Aug 25, 2023 - Business

Arizona has 131 of the fastest-growing companies

Illustration of an open briefcase with an upwards trending line popping out. 

Illustration: Aïda Amer/Axios

The Valley is home to more than 100 of the fastest-growing private companies in the country, according to the 2023 Inc. 5000 list released earlier this month.

Driving the news: Sonoran Roots, a craft cannabis company headquartered in Tempe, was the top Arizona company, coming in at 10th on the list.

  • It saw 24,397% revenue growth from 2019 to 2022 — the metric Inc. used to rank companies.

Zoom in: Tempe-based solar company Kayo Energy and Scottsdale consulting firm MO Studio also made the top 100, ranking 51st and 95th respectively.

Of note: To make the cut, the minimum revenue required for 2019 was $100,000. The minimum for 2022 was $2 million.

By the numbers: The prestigious list recognized 131 Arizona companies — most of which are based in metro Phoenix.

  • All together, the companies saw 217% median growth and added more than 9,200 jobs to the local economy over three years.
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