2 Mass. startups make top 10 of Inc.’s fastest-growing firms
Two Massachusetts startups climbed into the top 10 of Inc. magazine’s annual ranking of fastest-growing private companies.
Paint Nite, a Somerville company that hosts group painting events at local bars, was the second-fastest-growing private company in the nation, according to the Inc. 5000. Taking the top spot was Loot Crate, a monthly “geek” apparel box subscription service out of Los Angeles, the magazine said Wednesday.
At number six was Globalization Partners, a Boston-based platform that helps companies navigate the process of hiring employees around the globe. The company, which moved its headquarters from Cambridge to Boston on Aug. 1, ranked first nationally among women-owned private businesses.
Highland Project Logistics, a Londonderry, N.H., cargo company that handles oversize shipments, was the only other New England company to crack the top 25 on the list, landing at number 23.
Now in its 35th year, the Inc. 5000 ranks companies willing to share their financials based on percentage revenue growth. This year’s list measured growth in the three years ended in 2015.
Both Paint Nite and Globalization Partners, each founded in 2012, are making their debuts on the list. Paint Nite, which raised $13 million in equity funding last year, experienced a three-year sales growth of 36,555.3 percent, with revenue reaching $55 million last year. Founded by entrepreneurs Daniel Hermann and Sean McGrail, the startup went from three employees to more than 100 and has a presence in more than 1,600 cities globally.
Ranking second on the list is “a true team moment and it feels really great,” Hermann said in a statement Wednesday.
In the three-year span, Globalization Partners had a 16,196.5 percent growth in revenue, reaching about $18 million last year. The company has doubled in size to about 30 employees since the end of 2015 and continues to open offices throughout the country, said founder and chief executive Nicole Sahin in an interview. She anticipates the company will reach $60 million in revenue by the end of the year.
“We expected to be in the top 20, but to be number six, we were excited about it,” Sahin said. “I think we’ll be a billion-dollar company within five to 10 years.”
The Inc. 5000 rankings include a total 149 privately owned Massachusetts companies from industries including food truck vending, solar energy, information technology, janitorial, and biopharmaceutical services.
Listings and profiles of the top 500 companies are in the September issue of Inc. magazine, on newsstands Wednesday, and on Inc.com. The complete Inc. 5000 list will be available online Aug. 20.