Notable Capital Announces 2024 SMBTech 50

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Sep 04, 2024, 08:00 ET

Main Street Goes High-Tech: 50 Startups Powering America's Small Business Boom

NEW YORK, Sept. 4, 2024 /PRNewswire/ -- Notable Capital today announced the 2024 SMBTech 50, an annual list to recognize the growth and potential of startups serving small and medium-sized businesses (SMBs). Launched in 2022, the list demonstrates the breadth and depth of this sector and the enthusiasm of venture capital and growth equity investors for these companies. In celebration, the 2024 SMBTech 50 honorees will ring the Closing Bell at the Nasdaq MarketSite.

SMBTech 50 is an annual list to recognize the growth and potential of startups serving small and medium-sized businesses (SMBs).

The 2024 SMBTech 50 honorees have raised a cumulative $29 billion in financing, with 19 raising more than $100 million each and 16 raising a new round in the last 12 months. Companies were roughly split between early and growth stages. Gen AI-focused companies, which were represented in a new sub-category called "Gen AI Stars," had the greatest number of new entrants, followed by Vertical SaaS and Fintech, which had the largest number of entrants overall, continuing the trend from 2023. Twenty-two startups are repeat honorees from 2023.

Small businesses have always been a mainstay of the American economy, representing 44% of U.S. GDP and 46% of private sector employment according to the SBA's Office of Advocacy. The years since the beginning of the COVID pandemic have been a renaissance for SMBs. More than 5 million new business applications were filed in 2021 and 2022, and a record 5.5 million in 2023, per U.S. Census data. Over the past decade, public SMBTech companies such as Square, Shopify, Toast, and Intuit have developed tools and technologies that make it easier to start, build, and grow a small business offline and online. Notable Capital''s SMBTech 50 list celebrates the private, venture-backed technology companies seeking to make the same impact over the next 5-10 years.

"Small and medium-sized businesses are rapidly adopting technology, fueling a booming SMBTech sector transforming the backbone of the U.S. economy. This overlooked revolution is redefining the future of work, innovation, and economic growth in America," said Jeff Richards, Managing Partner at Notable Capital.

"The SMBTech 50 list showcases startups at the forefront of this transformation, offering everything from AI-driven efficiency tools to market-expanding platforms," added Chelcie Taylor, Investor at Notable Capital. "We're continually impressed by the ingenuity and resilience of these companies, particularly as they navigate recent market challenges and reshape how small businesses operate."

Methodology

More than 200 SMBTech companies were nominated or identified through industry research. Notable Capital convened 25 prominent investment firms to nominate and vote on the 50 honorees. Investment firms were asked to submit portfolio and non-portfolio companies to ensure a representative and inclusive list. To qualify as SMBTech, a company has to serve customers with less than 1,000 employees or less than $1M ARR. For more information about honorees, participating investors, and methodology, visit: www.smbtech50.com.

About Notable Capital

Notable Capital is focused on early-to-growth stage venture capital investments in cloud infrastructure and business and consumer applications. The firm invests primarily in the U.S., Israel, Europe, and Latin America. Notable Capital portfolio companies include Affirm, Airbnb, Block, Brightwheel, Drata, Handshake, HashiCorp, Ibotta, Orca Security, Quince, Slack, Slice, StockX, Stori, Vercel, Zendesk, and more. To learn more, visit Notable Capital on LinkedIn, on X @NotableCap, or at www.notablecap.com.

About SMBTech 50

Notable Capital is a long-time investor in SMBTech, and its portfolio includes BigCommerce (BIGC), Block (SQ), Brightwheel, Drata, Electric.ai, Homebase, Slice, Vic.ai, and more. During the last six years, Notable Capital has launched the SMBTech Index, the SMBTech Summit and the SMBTech 50 to recognize the rising stars of the SMBTech sector. To learn more, visit www.smbtech50.com.

The 2024 SMBTech 50