5,000 Points of Light

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In August, Inc. Magazine revealed its annual Inc. 5000, a lineup of companies ranked by their percentage revenue growth over the last three years. Collectively, these companies have generated 874,940 jobs and $317 billion in revenue over three years and have displayed median revenue growth of 1,637%.

They also generate momentum for the states and regions in which they are headquartered. Which is why, for the past several years, Site Selection’s research staff has gone where even Inc. itself has not and tabulated where all 5,000 companies are located. The results are among many metrics factored into Site Selection’s annual state business climate rankings, to be published in the November 2024 issue.

Here are the top states by number of Inc. 5000 companies, presented countdown style:

10) Arizona: With 137 Inc. 5000 companies, the surging economy of Arizona includes the No. 2 company in this year’s Inc. 5000, Scottsdale-based software firm Lessen. The proptech company’s products are precisely in Site Selection’s arena: “Lessen was created to improve how real-estate portfolios are serviced across all asset classes and locations,” Lessen said in a release celebrating its ranking and its 45,000% growth rate. “The company leverages cutting-edge technology, including robust analytics and predictive capabilities, to help property and facility teams seamlessly manage distributed real estate portfolios.”

Notably, Scottsdale is home to 40 Inc. 5000 companies, more than Phoenix itself (32). (Watch for more metro- and city-level analysis in next week’s Snapshot.)

One of the largest real estate services players and proptech companies, Lessen’s growth isn’t confined to its home state. Earlier this summer, after acquiring Chicago-based facilities maintenance tech firm SMS Assist last year, Lessen relocated its Chicago office to 203 North LaSalle Street, a 17-story, Class A office building in the city’s Central Loop tech district. (Sneak peek: Chicago is a big reason Illinois is No. 6 in the nation by number of Inc. 5000 firms.)

Another Arizona-based Inc. 5000 firm is EDM Lead Network, No. 33 on the list. Based in Gilbert, the advertising services and lead generation company founded in 2018 by Jamal English has demonstrated 7,322% growth.

9) Coming in with two more than Arizona, Massachusetts (139) counts among its fast-growing firms the campus mental health and wellness services company Uwill, which has seen 8,722% growth, good enough for No. 27 in the nation. Serving 3 million students at more than 400 colleges, the company is based in Natick, outside of Boston. Founded during the pandemic, the company says it pioneered the first student and therapist matching platform that allows students to book an appointment with a counselor in less than five minutes.

“The solution offers an immediate appointment with a licensed therapist based on student preferences, all modalities of teletherapy, a direct crisis connection, wellness events, realtime data and support,” said Uwill in a release recognizing its high ranking. “Uwill has expanded its reach and capabilities, and within four years has grown to more than $30 million in revenue. It has doubled the number of institutions and students served since its Series A funding from Education Growth Partners in 2023,” and it’s acquired Boston-based Christie Campus Health and Los Angeles-based Virtual Care Group (VCG) over the past seven months.

8) Pennsylvania is home to 163 Inc. 5000 companies. The highest-ranked is Auxilior Capital Partners, based in Plymouth Meeting, with a growth rate of 8,917%. In addition to being the top Inc. 5000 company in Pennsylvania, the equipment finance company is also No. 1 in the region that includes Pennsylvania, New Jersey, Delaware and Maryland. Auxilior’s subsidiary Auxilior Capital Partners Canada is located in Burlington, Ontario, Canada.

At No. 58 in the national rankings is Philadelphia-based Mainfactor. “We started Mainfactor in the middle of a global pandemic, and navigated market pressures and supply chain disruption in an industry heavily dependent on such elements of business,” said Mainfactor Founder and CEO Mike Fiebach in a release. “My team and I are excited to be recognized with this incredible honor. This kind of notoriety helps fuel our efforts to build the go-to next generation e-commerce-as-a-service platform for the music and entertainment industry.”

7) You’ll find 227 Inc. 5000 companies in Georgia. Atlanta-based B2B lead generation firm Mintleads, ranked No. 81 in the country with a growth rate of 3,768%, is the state’s highest-ranked Inc. 5000 firm, followed by another Atlanta-based company, Viva Finance, at No. 86. At No. 93 is collectibles company Giant Sports Cards, based in Alpharetta — a municipality that lays claim to 26 Inc. 5000 companies. Giant Sports Cards is No. 1 nationally among Inc. 5000 retail companies. It’s led by CEO Jon Butts, whose prior venture, Muscle Up Marketing, landed on the Inc. 5000 list four years in a row from 2015-2018, including being ranked as high as No. 40 in 2015.

The Peach State’s Inc. 5000 list also includes three companies in Site Selection’s Gwinnett County HQ city of Peachtree Corners: No. 175 Fusus, No. 836 Critical Technology Services and No. 2,486 Wise Guys Pro-Wash.

