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GGV Capital Announces 2023 SMBTech 50

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GGV Capital has announced the inaugural 2023 SMBTech 50 list, recognizing top startups serving small and medium-sized businesses (SMBs). Collaborating with Crunchbase, the list highlights companies that have collectively raised $22 billion in financing. Notably, 26 companies have secured over $100 million each, with 64% raising funding within the last year. The list reflects a significant segment of the SMB landscape, revealing a strong interest from venture capital firms.
With over 30 million small businesses in the U.S., SMBs' contributions include 44% of GDP and $180 billion in technology spending annually. Public SMBTech companies have dramatically increased in market cap to over $500 billion in a decade, showcasing the sector's growth and potential.

Positive
  • Cumulative financing of SMBTech 50 honorees reached $22 billion.
  • 26 companies raised more than $100 million each.
  • 64% of honorees secured new funding in the last 12 months.
  • Public SMBTech companies grew their market cap to over $500 billion over the last decade.
Negative
  • None.

30 venture capital firms vote to name top 50 startups that serve small and medium-sized businesses

NEW YORK, April 24, 2023 /PRNewswire/ -- 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.

The SMBTech 50 recognizes the growth and potential of startups that serve small and medium-sized businesses.

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

1Password

Airbase

Alloy

Apollo

Archive

AutoLeap

Boulevard

Brightwheel*

Calendly

Carta

Coast

Coda

ComplYant

Contra

Deel

Dovetail Software

Drata*

Electric*

EngineEars

GlossGenius

Gusto

Heard

Homebase*

Human Interest

Justworks

Klaviyo

Linear

MaintainX

Maze

Mercury

Merge

Middesk

Miro

Mosaic

MVMNT

Papaya Global

Parafin

Patreon

Portex

Ramp

Rippling

Rupa Health

Secureframe

Select Star

ServiceTitan

Stripe

Topline Pro

UserGems

Vitally

Wrapbook

*denotes GGV Capital portfolio company

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/ggv-capital-announces-2023-smbtech-50-301805254.html

SOURCE GGV Capital

FAQ

What is the SMBTech 50 list announced by GGV Capital in 2023?

The SMBTech 50 list recognizes the top startups that serve small and medium-sized businesses, highlighting their growth and potential.

How much financing have the SMBTech 50 honorees raised?

The honorees collectively raised $22 billion in financing.

How many of the honorees raised over $100 million?

26 companies within the SMBTech 50 have raised over $100 million each.

What percentage of SMBTech 50 honorees secured funding in the last year?

64% of the honorees raised a new round of funding in the last 12 months.

What is the significance of small businesses in the U.S. economy?

Small businesses represent 44% of the U.S. GDP and contribute over $180 billion in annual technology spending.

Full Truck Alliance Co. Ltd. American Depositary Shares (each representing 20

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