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>Maven Clinic will hit $268M of ARR in 2024, up 26% YoY, with their women’s health benefit offering now covering 17 million people globally.</li><li>After doubling down on fertility, Maven has now won their biggest customer ever in Amazon, who switched away from incumbent Progyny (NASDAQ: PGNY) for 2025.</li><li>Maven's asset-light model combining coaching, content and telehealth has enabled them to go global (175 countries)—without sacrificing retention (98% customer retention).</li></ul>

Maven Clinic will hit $268M of ARR in 2024, up 26% YoY, with their women’s health benefit offering now covering 17 million people globally.After doubling down on fertility, Maven has now won their biggest customer ever in Amazon, who switched away from incumbent Progyny (NASDAQ: PGNY) for 2025.Maven's asset-light model combining coaching, content and telehealth has enabled them to go global (175 countries)—without sacrificing retention (98% customer retention).

<ul><li>Commure has accelerated to $105M in annual recurring revenue (ARR) as of March 2024, growing 150% YoY.</li><li>Compare to the dominant EHR in Epic at $4.9B in revenue in 2023, up 7% from $4.6B in 2022.</li><li>Through aggressive M&A like their July acquisition of AI scribe Augmedix, Commure’s product surface area and relationships with major healthcare systems like HCA Healthcare positions it as an upstart digital health platform.</li></ul>

Commure has accelerated to $105M in annual recurring revenue (ARR) as of March 2024, growing 150% YoY.Compare to the dominant EHR in Epic at $4.9B in revenue in 2023, up 7% from $4.6B in 2022.Through aggressive M&A like their July acquisition of AI scribe Augmedix, Commure’s product surface area and relationships with major healthcare systems like HCA Healthcare positions it as an upstart digital health platform.

<ul><li>Virta Health (2014) is a telehealth provider that sells type 2 diabetes reversal via the ketogenic diet as a benefit ($2.8K per patient with a $10-20K platform fee per year) into health plans and self-insured employers, delivering it through a combo of connected devices (glucose meter, ketone meter, scale), 2-4 daily health coach check-ins, and continuous physician oversight.</li><li>In 2022, Virta launched a second product for obesity ($900/year), with Sacra now estimating Virta will do $175M of revenue in 2024, up 51% YoY, with roughly 550 customers (~$318K ARPC) and 98,000 patients (~180 patients per customer) for blended average revenue per patient of $1.8K.</li><li>With Ozempic’s runaway success ($14B of sales in 2023) driving up employer health costs by ~10% YoY, Virta’s obesity product (growing 150% YoY) provides a cheaper, pharma-free alternative ($900/year vs. $3,000/year), with new employer signups for obesity now growing faster than their diabetes reversal product.</li></ul>

Virta Health (2014) is a telehealth provider that sells type 2 diabetes reversal via the ketogenic diet as a benefit ($2.8K per patient with a $10-20K platform fee per year) into health plans and self-insured employers, delivering it through a combo of connected devices (glucose meter, ketone meter, scale), 2-4 daily health coach check-ins, and continuous physician oversight.In 2022, Virta launched a second product for obesity ($900/year), with Sacra now estimating Virta will do $175M of revenue in 2024, up 51% YoY, with roughly 550 customers (~$318K ARPC) and 98,000 patients (~180 patients per customer) for blended average revenue per patient of $1.8K.With Ozempic’s runaway success ($14B of sales in 2023) driving up employer health costs by ~10% YoY, Virta’s obesity product (growing 150% YoY) provides a cheaper, pharma-free alternative ($900/year vs. $3,000/year), with new employer signups for obesity now growing faster than their diabetes reversal product.

United States

Telehealth program for diabetes and obesity reversal using ketogenic diet and coaching

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Virta Health (HEALTH US)

Maven Clinic At $268M ARR

TL;DR: Sacra estimates that Maven Clinic will hit $268M of ARR in 2024, up 26% YoY, with their women’s health benefit offering now covering 17...

Sacra

Commure At $105M ARR

TL;DR: Sacra estimates that Commure has accelerated to $105M in annual recurring revenue (ARR) as of March 2024, growing 150% YoY, after their 2023...

Sacra

Virta Health At $175M Revenue

TL;DR: Sacra estimates that Virta Health will hit $175M of revenue in 2024, up 51% YoY, with their ketogenic diet-based therapy for type 2 diabetes...

Sacra

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