6) There are 247 Inc. 5000 companies in the Land of Lincoln. And yes, a large percentage of them are in Chicagoland. Among them is the aforementioned Lessen, based in Arizona but growing far beyond. “When we acquired SMS Assist last year, its founder Mike Rothman told me that Chicago is the greatest city in the country,” said Lessen CEO Jay McKee in a June release announcing the company’s move into space next door to Google on LaSalle Street. “The building’s large floorplates enable us to optimize our layout, creating a more collaborative workspace, and we’re currently working with our new landlord to design a dynamic office setup that will be ready for move-in by Q1 of next year,” added Maureen Ehrenberg, president of Lessen’s commercial division and a corporate real estate and facilities management veteran leader with past senior roles at CBRE, Grubb & Ellis, JLL, WeWork, and other companies. “Propelled by Mayor Johnson’s efforts to reinvigorate the LaSalle Street corridor, this area is poised to continue its economic ascendance — which will have a positive impact on the city’s tech sector — and it is an ideal location for our long-term future in the city.”

The top-ranked Illinois Inc. 5000 company is No. 37 Kin Insurance, based in Chicago, followed by No. 57 Transparent Dental Group (based in the Chicago suburb of Oak Brook) and No. 59 ProxyPics (Chicago).

Though most of the fast-growing Illinois firms are in Chicagoland, not all of them are: At No. 346 we find Serionix, based in the university community of Champaign-Urbana. The company’s founders were University of Illinois graduate students who adapted air filter technology created for NASA for home furnace use in a product called Colorfil, made for homes with pet owners. “The main active ingredient in our patented coating is citric acid, which is naturally occurring and commonly found in fruit,” the company explains. “By applying it to standard filter material, our cofounders discovered this coating formula captured and neutralized amine-based compounds (think: household chemicals, urine, pet, food, and other odors) 5x more effectively than the leading brand.”

Top 10 States by No. of Inc. 5000 Firms

5) Virginia loves entrepreneurs. No wonder you’ll find 269 Inc. 5000 companies located in the Commonwealth. The state also loves data centers, which may explain why its top three Inc. 5000 companies are in the IT services sector, led by No. 53 Blue Omega, based in the data center capital of Ashburn. The company also is the top-ranked IT firm nationally. But it’s not a data center firm: It specializes in health care and IT services. No. 78 Fortreum (a cloud cybersecurity and compliance advisory firm based in Lansdowne) and No. 99 Servos (Richmond) finish out those top three.

4) The Empire State boasts 336 Inc. 5000 companies, led by No. 6 Upward Health, based in Hauppauge, No. 31 Forest Media Group (New York City), No. 47 i80 Group (New York City) and No. 48 CleanFiber (Blasdell, in the Buffalo metro area). Upward Health has been in the national top 10 twice in a row, and this is the second straight year it’s been No. 1 in New York. The company is an “in-home multidisciplinary provider that partners with health plans and other risk-bearing entities to address the unique needs of the most high-risk, high-need users of the health care system.”

CEO Glen Moller said the company has “significantly increased our workforce, hiring locally in the many communities we now serve” and said the recognition “highlights the impact of our mission-driven approach and motivates us to continue pushing boundaries to ensure that every patient receives the highest quality healthcare, regardless of their socio-economic background.”

3) As reports like this May 2023 story by Ron Starner have documented, startups and company founders continue to flock to Florida, where a total of 471 Inc. 5000 firms have congregated. The state’s roster includes two firms in the national top 10: No. 5 ABA Centers of America, a health services firm based in Fort Lauderdale, and No. 9 Raw Sport Supplement Company, based in Port St. Lucie.

Top 20 firms include No. 11 KashKick in Tampa, No. 15 StatusPro in Miami and No. 17 COMPEO, based in Dania Beach in the Miami area. At No. 30 is Clearwater-based Superfan Live, which works to arrange VIP events with such artists and organizations as WWE and Metallica.

2) There are 481 Inc. 5000 firms in Texas, attracted to the state’s top-ranked business climate and growing populations in multiple metro areas. Based in the Houston-area community of The Woodlands, Segment HR is the top-ranked Texas Inc. 5000 firm at No. 32, followed by Austin-based raw dog food company Maev at No. 38, Dallas-based health services firm Archer Review at No. 46 and Austin’s Bucket List Events at No. 61.

1) Last, and therefore first, is No. 1 California, with 672 Inc. 500 firms — nearly 200 more than its rival Texas at No. 2. Six firms are in the national top 20. At No. 8 in the nation, San Francisco-based luggage storage firm Bounce is the state’s highest-ranked Inc. 500 company, followed by Pleasanton-based insurance company Cowbell at No. 13, Downey-based Skyline Smart Energy at No. 14, Pasadena-based Marketcall at No. 16, Irvine-based Ascend Agency at No. 18 and Mountain View-based logistics firm Kodiak at No. 20.

If you’ve ever found yourself traipsing around a city hauling a piece of luggage in the hours between a hotel checkout and a flight departure, then you will appreciate why Bounce is so highly ranked in its home state and also No. 1 in the travel category nationally. The company now has more than 10,000 secure luggage storage locations in more than 2,000 cities worldwide, beginning at less than $5 a day.

“We’ve rocketed up from No. 181 last year, so it deserves some extra celebrating,” said a LinkedIn post from the company a few weeks ago. “Cheers to our amazing team for making travel lighter for millions of people around the world.”

Outside the top 10 states but still boasting more than 100 Inc. 5000 firms were the following:

— Adam Bruns

Data entry and analysis for this report conducted by Karen Medernach, McKenzie Wright, Brian Espinoza and Daniel Boyer.