The pandemic has turned the economy upside down, but investors aren’t sitting on the sidelines. The Dow Jones Industrial Average rebounded from its Ma
The pandemic has turned the economy upside down, but investors aren’t sitting on the sidelines. The Dow Jones Industrial Average rebounded from its March swoon, and money is still flowing to local companies. In the second and third quarters of 2020, $8.6 billion was invested in metro-area firms, according to PwC and CB Insights. Although the figure is 8.7% less than last year’s total during the same period, it shows that backers still are finding promising companies to invest in. The firms that rank on the latest version of Crain’s annual Fast 50 list serve as evidence.
This year’s top finishers, representing a host of industries, are ranked by percentage change in revenue between 2016 and 2019. The list’s largest increase belongs to Lemonade, whose revenue jumped by an astonishing 468,628% over three years. It’s no wonder the insurance tech company took its ownership public in July. Yet Lemonade isn’t alone in experiencing major growth: The median revenue increase for the 50 honorees was a robust 581%.
Data for the Fast 50 were gathered from a variety of sources. Many private firms responded to a Crain’s survey and shared financial documentation to support their revenue figures. Qualifying public companies were identified through Form 10-K reports, with S&P Global Market Intelligence assisting in the effort to screen candidates. Finally, a few firms earned spots based on Crain’s estimates.
To be considered for the Fast 50, firms had to have an inception date in 2016 or earlier. They also had to generate at least $10 million in 2019 revenue and be headquartered in the New York metropolitan area, which includes the five boroughs, Nassau, Suffolk and Westchester counties; and New Jersey’s Bergen, Essex, Hudson and Union counties.
Scroll down to learn more about the area’s 50 fastest-growing companies.