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>Defakto raised $30.75 million in Series B funding in October 2025, bringing total lifetime funding to approximately $50 million.</li><li>Defakto sells a B2B SaaS platform used by enterprise security, platform engineering, and DevOps teams.</li><li>Revenue expansion comes from new customer acquisition and from existing customers expanding deployments.</li></ul>

Defakto raised $30.75 million in Series B funding in October 2025, bringing total lifetime funding to approximately $50 million.Defakto sells a B2B SaaS platform used by enterprise security, platform engineering, and DevOps teams.Revenue expansion comes from new customer acquisition and from existing customers expanding deployments.

<ul><li>Keycard raised $38 million across two funding rounds, with the most recent being a $30 million Series A in October 2025 led by Acrew Capital.</li><li>Keycard is a cloud-native identity and access management platform for AI agents rather than human users.</li><li>The AI agent market is early with uncertain adoption timelines for autonomous agents in enterprise environments.</li></ul>

Keycard raised $38 million across two funding rounds, with the most recent being a $30 million Series A in October 2025 led by Acrew Capital.Keycard is a cloud-native identity and access management platform for AI agents rather than human users.The AI agent market is early with uncertain adoption timelines for autonomous agents in enterprise environments.

<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>We talk to angel investor David Peterson about how product-led growth is changing, with the rise of the hybrid self-serve/enterprise GTM and the increasing importance of customer success.</li><li>We&#39;re evolving into a new era because there are these really fundamental challenges with that first era of product led growth.</li><li>Now, people are just launching with that stuff on day one. Right? That is like a fundamentally different approach to go to market.</li></ul>

We talk to angel investor David Peterson about how product-led growth is changing, with the rise of the hybrid self-serve/enterprise GTM and the increasing importance of customer success.We&#39;re evolving into a new era because there are these really fundamental challenges with that first era of product led growth.Now, people are just launching with that stuff on day one. Right? That is like a fundamentally different approach to go to market.

David Peterson, Early Airtable Employee, On The Future Of product-led Growth

United States

API platform enabling developers to add enterprise features like SSO, directory sync, and user management

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WorkOS (WORKOS US)

Primer: Defakto - 28 Oct 2025

Platform providing dynamic, verifiable identities for non-human actors to secure automated interactions across workloads, pipelines, and AI agents

Sacra

Primer: Keycard - 22 Oct 2025

Identity and access management platform enabling secure, trusted AI agent operations across systems and organizations

Sacra

Primer: Clerk - 24 Sep 2025

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

Sacra

David Peterson, Early Airtable Employee, On The Future Of product-led Growth

We talk to angel investor David Peterson about how product-led growth is changing, with the rise of the hybrid self-serve/enterprise GTM and the...

Sacra

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Defakto - 28 Oct 2025

Platform providing dynamic, verifiable identities for non-human actors to secure automated interactions across workloads, pipelines, and AI agents

Sacra

Primer: Keycard - 22 Oct 2025

Identity and access management platform enabling secure, trusted AI agent operations across systems and organizations

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

David Peterson, Early Airtable Employee, On The Future Of product-led Growth

We talk to angel investor David Peterson about how product-led growth is changing, with the rise of the hybrid self-serve/enterprise GTM and the...

Sacra