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>Vanta is positioned to ride a second compliance wave that turns AI governance into table stakes for every enterprise procurement RFP.</li><li>Sacra estimates Vanta hit $300M ARR in April 2026, up ~69% YoY.</li><li>The March 2026 Delve scandal is creating a tailwind for established &amp; trusted players like Vanta.</li></ul>

Vanta is positioned to ride a second compliance wave that turns AI governance into table stakes for every enterprise procurement RFP.Sacra estimates Vanta hit $300M ARR in April 2026, up ~69% YoY.The March 2026 Delve scandal is creating a tailwind for established &amp; trusted players like Vanta.

<ul><li>Sacra estimates that Vanta hit $300M in annual recurring revenue (ARR) in April 2026, up 69% year-over-year and up from $250M at the end of 2025.</li><li>Vanta was valued at $4.15B following its $150M Series D round led by Wellington Management in July 2025.</li><li>Vanta found product-market fit as a compliance automation platform for startup engineering teams, particularly those needing SOC 2 certification to sell to enterprise customers.</li></ul>

Sacra estimates that Vanta hit $300M in annual recurring revenue (ARR) in April 2026, up 69% year-over-year and up from $250M at the end of 2025.Vanta was valued at $4.15B following its $150M Series D round led by Wellington Management in July 2025.Vanta found product-market fit as a compliance automation platform for startup engineering teams, particularly those needing SOC 2 certification to sell to enterprise customers.

<ul><li>Vanta hit $220M ARR in July 2025, up from $152M in 2024.</li><li>Vanta grew to $220M in annual recurring revenue (ARR) in July 2025, up from $152M in 2024, and valued at $4.15B valuation as of their $150M Series D in July 2025 for a 18.9x multiple.</li><li>Beyond their core business of SOC 2 compliance, Vanta is expanding into new use cases &amp; geographies by layering on new certifications like ISO 42001 (AI model compliance), ISO 27001 (EU &amp; Asia), and HIPAA (healthcare), with 25% of revenue now coming from outside the US and average revenue per customer (ARPC) growing from $5K in 2021 to $18.3K as of 2025.</li></ul>

Vanta hit $220M ARR in July 2025, up from $152M in 2024.Vanta grew to $220M in annual recurring revenue (ARR) in July 2025, up from $152M in 2024, and valued at $4.15B valuation as of their $150M Series D in July 2025 for a 18.9x multiple.Beyond their core business of SOC 2 compliance, Vanta is expanding into new use cases &amp; geographies by layering on new certifications like ISO 42001 (AI model compliance), ISO 27001 (EU &amp; Asia), and HIPAA (healthcare), with 25% of revenue now coming from outside the US and average revenue per customer (ARPC) growing from $5K in 2021 to $18.3K as of 2025.

<ul><li>Sacra estimates Drata hit $98M in annual recurring revenue (ARR) in January 2025, up from $95M in 2024 which was 61% YoY from $59M in 2023.</li><li>The company reached a $2B valuation in December 2022 with its $200M Series C round for a 66x forward revenue multiple on $30M in 2022 ARR.</li><li>Drata has tailwinds from the increasing regulatory complexity around data security and privacy, plus growing enterprise demands for vendor security assurance.</li></ul>

Sacra estimates Drata hit $98M in annual recurring revenue (ARR) in January 2025, up from $95M in 2024 which was 61% YoY from $59M in 2023.The company reached a $2B valuation in December 2022 with its $200M Series C round for a 66x forward revenue multiple on $30M in 2022 ARR.Drata has tailwinds from the increasing regulatory complexity around data security and privacy, plus growing enterprise demands for vendor security assurance.

<ul><li>Within a year of launch, they had moved from completely founder-led sales to almost none, demonstrating strong market validation.</li><li>The platform integrates with customers' SaaS tools and cloud providers to automate evidence collection and monitoring, reducing audit completion time from over a year to just weeks.</li><li>Thoropass has tailwinds from the increasing enterprise demand for compliance automation and has the opportunity to grow and expand into adjacent markets beyond its current compliance focus.</li></ul>

Within a year of launch, they had moved from completely founder-led sales to almost none, demonstrating strong market validation.The platform integrates with customers' SaaS tools and cloud providers to automate evidence collection and monitoring, reducing audit completion time from over a year to just weeks.Thoropass has tailwinds from the increasing enterprise demand for compliance automation and has the opportunity to grow and expand into adjacent markets beyond its current compliance focus.

United States

Software for automating security audits and compliance certifications like SOC 2 and ISO 27001

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Vanta (VANTA US)

$300M/year SOC 2 For AI

TL;DR: As ISO 42001 becomes the "SOC 2 for AI companies" under the EU AI Act fully taking force in August 2026, with Microsoft, Anthropic, BCG, and...

Sacra

Primer: Vanta - 29 Apr 2026

Software for automating security audits and compliance certifications like SOC 2 and ISO 27001

Sacra

Vanta At $220M/year

TL;DR: Going from SOC 2 compliance to cybersecurity, Vanta is layering on continuous vendor monitoring, on-demand pen-testing, and new AI...

Sacra

Primer: Drata - 15 Aug 2025

Tool for automating security compliance monitoring and audit evidence collection

Sacra

Primer: Thoropass - 19 Feb 2025

Software for automating security compliance, audits, and penetration testing across multiple standards

Sacra

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