https://techcrunch.com/2020/01/28/tech-valuations-vs-tech-enabled-valuations-2020-ipo-edition/

The value of tech-enabled companies is coming into focus as several American unicorns test the public markets. The data show that some venture-backed companies often grouped with technology companies are worth just a fraction of their tech-first cousins.

By tech-enabled business, we mean a company that has a technology element to its operations but doesn’t generate the sort of high-margin or recurring revenue that tech companies are famous for today, especially in the software market.