Private Markets, Angel and Secondary Investing, Sacra

Sacra

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 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>With open APIs and API-centric SaaS promising frictionless integration &amp; interoperability, developer experience emerged as a key point of differentiation driven by rich &amp; interactive developer documentation a la Stripe (2010) that allowed developers to self-serve and DIY, thus giving rise to modern developer documentation SaaS like ReadMe (2014, $10M raised, Accel), Postman (2012 founded, docs launched in 2015) and Mintlify (2022).</li><li>In 2025, text-to-app builders Lovable ($500M annualized revenue in May 2026, +3,471% YoY in 2025) &amp; Replit ($525M annualized revenue in April 2026, +1,775% YoY in 2025) and coding agents like Anthropic’s Claude Code &amp; OpenAI’s Codex suddenly began to decide which databases, APIs &amp; developer tools to use, turning docs from a human support surface into core infrastructure for agents, whose share of Mintlify traffic grew from roughly 15% in January 2026 to 66% by July.</li><li>Growing 36% in July alone, Sacra estimates Mintlify hit $21.4M in annual recurring revenue (ARR) in July 2026, up from $10.6M at the end of 2025 (+326% YoY), valued at $500M as of its April 2026 Series B (a16z, Salesforce Ventures) for a ~36x multiple on ~$14M April revenue.</li></ul>

With open APIs and API-centric SaaS promising frictionless integration &amp; interoperability, developer experience emerged as a key point of differentiation driven by rich &amp; interactive developer documentation a la Stripe (2010) that allowed developers to self-serve and DIY, thus giving rise to modern developer documentation SaaS like ReadMe (2014, $10M raised, Accel), Postman (2012 founded, docs launched in 2015) and Mintlify (2022).In 2025, text-to-app builders Lovable ($500M annualized revenue in May 2026, +3,471% YoY in 2025) &amp; Replit ($525M annualized revenue in April 2026, +1,775% YoY in 2025) and coding agents like Anthropic’s Claude Code &amp; OpenAI’s Codex suddenly began to decide which databases, APIs &amp; developer tools to use, turning docs from a human support surface into core infrastructure for agents, whose share of Mintlify traffic grew from roughly 15% in January 2026 to 66% by July.Growing 36% in July alone, Sacra estimates Mintlify hit $21.4M in annual recurring revenue (ARR) in July 2026, up from $10.6M at the end of 2025 (+326% YoY), valued at $500M as of its April 2026 Series B (a16z, Salesforce Ventures) for a ~36x multiple on ~$14M April revenue.

Mintlify

$21.4M/year Vercel Of Developer Docs