from $88M at the end of 2024.</li><li>Growth took off in 2023-2024 as Synthesia launched LLM-powered features.</li><li>With their AI video platform vertically integrating avatar creation, screen recording, script-centric editing, and one-click translation across 120+ languages, Synthesia's upside case sees it becoming a Canva-esque creative studio for AI talking head videos, making video production accessible to every corporate department—both internal and external facing—from HR to compliance to corporate comms to to sales to marketing.</li></ul>

Synthesia hit $100M in ARR in March 2025, up from $88M at the end of 2024.Growth took off in 2023-2024 as Synthesia launched LLM-powered features.With their AI video platform vertically integrating avatar creation, screen recording, script-centric editing, and one-click translation across 120+ languages, Synthesia's upside case sees it becoming a Canva-esque creative studio for AI talking head videos, making video production accessible to every corporate department—both internal and external facing—from HR to compliance to corporate comms to to sales to marketing.

<ul><li>Finding product-market fit with artists, hobbyists and small businesses to generate custom creative assets for books, posters and games, Sacra estimates that OpenArt hit $12M ARR in February 2025, up 1,100% YoY and getting from $1M to $10M ARR in 12 months with 8 employees.</li><li>As the AI image generation market became highly competitive with tools like Ideogram, Craiyon, and Playground AI all launching in 2022, OpenArt has begun expanding into video as its second visual storytelling medium, connecting open-source models for image generation and video synthesis.</li><li>Text-to-image AI models took off in 2022-3, creating the opportunity for OpenArt (2023) to launch as an image creation &amp; editing platform that lets users generate images in a variety of artistic styles via 100+ fine-tuned models and edit images with pre-baked, no-prompting workflows for sketch-to-image conversion, upscaling, face replacement, and more.</li></ul>

Finding product-market fit with artists, hobbyists and small businesses to generate custom creative assets for books, posters and games, Sacra estimates that OpenArt hit $12M ARR in February 2025, up 1,100% YoY and getting from $1M to $10M ARR in 12 months with 8 employees.As the AI image generation market became highly competitive with tools like Ideogram, Craiyon, and Playground AI all launching in 2022, OpenArt has begun expanding into video as its second visual storytelling medium, connecting open-source models for image generation and video synthesis.Text-to-image AI models took off in 2022-3, creating the opportunity for OpenArt (2023) to launch as an image creation &amp; editing platform that lets users generate images in a variety of artistic styles via 100+ fine-tuned models and edit images with pre-baked, no-prompting workflows for sketch-to-image conversion, upscaling, face replacement, and more.

<ul><li>Sacra estimates that Suno hit $45M in ARR at the end of 2024, valued at $500M as of their May Series B for a 25-33x forward revenue multiple.</li><li>Founded in 2022 to build foundation models for AI-generated audio, Suno’s first product was Bark (19,000 GitHub stars), a text-to-audio model for generating laughs, cries, and other sound effects.</li><li>Among the first movers in AI audio alongside Stable Audio by Stability AI (September 2023) and Udio (April 2024), Sacra estimates that Suno grew from sub-$1M in annual recurring revenue (ARR) to $45M ARR, valued at $500M as of their May 2024 Series B for a 25-33x forward revenue multiple.</li></ul>

Sacra estimates that Suno hit $45M in ARR at the end of 2024, valued at $500M as of their May Series B for a 25-33x forward revenue multiple.Founded in 2022 to build foundation models for AI-generated audio, Suno’s first product was Bark (19,000 GitHub stars), a text-to-audio model for generating laughs, cries, and other sound effects.Among the first movers in AI audio alongside Stable Audio by Stability AI (September 2023) and Udio (April 2024), Sacra estimates that Suno grew from sub-$1M in annual recurring revenue (ARR) to $45M ARR, valued at $500M as of their May 2024 Series B for a 25-33x forward revenue multiple.

United States

API for developers to generate personalized AI avatar videos from text or data

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Tavus (TAVUS US)

Primer: Koah - 11 Sep 2025

Advertising platform developing AI-native monetization solutions to generate revenue

Sacra

$10M/yr Plaid For Meeting Bots

TL;DR: With every sales, recruiting, customer success, and user research tool integrating with Zoom, Meet, Teams, Webex, and Slack Huddles bots,...

Sacra

$100M/yr Canva For Talking Head Videos

TL;DR: By vertically integrating avatar creation, screen recording, script-centric editing, and one-click translation, Synthesia is positioning...

Sacra

OpenArt At $12M ARR Growing 1,100% YoY

TL;DR: As text-to-image AI models took off in 2022-3, OpenArt found product-market fit and grew to a Sacra-estimated $12M ARR (up 1,100% YoY)...

Sacra

AI-native SoundCloud

TL;DR: In AI-generated music, Suno has emerged as the category leader akin to ChatGPT in text and Midjourney in images. Sacra estimates that Suno...

Sacra

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Primer: Koah - 11 Sep 2025

Advertising platform developing AI-native monetization solutions to generate revenue

Sacra

$10M/yr Plaid For Meeting Bots

TL;DR: With every sales, recruiting, customer success, and user research tool integrating with Zoom, Meet, Teams, Webex, and Slack Huddles bots,...

Sacra

$100M/yr Canva For Talking Head Videos

TL;DR: By vertically integrating avatar creation, screen recording, script-centric editing, and one-click translation, Synthesia is positioning...

Sacra

OpenArt At $12M ARR Growing 1,100% YoY

TL;DR: As text-to-image AI models took off in 2022-3, OpenArt found product-market fit and grew to a Sacra-estimated $12M ARR (up 1,100% YoY)...

Sacra

AI-native SoundCloud

TL;DR: In AI-generated music, Suno has emerged as the category leader akin to ChatGPT in text and Midjourney in images. Sacra estimates that Suno...

Sacra

TL;DR: With every sales, recruiting, customer success, and user research tool integrating with Zoom, Meet, Teams, Webex, and Slack Huddles bots,...