Most commentary about "the mid-market" is written from the top down: analysts take GDP, divide by assumptions, and publish a number. We took the opposite route — we counted. This thesis summarises what 756,757 verified companies with $5M–$300M in estimated revenue actually look like across the EU (394,182 companies) and the US (362,575).
1. The market is a pyramid, and the base is enormous
608,957 companies — 80.5% of the universe — sit below $25M in revenue. This is the segment that never makes league tables and rarely has an IR page, yet it is where the majority of B2B purchasing decisions in both economies are made. The median company in our dataset has $9.2M (EU) / $10.1M (US) in estimated revenue and 40–51 employees.
Source: Veltria dataset, 756,757 companies, computed 2026-07-02.
2. Europe makes things; America codes and heals
The single sharpest structural difference between the two markets: Europe has 63,088 manufacturing & industrial companies in this revenue range against 37,306 in the US — a 1.7x gap. Reverse the lens and the US leads in technology (38,906 vs 35,307) and healthcare (38,783 vs 28,876).
For strategy teams this is not trivia. It means a US-calibrated ICP model will systematically under-weight Europe's industrial core, and a European industrial playbook will find a thinner target list in the US than expected.
3. Ownership: the succession wave is real
106,965 companies — 14.1% of the universe — are classified as family-owned. Private equity, for all its noise, holds just 32,929 companies (4.4%). The gap between those two numbers is the single largest opportunity in the lower middle market: founder-owned businesses that will change hands in the next decade, most without a banker.
4. What this means for buyers of this data
- Investors: the $5–25M base is too large to browse — screen it by sector × geography × revenue band and work a defined universe.
- Sales teams: your TAM is probably bigger and more fragmented than your CRM suggests; territory design should follow the actual density map, not intuition.
- Consultants: bottom-up counts beat top-down extrapolation. Every chart in this thesis is reproducible from the dataset.
The full universe behind this thesis — all 756,757 companies — starts at $29 for a custom slice.
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