To earn a spot in the ranking, a company needed to report a compound annual growth rate of at least 35.5 per cent in revenue between 2016 and 2019.
Leading the Finnish pack is LVS Brokers, a Helsinki-headquartered financial technology startup that uses artificial intelligence to match customers with the best financial service provider for their needs. The startup made already its third consecutive appearance in the ranking, landing 82nd with a compound growth rate of almost 150 per cent over the measurement period.
It is in rare company, as only 92 companies have ranked among the fastest growing on the continent for three consecutive years.
Both Virta and Supermetrics were ranked in the top 200, with the former, an electric vehicle charging network stretching across more than 30 countries, coming in 144th with a growth rate of 120 per cent and the latter, a reporting automation provider, at 193rd with a growth rate of 106 per cent.
Jussi Palola, the CEO of Virta, told Kauppalehti that the company grew last year at a clip of 50 per cent despite the challenges caused by the coronavirus pandemic, bringing its unverified annual revenue to 11 million euros.
“We are also aiming for more than 50-per cent growth this year,” he declared.
Such sanguinity is uncommon under the prevalent circumstance. The Financial Times viewed that its ranking shows the rapid growth rates some companies will seek to duplicate after weathering the heavy headwinds wrought by the pandemic and the withdrawal of the UK from the European Union.
“Half of all European companies have reported a revenue or profit decline in the past 12 months and do not expect improvement in the coming year, according to consulting firm Accenture,” it wrote.
The ranking, it added, continues to reflect the brisk growth of technology companies, which strengthened their presence in the ranking by 30 to 219. The top-ranked company, however, was Bulb Energy, the largest green energy company by market share in the UK.
Finland is represented in the ranking also by Evondos (211th), Newil & Bau (236th), Prestige Car Center (433rd), Heltti (484th), Gapps (556th), Lämpö-Valli (603rd), Vertia (772nd), Istekki (834th), Axopar Boats (882nd) and Integrata (957th).
Eetu Koski, the CEO of Evondos, said the Salo-based provider of an automated medicine dispensing service saw its revenue surge from about 870 000 euros in 2016 to seven million euros in 2019. The company has also begun laying the groundwork for future growth, bringing in its 100th employee as part of a recruitment campaign that grew its headcount by 20 per cent in 2020.
The country was even better represented one year earlier, with 17 companies making the FT 1000: Europe’s Fastest Growing Companies. The ranking is compiled in collaboration with Statista.