Ask someone to draw the map of mid-market software and they will draw San Francisco, maybe Austin, maybe London. The actual distribution of the 74,213 technology companies with $5M–$300M revenue looks very different — and the difference is where the untouched pipeline is.
The US: California is a fifth, not a half
California leads with 8,689 mid-market tech companies — but that is only 22.3% of the US total. Texas, New York and Florida together nearly match it. Below the mega-hubs, states like Illinois, Massachusetts and Colorado each hold four-figure tech universes that get a fraction of the outbound attention.
Source: Veltria dataset, 756,757 companies, computed 2026-07-02.
Europe: one big market, then a long tail
The UK's 6,983 tech companies make it Europe's undisputed hub — 19.8% of the continent's total. But the tail matters: the Netherlands and the Nordics punch far above their GDP weight in tech density, while Germany's tech count trails its overall economic size badly — the mirror image of its industrial strength.
Source: Veltria dataset, 756,757 companies, computed 2026-07-02.
Implications
- For SaaS sales: if your outbound is 50% Bay Area, you are fishing where every other vendor fishes, in a pond that holds ~20% of the fish.
- For investors: mid-market software outside the hubs trades at structurally lower multiples for the same metrics — geography is still an inefficiency.
The US Technology bundle ships every one of these companies with domain, revenue and headcount.
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