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 Notion hit $865M in ARR in July 2026, up from $610M at the end of 2025 (+53% YoY).</li><li>Notion is valued at $11 billion following a $270 million employee tender offer that closed January 26, 2026, with GIC joining existing investors Sequoia Capital and Index Ventures as participants.</li><li>Notion operates a freemium SaaS model designed to encourage viral adoption by individual users and convert teams to paid plans as usage scales.</li></ul>

Sacra estimates that Notion hit $865M in ARR in July 2026, up from $610M at the end of 2025 (+53% YoY).Notion is valued at $11 billion following a $270 million employee tender offer that closed January 26, 2026, with GIC joining existing investors Sequoia Capital and Index Ventures as participants.Notion operates a freemium SaaS model designed to encourage viral adoption by individual users and convert teams to paid plans as usage scales.

<ul><li>Sacra estimates that Canva hit $4B in ARR at the end of 2025, up 43% from $2.8B at the end of 2024.</li><li>In August 2025, Canva launched an employee stock sale at a $42B valuation—up more than 30% from its $32B valuation in October 2024—with participation from Fidelity Management &amp; Research and JPMorgan Asset Management.</li><li>Canva Enterprise, one year after its launch, is now used by 95% of the Fortune 500.</li></ul>

Sacra estimates that Canva hit $4B in ARR at the end of 2025, up 43% from $2.8B at the end of 2024.In August 2025, Canva launched an employee stock sale at a $42B valuation—up more than 30% from its $32B valuation in October 2024—with participation from Fidelity Management &amp; Research and JPMorgan Asset Management.Canva Enterprise, one year after its launch, is now used by 95% of the Fortune 500.

<ul><li>In October 2025, Sacra estimates that Gamma reached $102M in annual recurring revenue (ARR), up from $30.5M ARR at the end of 2024.</li><li>In November 2025, Gamma raised $68 million led by Andreessen Horowitz at a $2.1 billion valuation.</li><li>The company reports about 70 million customers with over 600,000 paying subscribers, profitability since 2023, and a lean team of 52 employees.</li></ul>

In October 2025, Sacra estimates that Gamma reached $102M in annual recurring revenue (ARR), up from $30.5M ARR at the end of 2024.In November 2025, Gamma raised $68 million led by Andreessen Horowitz at a $2.1 billion valuation.The company reports about 70 million customers with over 600,000 paying subscribers, profitability since 2023, and a lean team of 52 employees.

<ul><li>Sacra estimates that Pitch hit $10M in annual recurring revenue (ARR) in February 2025, up roughly 90% YoY from $4.9M at the end of 2023.</li><li>The company's revenue trajectory reflects its evolution from a design-focused presentation tool to a sales enablement platform.</li><li>Post-reset, Pitch achieved profitability by mid-2024 thanks to its lean operational structure centered in Berlin.</li></ul>

Sacra estimates that Pitch hit $10M in annual recurring revenue (ARR) in February 2025, up roughly 90% YoY from $4.9M at the end of 2023.The company's revenue trajectory reflects its evolution from a design-focused presentation tool to a sales enablement platform.Post-reset, Pitch achieved profitability by mid-2024 thanks to its lean operational structure centered in Berlin.

<ul><li>Sacra estimates Gamma hit $102M ARR in October 2025, up 3.3x from $30.5M at the end of 2024.</li><li>Foundation model companies OpenAI ($13B annualized revenue in July) and Anthropic ($5B annualized revenue in July) have begun to compete in slides as part of their multimodal push.</li><li>Adobe (NASDAQ: ADBE), Canva, and Figma (NYSE: FIG) would be natural acquirers of Gamma, which outperforms PowerPoint Copilot on ease of use, AI-first workflows & design.</li></ul>

Sacra estimates Gamma hit $102M ARR in October 2025, up 3.3x from $30.5M at the end of 2024.Foundation model companies OpenAI ($13B annualized revenue in July) and Anthropic ($5B annualized revenue in July) have begun to compete in slides as part of their multimodal push.Adobe (NASDAQ: ADBE), Canva, and Figma (NYSE: FIG) would be natural acquirers of Gamma, which outperforms PowerPoint Copilot on ease of use, AI-first workflows & design.

United States

Presentation tool for generating, editing, and collaborating on interactive, data-rich content

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Tome (TOME US)

Primer: Notion - 10 Aug 2026

Workspace software for notes, tasks, and databases with customizable layouts and collaboration

Sacra

Primer: Canva - 10 Jul 2026

Design software for creating presentations, videos, and marketing assets across teams and enterprises

Sacra

Primer: Gamma - 18 Mar 2026

AI-powered editor for creating interactive, web-native presentations from text or documents

Sacra

Primer: Pitch - 22 Dec 2025

Collaborative presentation software for modern teams to create, share, and manage presentations

Sacra

Gamma Vs Anthropic

TL;DR: As OpenAI and Anthropic move into slides as part of their multimodal push, Gamma has emerged as the AI-native leader in the space, making it...

Sacra

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