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>Supabase hit $70M in annually recurring revenue (ARR) in August 2025, up from $30M at the end of 2024 and up 250% year-over-year.</li><li>During the vibe coding boom of 2024-5, Supabase became the default backend integration for both Bolt.new and Lovable, with Sacra estimating that Supabase hit $70M annual recurring revenue (ARR) in September 2025, up from $30M at the end of 2024 and up 250% year-over-year, with user growth up 700%+ YoY and with the company now in talks to raise at a $5B+ valuation for a 71x revenue multiple.</li><li>As vibe coding platforms face pressure to improve their gross margins, they are launching their own platform-native databases, authentication, storage, payments, and more, threatening to disintermediate Supabase and change the dynamic from cooperation to coopetition.</li></ul>

Supabase hit $70M in annually recurring revenue (ARR) in August 2025, up from $30M at the end of 2024 and up 250% year-over-year.During the vibe coding boom of 2024-5, Supabase became the default backend integration for both Bolt.new and Lovable, with Sacra estimating that Supabase hit $70M annual recurring revenue (ARR) in September 2025, up from $30M at the end of 2024 and up 250% year-over-year, with user growth up 700%+ YoY and with the company now in talks to raise at a $5B+ valuation for a 71x revenue multiple.As vibe coding platforms face pressure to improve their gross margins, they are launching their own platform-native databases, authentication, storage, payments, and more, threatening to disintermediate Supabase and change the dynamic from cooperation to coopetition.

<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>AI-powered development platforms like Replit are evolving from "toy" environments into full development operating systems that enable non-technical founders to build MVPs at 10-12x cost savings.</li><li>Structural costs from inference and infrastructure create an "AI tax" that keeps gross margins low (23% for Replit, 35% for Lovable), but platforms can expand margins through usage-aligned pricing, bundled workflows, and enterprise up-tiers.</li><li>Replit's growth came primarily through product-led acquisition where shared projects served as zero-CAC distribution, while retention hinges on two key metrics—successful deployments and repeat creation—with enterprise features representing the next frontier for profitability.</li></ul>

AI-powered development platforms like Replit are evolving from "toy" environments into full development operating systems that enable non-technical founders to build MVPs at 10-12x cost savings.Structural costs from inference and infrastructure create an "AI tax" that keeps gross margins low (23% for Replit, 35% for Lovable), but platforms can expand margins through usage-aligned pricing, bundled workflows, and enterprise up-tiers.Replit's growth came primarily through product-led acquisition where shared projects served as zero-CAC distribution, while retention hinges on two key metrics—successful deployments and repeat creation—with enterprise features representing the next frontier for profitability.

Finance & Ops At Replit On AI-powered Development Platforms And The Future Of Coding

<ul><li>Replit's user base evolved from education-focused to non-technical creators as platform capabilities expanded, with AI agents being the key inflection point.</li><li>Deep infrastructure integration—hosting, databases, deployment options, and domain purchasing—creates stickiness by making it easier to go from idea to production while keeping users within the Replit ecosystem.</li><li>Replit differentiates from competitors like Bolt through technical depth while balancing consumer and enterprise growth paths, with future success depending on both model advancement and brand positioning.</li></ul>

Replit's user base evolved from education-focused to non-technical creators as platform capabilities expanded, with AI agents being the key inflection point.Deep infrastructure integration—hosting, databases, deployment options, and domain purchasing—creates stickiness by making it easier to go from idea to production while keeping users within the Replit ecosystem.Replit differentiates from competitors like Bolt through technical depth while balancing consumer and enterprise growth paths, with future success depending on both model advancement and brand positioning.

Product & Engineering At Replit On Its Evolving User Segments And Retention Strategies

United States

Hosting and deployment software for frontend teams building with Next.js and React

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vercel (VERCEL US)

Supabase At $70M ARR Growing 250% YoY

TL;DR: Founded in 2020 as an open source alternative to Firebase, Supabase started out as part of the database-as-a-service & backend-as-a-service...

Sacra

Primer: Clerk - 24 Sep 2025

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

Sacra

Finance & Ops At Replit On AI-powered Development Platforms And The Future Of Coding

To start broadly, what's the biggest misconception you think people have about Replit or the in-browser coding agent development space more...

Sacra

Product & Engineering At Replit On Its Evolving User Segments And Retention Strategies

How did you break down Replit's user base? Who were the main customer segments, and how did those evolve over time...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Supabase At $70M ARR Growing 250% YoY

TL;DR: Founded in 2020 as an open source alternative to Firebase, Supabase started out as part of the database-as-a-service & backend-as-a-service...

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

Finance & Ops At Replit On AI-powered Development Platforms And The Future Of Coding

To start broadly, what's the biggest misconception you think people have about Replit or the in-browser coding agent development space more...

Sacra

Product & Engineering At Replit On Its Evolving User Segments And Retention Strategies

How did you break down Replit's user base? Who were the main customer segments, and how did those evolve over time...

Sacra