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>As retrieval augmented generation took off in 2023, Exa’s embedding-based search index was positioned as a core developer API for building AI applications with access to real-time data.</li><li>Sacra estimates Exa hit $10M annualized revenue in September 2025, up ~11x YoY from ~$880K, raising an $85M Series B at a $700M valuation from Benchmark.</li><li>As AI agents evolve from single-turn assistants to autonomous multi-step workflows, Exa's "deep" agentic search positions it as infrastructure for the next generation of AI applications that need to reason over web data rather than just retrieve it.</li></ul>

As retrieval augmented generation took off in 2023, Exa’s embedding-based search index was positioned as a core developer API for building AI applications with access to real-time data.Sacra estimates Exa hit $10M annualized revenue in September 2025, up ~11x YoY from ~$880K, raising an $85M Series B at a $700M valuation from Benchmark.As AI agents evolve from single-turn assistants to autonomous multi-step workflows, Exa's "deep" agentic search positions it as infrastructure for the next generation of AI applications that need to reason over web data rather than just retrieve it.

<ul><li>Retool is transforming from a drag-and-drop CRUD builder into an AI-powered internal tools platform where engineering teams can ship production-grade apps from natural language.</li><li>Sacra estimates Retool hit $120M ARR in October 2025, up from $90M at the end of 2024.</li><li>Following Retool’s launch of AppGen (April 2025) and Agents (May 2025) layering on AI prompting credits and agent hours as units of monetization.</li></ul>

Retool is transforming from a drag-and-drop CRUD builder into an AI-powered internal tools platform where engineering teams can ship production-grade apps from natural language.Sacra estimates Retool hit $120M ARR in October 2025, up from $90M at the end of 2024.Following Retool’s launch of AppGen (April 2025) and Agents (May 2025) layering on AI prompting credits and agent hours as units of monetization.

<ul><li>Vibe closed a $50M Series B in September 2025 led by Hedosophia at a $410M post-money valuation.</li><li>Vibe operates as a self-serve connected TV advertising platform with a B2B go-to-market model targeting performance marketers and direct-to-consumer brands.</li><li>Vibe's 10,000 current advertisers represent a small fraction of the hundreds of thousands of small and medium businesses that spend under $50,000 annually on Meta and Google advertising.</li></ul>

Vibe closed a $50M Series B in September 2025 led by Hedosophia at a $410M post-money valuation.Vibe operates as a self-serve connected TV advertising platform with a B2B go-to-market model targeting performance marketers and direct-to-consumer brands.Vibe's 10,000 current advertisers represent a small fraction of the hundreds of thousands of small and medium businesses that spend under $50,000 annually on Meta and Google advertising.

<ul><li>Sacra estimates Gamma hit $50M ARR in April 2025, up from $33M at the end of 2024.</li><li>Gamma monetizes via a freemium SaaS model with Plus ($10/user/month) and Pro ($20/user/month) tiers offering unlimited generations, custom domains, analytics, and premium templates, with conversion driven by usage-based credit caps on the free plan.</li><li>Sacra estimates Gamma reached $50M in ARR in April 2025, up from $33M at the end of 2024, with 20 million users.</li></ul>

Sacra estimates Gamma hit $50M ARR in April 2025, up from $33M at the end of 2024.Gamma monetizes via a freemium SaaS model with Plus ($10/user/month) and Pro ($20/user/month) tiers offering unlimited generations, custom domains, analytics, and premium templates, with conversion driven by usage-based credit caps on the free plan.Sacra estimates Gamma reached $50M in ARR in April 2025, up from $33M at the end of 2024, with 20 million users.

<ul><li>Sacra estimates that Vercel hit $172M ARR in in February 2025, up 80% YoY.</li><li>Vercel enables teams to deploy JS-based apps with minimal configuration—selling speed and simplicity through opinionated defaults—and monetizing through (1) usage-based pricing (compute, bandwidth, storage), (2) per-seat Pro ($20/month/seat) and Enterprise plans, and (3) a separate $20/month subscription for v0, its AI frontend builder.</li><li>The launch of Vercel’s AI app builder v0 in September 2023 caught the wave of AI app builders in 2024 and marked a key inflection point for Vercel, re-accelerating growth to 80% YoY and driving the company to a Sacra-estimated $172M in annual recurring revenue (ARR) by February 2025, up from ~$96M at the end of 2023.</li></ul>

Sacra estimates that Vercel hit $172M ARR in in February 2025, up 80% YoY.Vercel enables teams to deploy JS-based apps with minimal configuration—selling speed and simplicity through opinionated defaults—and monetizing through (1) usage-based pricing (compute, bandwidth, storage), (2) per-seat Pro ($20/month/seat) and Enterprise plans, and (3) a separate $20/month subscription for v0, its AI frontend builder.The launch of Vercel’s AI app builder v0 in September 2023 caught the wave of AI app builders in 2024 and marked a key inflection point for Vercel, re-accelerating growth to 80% YoY and driving the company to a Sacra-estimated $172M in annual recurring revenue (ARR) by February 2025, up from ~$96M at the end of 2023.

United States

Self-serve ad platform enabling performance marketers to create, target, and optimize connected TV advertising campaigns

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Vibe (VIBE US)

Exa At $10M Growing 11x YoY

TL;DR: As retrieval augmented generation took off in 2023, Exa’s embedding-based search index was positioned as a core developer API for building...

Sacra

Retool Vs Replit

TL;DR: Retool is transforming from a drag-and-drop CRUD builder into an AI-powered internal tools platform where engineering teams can ship...

Sacra

Primer: Vibe - 01 Oct 2025

Self-serve ad platform enabling performance marketers to create, target, and optimize connected TV advertising campaigns

Sacra

Gamma Vs Canva

TL;DR: As AI has taken over text, image & website generation, Gamma is bringing them all together in its vertically-integrated, vibe coding...

Sacra

$172M/year Heroku Of Vibe Coding

TL;DR: Starting as a platform-as-a-service for deploying & hosting modern JavaScript apps, Vercel has re-accelerated with the launch of its AI app...

Sacra

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