We are honored to be named on the 2023 SMBTech 50, created by GGV Capital in collaboration with Crunchbase and 27 venture capital firms to recognize the growth and potential of startups that serve small and medium-sized businesses (SMBs). Examples of other businesses in the top 50 include Service Titan, Stripe, and others.
For us, this recognition is not only a validation of the progress we have made so far, but also a call to action. We believe that technology has the power to transform the way small businesses operate, and we are committed to using AI to create visionary solutions that help small business owners to succeed. We are excited about what the future holds, and we are eager to continue evolving our platform to help SMBs.
We recognize that until the creation of Topline Pro, there have been few opportunities for home services small businesses to grow beyond word-of-mouth referrals or lead-generation purchases from third party marketplaces, both of which are not scalable solutions for small businesses. Our goal is to give business owners full ownership of the data they collect and the customer relationships they build, Topline Pro is empowering small home services businesses to scale meaningfully and create a direct flywheel of recurring customers. Furthermore Topline Pro's platform puts much of the business marketing and operations on autopilot allowing for the business owners to focus on work in the field and to better serve their customers.
We are thankful to our customers that have trusted Topline Pro thus far and excited to continue to improve our product for our existing as well as new customers in the future.
The SMBTech 50 list (https://smbtech50.com/) demonstrates both the breadth and depth of the sector and the enthusiasm of venture capital investors for these companies. More than 200 companies were nominated and voted on by top SMBTech venture capital investors to create the SMBTech 50, which represents a mix of early, growth and late-stage private companies.
More than 30 million small businesses in the U.S. represent 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. GGV Capital's SMBTech 50 list celebrates the private, venture-backed technology companies seeking to make a significant impact on SMBs.
"Public companies in the SMBTech space have grown from just a few billion dollars of 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 on making this year's list!"