Phase 1

The final candidate list for this year’s cohort included 753 companies, of which 305 were Early-Stage, 232 were Mid-Stage, and 216 were Late-Stage as of January 11, 2021.

Phase 2

The investor survey was designed to capture unbiased perspectives from the participants. Participants were permitted to select up to 10 companies per stage—no more than 3 of which could come from the participants’ portfolios. 

The methodology for ET30 is based on our research team’s work in startups and venture capital since 2001. It is not possible to apply, pay, or lobby for placement in the ET30. The ET30 is conducted in partnership with a rare group of venture capitalists and it is our privilege at Wing to work with our colleagues in the industry. The participants span early-, mid-, late-, and multi-stage investment firms. The participants have a successful background and substantial reach in enterprise technology. Collectively, the 80 firms have invested in 87% of the $1B+ exits and unicorns in enterprise technology since January 2016.

The original candidate list of companies was built through four research sources: 1) the 202 companies who received 4 or more votes in last year’s ET30, 2) multiple PitchBook queries from a company universe of 15,732 venture-backed companies, 3) Wing’s primary research in identifying, reviewing, and meeting with private companies, and 4) 261 recommendations from the 103 venture capitalists and 22 corporate development teams. 70% of the data signals in ET30 are venture capitalists’ votes on companies outside of their portfolios.

753

companies

70%

of data

10

votes

Special Mentions and Special Cases

It is worth noting that 97% of the companies named to the Enterprise Tech 30 list this year would remain the same if all in-portfolio votes were excluded from the study. Snyk—which we recognize as an Honorable Mention—would be added in Late-Stage if only outside-portfolio votes were counted. However, this year’s Enterprise Tech 30 has 31 companies rather than 30 due to the “curious case” of Calendly.

Calendly, a meeting scheduling company, was included as an Early-stage participant, having raised $500,000 at the time of Phase 2 of the ET30 research. On January 26, the company announced a $350 million financing at a $3 billion valuation, which would have categorized the company as Late-stage.

Since there is no way to know how many votes the company would have received if compared in the Late-Stage category, we have added Calendly to this year’s ET30 in its own category as a Special Mention.

In addition to Calendly, two companies announced venture financings during Phase 2 of the ET30 research. Modern Treasury announced $38 million financing on January 12, and Monte Carlo announced $25 million financing on February 9. Since both companies were in Early-stage for this year’s voting process, they are listed in Early-stage for this year’s report. They will shift to Mid-stage for next year’s candidate list.

Congratulations to the 2021 Enterprise Tech 30 cohort

The Enterprise Tech 30 serves as a platform for the tech industry to identify, learn about, and build relationships with the most promising private companies in enterprise technology. We welcome your thoughts and observations. Please follow the conversation on Twitter and Linkedin with the hashtag #enterprisetech30.