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>LayerX closed a $100 million Series B round in September 2025, led by TCV.</li><li>LayerX operates a B2B SaaS model with tiered subscription pricing based on feature access and usage volume.</li><li>LayerX is expanding its customer base from small and medium-sized businesses (SMBs) and mid-market clients to larger enterprises, with customer count increasing by 50%, from 10,000 to 15,000 companies, in just over a year.</li></ul>

LayerX closed a $100 million Series B round in September 2025, led by TCV.LayerX operates a B2B SaaS model with tiered subscription pricing based on feature access and usage volume.LayerX is expanding its customer base from small and medium-sized businesses (SMBs) and mid-market clients to larger enterprises, with customer count increasing by 50%, from 10,000 to 15,000 companies, in just over a year.

<ul><li>Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY.</li><li>Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025).</li><li>Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip.</li></ul>

Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY.Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025).Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip.

<ul><li>Alaan raised $48 million in a Series A round in August 2025, led by Peak XV Partners.</li><li>Alaan's immediate focus is on completing GCC coverage by entering Qatar, Bahrain, and Oman.</li><li>Interchange compression: GCC interchange rates, currently at 170-190 basis points, remain higher than those in developed markets.</li></ul>

Alaan raised $48 million in a Series A round in August 2025, led by Peak XV Partners.Alaan's immediate focus is on completing GCC coverage by entering Qatar, Bahrain, and Oman.Interchange compression: GCC interchange rates, currently at 170-190 basis points, remain higher than those in developed markets.

<ul><li>Sacra estimates that Kapital hit $184M in annualized revenue at the end of 2024, up 156% year-over-year from $72M in 2023.</li><li>Flex is Kapital’s “star product”, propelling total payment volume to $8.4B in 2024, up 298% from $2.1B in 2023.</li><li>The lack of LatAm competition in SMB fintech SaaS and digital native banks has enabled Kapital’s all-in-one expansion from the bank account.</li></ul>

Sacra estimates that Kapital hit $184M in annualized revenue at the end of 2024, up 156% year-over-year from $72M in 2023.Flex is Kapital’s “star product”, propelling total payment volume to $8.4B in 2024, up 298% from $2.1B in 2023.The lack of LatAm competition in SMB fintech SaaS and digital native banks has enabled Kapital’s all-in-one expansion from the bank account.

<ul><li>Self-serve SaaS pushed “little P” procurement out to employees on the edge who purchased the tools they wanted to use without consulting finance & procurement, threatening the company with compliance & security risk and committing the company to price, terms & renewal.</li><li>The “little P” procurement stack of integrating & overlapping tools has emerged with Zip ($333M raised, Tiger Global) for intake-to-procure, Ramp ($648M revenue in 2024) & Brex ($319M revenue in 2023) for expense management, Ironclad ($333M raised, Accel) & Icertis ($497M raised, Greycroft) for contract lifecycle management (CLM) and AI-native upstarts like BRM ($21.6M raised, Caffeinated Capital) for vendor management.</li><li>With AI and agents, we now have an opportunity to actually serve and open up that entire market, and we're starting to do that.</li></ul>

Self-serve SaaS pushed “little P” procurement out to employees on the edge who purchased the tools they wanted to use without consulting finance & procurement, threatening the company with compliance & security risk and committing the company to price, terms & renewal.The “little P” procurement stack of integrating & overlapping tools has emerged with Zip ($333M raised, Tiger Global) for intake-to-procure, Ramp ($648M revenue in 2024) & Brex ($319M revenue in 2023) for expense management, Ironclad ($333M raised, Accel) & Icertis ($497M raised, Greycroft) for contract lifecycle management (CLM) and AI-native upstarts like BRM ($21.6M raised, Caffeinated Capital) for vendor management.With AI and agents, we now have an opportunity to actually serve and open up that entire market, and we're starting to do that.

James McGillicuddy, CEO Of BRM, On The Problem With “Little P” Procurement

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Software for managing employee purchasing requests, approvals, payments, and reconciliation at scale

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Primer: LayerX - 02 Sep 2025

AI SaaS platform automating enterprise back-office workflows including expense management, invoice processing, and corporate card operations

Sacra

Ramp At $1B/year

TL;DR: Growing 100%+ YoY every year from $50M through hundreds of millions in revenue scale, Sacra estimates Ramp reached $1B in annualized revenue...

Sacra

Primer: Alaan - 15 Aug 2025

Expense management software with smart corporate cards for Middle Eastern finance teams

Sacra

Kapital At $184M/yr Growing 156% YoY

TL;DR: Over the past year, Kapital has layered lending, stablecoins, and treasury tools on top of its core banking platform to meet the cash flow...

Sacra

James McGillicuddy, CEO Of BRM, On The Problem With “Little P” Procurement

To start, why procurement and why now? It seems like there's a lot of new solutions out there with traction. We'd like to understand why that's...

Sacra

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