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>Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY.</li><li>On the verge of passing CrowdStrike’s agentless scanner Falcon Horizon (launched October 2020) at $515M ARR (up 80% YoY) in August, Wiz’s sights are next set on Palo Alto Networks' Prisma Cloud (launched 2019) at ~$700M ARR (up 30% YoY).</li><li>Going on the offensive across the cybersecurity stack, Wiz launched Wiz Code (September 2024) to go after Snyk in application security, Wiz Defend (December 2024) to go after CrowdStrike in threat detection and Wiz Cloud, an expanded agentless platform, to go after Palo Alto Networks in cloud-native application protection.</li></ul>

Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY.On the verge of passing CrowdStrike’s agentless scanner Falcon Horizon (launched October 2020) at $515M ARR (up 80% YoY) in August, Wiz’s sights are next set on Palo Alto Networks' Prisma Cloud (launched 2019) at ~$700M ARR (up 30% YoY).Going on the offensive across the cybersecurity stack, Wiz launched Wiz Code (September 2024) to go after Snyk in application security, Wiz Defend (December 2024) to go after CrowdStrike in threat detection and Wiz Cloud, an expanded agentless platform, to go after Palo Alto Networks in cloud-native application protection.

<ul><li>When we first covered Snyk, we estimated that they had crossed $250M in annual recurring revenue (ARR) at the end of 2023, growing 25% YoY.</li><li>Now, Sacra estimates that Snyk has crossed $300M in ARR as of October, growing 25% YoY, with tailwinds from the rise of AI code generation—like Cursor ($65M ARR) and GitHub Copilot—in the enterprise.</li><li>Snyk is increasingly an enterprise business—enterprise ARR grew 40% and represented 70% of net new ARR in Q2'24 as they acquired companies like Probely (API vulnerability scanning) and Helios (distributed app testing) to sell themselves as a complete developer security platform.</li></ul>

When we first covered Snyk, we estimated that they had crossed $250M in annual recurring revenue (ARR) at the end of 2023, growing 25% YoY.Now, Sacra estimates that Snyk has crossed $300M in ARR as of October, growing 25% YoY, with tailwinds from the rise of AI code generation—like Cursor ($65M ARR) and GitHub Copilot—in the enterprise.Snyk is increasingly an enterprise business—enterprise ARR grew 40% and represented 70% of net new ARR in Q2'24 as they acquired companies like Probely (API vulnerability scanning) and Helios (distributed app testing) to sell themselves as a complete developer security platform.

<ul><li>Orca Security found product-market fit as an agentless cloud security platform for enterprises struggling with the complexity of securing their cloud infrastructure.</li><li>The market increasingly favors vendors who can provide comprehensive visibility across multi-cloud environments without requiring agent deployment, while consolidation through acquisitions continues to reshape the competitive landscape.</li><li>The cloud security market represents a massive growth opportunity, expected to reach $77B by 2026.</li></ul>

Orca Security found product-market fit as an agentless cloud security platform for enterprises struggling with the complexity of securing their cloud infrastructure.The market increasingly favors vendors who can provide comprehensive visibility across multi-cloud environments without requiring agent deployment, while consolidation through acquisitions continues to reshape the competitive landscape.The cloud security market represents a massive growth opportunity, expected to reach $77B by 2026.

Noname Security / Private Capital Markets

<ul><li>Sacra estimates Noname Security hit $40M in annual recurring revenue (ARR) in 2023, growing rapidly since its emergence from stealth in December 2020.</li><li>The startup has secured significant funding to fuel its growth, raising $220M across three rounds within just 12 months, achieving a $1B valuation in December 2021.</li><li>Noname Security primarily generates revenue through enterprise contracts, with approximately 20% of Fortune 500 companies as customers.</li></ul>

Sacra estimates Noname Security hit $40M in annual recurring revenue (ARR) in 2023, growing rapidly since its emergence from stealth in December 2020.The startup has secured significant funding to fuel its growth, raising $220M across three rounds within just 12 months, achieving a $1B valuation in December 2021.Noname Security primarily generates revenue through enterprise contracts, with approximately 20% of Fortune 500 companies as customers.

<ul><li>Snyk (2015) grew to 100K developers in 2 years with its free vulnerability scanning tool that made it easy for Node.js developers to hook up a GitHub repo and automatically scan all its open source dependencies for known vulnerabilities.</li><li>Shrinking development cycles have obsoleted the traditional security review, shifting responsibility for app security from security teams to developers themselves, giving Snyk tailwinds such that Sacra estimates ARR hit $250M in 2023, up 25% year-over-year.</li><li>Snyk is now rebundling security around the developer, taking on incumbents like Palo Alto Networks and Wiz as they expand into container security (Aqua Security), infrastructure-as-code protection (HashiCorp), and cloud security (Wiz).</li></ul>

Snyk (2015) grew to 100K developers in 2 years with its free vulnerability scanning tool that made it easy for Node.js developers to hook up a GitHub repo and automatically scan all its open source dependencies for known vulnerabilities.Shrinking development cycles have obsoleted the traditional security review, shifting responsibility for app security from security teams to developers themselves, giving Snyk tailwinds such that Sacra estimates ARR hit $250M in 2023, up 25% year-over-year.Snyk is now rebundling security around the developer, taking on incumbents like Palo Alto Networks and Wiz as they expand into container security (Aqua Security), infrastructure-as-code protection (HashiCorp), and cloud security (Wiz).

United States

Cloud security tool for enterprises to detect and prioritize risks across AWS, Azure, GCP

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Wiz (IO US)

Wiz Passes $500M ARR

TL;DR: Sacra estimates that Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY. After declining a $23B acquisition offer from...

Sacra

Snyk At $300M ARR

TL;DR: Sacra estimates that Snyk hit $300M annual recurring revenue (ARR) in October 2024, up 25% YoY. Snyk Code represents a third of that...

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Primer: Orca Security - 16 Nov 2024

Tool for agentless cloud risk detection across workloads, identities, APIs, and configurations

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Primer: Noname Security - 16 Nov 2024

Dashboard for enterprise security teams to discover, monitor, and protect APIs at scale

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Snyk At $250M ARR

TL;DR: Sacra estimates that Snyk hit $250M annual recurring revenue (ARR) in 2023, up 25% year-over-year, as they rebundle the entire app security...

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