Wing Venture Capital Announces the Third Annual Enterprise Tech 30 List--Uncovers 80% of Top Enterprise Companies Have Adopted Product-Led Growth Business Model

SAN FRANCISCO, Feb. 24, 2021 /PRNewswire/ -- Wing Venture Capital, a venture capital firm investing in early-stage companies that power the Modern Enterprise, today announced the third annual Enterprise Tech 30—a definitive list of the most promising, private enterprise tech private companies across all stages of maturity. This list and accompanying research are the product of a two-phase process to distill a stack-ranked list of the top venture-backed enterprise tech companies and to uncover key insights and trends driving the market. Of the over 15,000 venture-backed enterprise tech companies in consideration, 30 companies have been selected as the enterprise tech leaders, segmented by maturity stage as determined by an institutional research process.

Participants in the research (103 Venture Capitalists and 23 Corporate Development teams) represent firms covering early-, mid-, late-, and multi-stage investment firms. The 80 firms' assets under management range from $50 million to $1.5 trillion.

The Enterprise Tech 30 for 2021 are:

The companies are categorized by total capital raised. Early-stage includes companies that have raised $25 million or less; mid-stage includes between $25 million to $100 million; and late-stage includes $100 million or more.

"I am excited to release the 3rd annual Enterprise Tech 30 list. It has always been our mission at Wing to shine a light on what is happening in the enterprise technology sector, what trends are shaping the industry, and the companies driving those trends," said Peter Wagner, Founding Partner at Wing Venture Capital. "It's important to identify the next generation of companies, not just the ones that are dominating the headlines."

The research process for uncovering the Enterprise Tech 30 also uncovered some thought-provoking insights about the state of Enterprise Tech, including:

• 80% of the highest potential Enterprise Tech startups have adopted a product-led growth* model, where sales is not required to use or access the product. Of that 80%, 36% have adopted a fully open-source version of their commercial product. We have seen sustained year-over-year growth in this trend since 2019.
• 3 sectors account for >70% of the highest-potential companies listed: Enterprise Data, Productivity & Collaboration, and Security.
• Purpose-built data solutions are over-represented with 9 of 31 (29%) companies on this year's list as compared to other sectors. Data remains top-of-mind as the greatest area of opportunity and innovation for the Enterprise.
• 10 of 31 (32%) companies in this year's ET30 focus on improving how we work, particularly due to the unprecedented shift to remote over the past year.
• 5 of the 31 (16%) companies in this year's ET30 are in security, which has grown into a board-level topic for all enterprises over the past few years.
• 68% (21 of 31) of CEOs in this year's ET30 are millennials with the median age of 36 across early- and mid-stage companies—hopping to 41 for late-stage.
• 100% of companies selected by corporate development teams also appeared on the core ET30 list selected by the Venture Capitalists.

"Innovation in the Enterprise is being driven by startups. The Enterprise Tech 30 shines a light and celebrates the companies truly driving that innovation," said Rajeev Chand, Partner and Head of Research at Wing VC.

For more information on the research methodology, additional insights, and to view the results, visit: www.enterprisetech30.com.

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About The Enterprise Tech 30 List
The Enterprise Tech 30 List facilitated by Wing Venture Capital is a definitive list of the top 30 most promising private companies in enterprise technology as determined by leading venture capitalists in the sector. The data signals for enterprise tech startups are opaque and/or unavailable outside of the companies themselves. The Enterprise Tech 30 opens the door on the private knowledge of the venture capital and corporate development communities to determine which Enterprise startups have the most potential to tectonically shift how tech enterprises operate for the better.

About Wing Venture Capital
Founded in 2013, Wing Venture Capital is the best-of-breed venture capital firm devoted to early-stage, long-term company building in technology for business. Wing emphasizes craftsmanship over volume and engages deeply with founders to help them create companies that matter. The body of work of Wing's award-winning team spans more than two decades and dozens of successful early-stage companies, 22 of which have gone on to achieve billion-dollar-plus outcomes following IPOs or acquisitions.

For more information, visit: www.wing.vc

*We define PLG as companies with self-service free or paid models and/or with open-source versions of their product. We exclude companies that require meetings or demos with sales teams prior to engaging with their products.

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SOURCE Wing Venture Capital

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