14 fast-growing Maine companies make this year's Inc. 5000 list
File photo / Courtesy, Defendify
Defendify, a Portland-based cybersecurity firm co-founded by Andrew Rinaldi, left, and Rob Simopoulos, made the latest Inc. 5000 list of the country's fastest-growing companies.
For the second year in a row, a total of 14 Maine businesses appear on the Inc. 5000 ranking of the fastest-growing private companies in the U.S.
Nine of the 14 have made the Inc. 5000 before. As in 2023, Rarebreed Veterinary Partners of Portland is the highest-ranked Maine company on the list, published Tuesday.
Companies are ranked according to their revenue growth, by percentage, over the last three years.
With 690% growth during that timeframe, Rarebreed placed No. 685 this year, down from No. 35 in 2023 following three-year growth of 10,293%.
The prestigious ranking provides a data-driven look at the country’s most successful private businesses, which added a combined 874,940 jobs to the economy over the past three years. Among this year’s top 500, the median three-year revenue growth rate is 1,637%.
Maine companies on the 2024 list
The 14 Maine companies on the list added 3,030 jobs over the last three years and grew revenues at a median rate of 247% during that period.
The companies are shown below, each listed with their rank, location and three-year revenue growth:
- No. 685 – Rarebreed Veterinary Partners, Portland, 690%
- No. 861 – CampTek Software, Portland, 579%
- No. 1,005 – Defendify, Portland, 509%
- No. 1,595 – HistoryIT, South Portland, 325%
- No. 1,706 – Northcross Group, Portland, 305%
- No. 1,707 – Compotech, Brewer, 305%
- No. 1,982 – VETRO, Portland, 263%
- No. 2,260 – Psychology Specialists of Maine, Brunswick, 231%
- No. 2,938 – ATX Advisory Services, Biddeford, 172%
- No. 3,661 – A.P. Keaton, Cape Elizabeth, 129%
- No. 3,681 – Hebert Construction, Lewiston, 128%
- No. 3,740 – Tilson Technology Management, Portland, 125%
- No. 4,171 – Anchour, Lewiston, 106%
- No. 4.702 – Cousins Maine Lobster, South Portland, 84%.
Defendify's debut
One of Maine's newcomers to the Inc. 5000 is Defendify, a Portland-based cybersecurity firm profiled in a 2018 Mainebiz list of "10 Maine startups to keep an eye on."
“We are very excited about this amazing accomplishment and couldn't be more proud of our team,” Rob Simopoulos, the company’s co-founder and CEO, told Mainebiz.
“It's a true testament to our mission to help small and mid-size organizations strengthen their cybersecurity through our unified platform designed specifically for their needs."
Defendify employs around 40 people and is growing, Simopoulos said.
Finding success in Maine
York IE, a Manchester, N.H.-based venture capital and advisory firm, is an investor in two of the Maine firms that made the list — Defendify and VETRO.
“There’s always so much focus on vanity metrics in the startup world, like funds raised and valuations,” Joe Raczka, York IE’s co-founder and chief investment officer, told Mainebiz.
“But the true measure of a successful company is this: Do they have enough happy customers who are willing to pay enough money to fuel the growth of the business? And if you look at Defendify’s and VETRO’s three-year revenue growth from the Inc. 5000, the answer in both cases is a resounding 'yes.'"
York IE invested in Defendify’s $2 million seed round in January 2020 and made a follow-on investment in August 2022. York IE also invested in VETRO’s $1.5 million seed round in April 2020 and made a follow-on investment in March 2023.
"We’ve always believed that you can build a great company anywhere. And in this post-pandemic world of hybrid and remote work, that’s proven to be true," Raczka said. "You don’t have to be in Silicon Valley or Boston or New York. If you want to, you can. But if you want to build in Maine, you can do that too. And you can find success doing it."
York IE also made the Inc. 5000 list itself, placing No. 1,031 with 493% growth over three years.
More information
Find the Inc. 5000 list here.
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