30 venture capital firms vote to name top 50 startups that serve small and medium-sized businesses
NEW YORK, April 24, 2023 — GGV Capital, a global venture capital firm, debuted the 2023 SMBTech 50 today in collaboration with Crunchbase. The SMBTech 50 is the first list to recognize the growth and potential of startups that serve small and medium-sized businesses (SMBs). The list (smbtech50.com) demonstrates both the breadth and depth of this sector and the enthusiasm of venture capital investors for these companies. The SMBTech 50 honorees will celebrate with the opening bell at the Nasdaq MarketSite.
SMBTech 50 honorees have raised a cumulative $22 billion in financing, including some of the largest pre-IPO rounds in the year. Twenty-six companies have each raised more than $100 million, and 64 percent of the honorees raised a new round in the last 12 months. Companies were roughly split between early and growth stages. The HRTech sub-sector had the greatest number of new entrants with Fintech and Vertical SaaS having the most entrants overall, similar to 2022. Eighteen are repeat honorees from 2022.
There are more than 30 million small businesses in the U.S., representing 44% of GDP, about half of U.S. employment, and more than $180 billion in annual technology spending. The U.S. is also seeing a renaissance of small business and entrepreneurship, with more than 10 million new business applications submitted in 2021 and 2022. Over the past decade, public SMBTech companies such as Square, Shopify, Toast, and Intuit have helped millions of small business owners scale their businesses in ways that rival their larger competitors. GGV Capital’s SMBTech 50 list celebrates the private, venture-backed technology companies seeking to make the same impact over the next five to 10 years.
“Public companies in the SMBTech space have grown from just a few billion dollars in market cap to more than $500 billion over the last decade,” said Tiffany Luck, Partner at GGV Capital. “Every year, we put together this list of top private companies, and we are blown away by the level of innovation, growth, and impact they are making on the SMB economy. Congratulations to all the honorees.”
Methodology
More than 200 SMBTech companies were nominated or identified through research on Crunchbase. GGV Capital convened 30 SMBTech-focused investment firms to nominate and vote on the 50 honorees. Some of the participating firms include Bain Capital Ventures, Bessemer Venture Partners, Coatue, Felicis Ventures, Footwork, Homebrew, ICONIQ Growth, IVP, NEA, and more. To ensure a representative and inclusive list, investment firms were asked to submit portfolio and non-portfolio companies. For more information about honorees, participating investors, and methodology, visit: smbtech50.com.
The SMBTech 50 honorees will also be recognized on Crunchbase. Anyone with a Crunchbase Pro account can follow the list and track the companies here.
About GGV Capital SMBTech 50
GGV Capital is a long-time investor in SMBTech and its portfolio includes BigCommerce (BIGC), Brightwheel, Drata, Electric.ai, Homebase, Khatabook, Odeko, Slice, Square (SQ), Udaan, Vic.ai, Zendesk (ZEN), and more. In 2019, GGV established the SMBTech Index which tracks public SMBTech companies, and hosts an annual SMB-focused thought leadership event, SMBTech Summit. The firm launched SMBTech 50 in 2022 to recognize the rising stars of the SMBTech sector. More information can be found at smbtech50.com.
About GGV Capital
GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in founders building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has expanded with additional offices in San Francisco, New York, Shanghai, and Beijing. The firm manages $9.2 billion in investments across the United States, Canada, China, Southeast Asia, India, Latin America, and Israel. Over the past two decades, the firm has backed more than 400 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Bowery Farming, Grab, Full Truck Alliance, HashiCorp, Hello, Keep, Kujiale, NIU, Opendoor Technologies, Peloton, Poshmark, Slack, Square, StockX, Udaan, Wish, XPeng, Zendesk, and more. More information can be found at www.ggvc.com and @ggvcapital.
2023 SMBTech 50 Honorees
*denotes GGV Capital portfolio company
SOURCE GGV Capital
