For the first time in at least five years, tech companies that cater to businesses are raising more money than those aimed at consumers.
of personal gadgets, it’s worth considering something counterintuitive: Venture capitalists like consumer technology a lot less than they used to.
That funding total is growing fast. Enterprise companies’ venture haul for 2019 was almost double the previous year’s. Meanwhile, the cash going to consumer companies fell by almost a quarter between 2018 and 2019, according to PitchBook, to $23.26 billion. Meanwhile, hotly anticipated consumer IPOs such as Uber and Lyft have underperformed. But public market reception isn’t the only thing driving investment. The enterprise industry — less saturated by existing industry giants — has become a destination for some of the most talented entrepreneurs, and venture capitalists know it.
In the consumer world, large companies are famous for edging out or buying up threatening upstarts. Either outcome means entrepreneurs in the giants’ crosshairs will never get to lead sizable independent companies. While some large enterprise companies follow that playbook — SAP SE and Salesforce.com Inc. have cemented reputations as acquisition-hungry — enterprise founders often enjoy more latitude to say no to acquisition offers, with less fear that the bigger company will crush them.
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