Five Spokane-area businesses have made Inc. magazine’s annual list of the 5,000 fastest-growing companies in the nation.
Companies on the Inc. 5000 list, released Tuesday, are ranked by the percentage of revenue growth from 2017 to 2020.
To qualify, companies were required to be privately-held and independent as of Dec. 31 and to have generated minimum revenue of $100,000 in 2017 and $2 million in 2020.
Spiceology was the fastest-growing Spokane-area company on the Inc. 5000 list for the second year in a row, ranking 903 with a three-year revenue growth of 537%. Last year, it ranked 1,081 with a three-year revenue growth of 423%.
The company, founded in 2013 by executive chef Pete Taylor and food blogger Heather Scholten of Farmgirl Gourmet, sells more than 300 spices, salts, blends and herbs, as well as fruit and vegetable powders, according to its website.
“What started with a humble farmers market beginning is now a company beloved and trusted by chefs, home cooks, grocers and retailers across the nation,” Chip Overstreet, CEO of Spiceology, said in a statement. “We focus on flavor and innovation, and we’re bringing the magic back into a very tired category that’s sorely in need of a fresh alternative.”
The announcement follows the company’s expansion this year into a new production facility at Playfair Commerce Park and collaborations with New Belgium Brewing, MeatEater and Chef Chad White, among others.
Spiceology also added four new consumer-chosen blends to its salt-free line in support of the National Kidney Foundation and the American Heart Association’s ‘Life is Why’ campaign.
Professional Realty Services International, which is headquartered in Spokane, was the second fastest-growing local company ranking 2,116th on the Inc. 5000 list with a three-year growth of 206%.
Other local companies on the list include Northwest Trustee & Management Services, Mainstream Plumbing & Heating and Genetic Veterinary Services, which does business as Paw Print Genetics.
The companies on the Inc. 5000 list have been competitive within their markets and proved to be resilient given challenges brought forth by the pandemic, Scott Omelianuk, editor-in-chief of Inc., said in a statement.
The average median three-year growth rate for the 5,000 companies soared to 543% and median revenue was $11.1 million, according to Inc. Magazine.
“The 2021 Inc. 5000 list feels like one of the most important rosters of companies ever compiled,” Omelianuk said. “Building one of the fastest-growing companies in America in any year is a remarkable achievement. Building one in the crisis we’ve lived through is just plain amazing. This kind of accomplishment comes with hard work, smart pivots, great leadership, and the help of a whole lot of people.”
Local journalism is essential.
Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.
Subscribe now to get breaking news alerts in your email inbox
Get breaking news delivered to your inbox as it happens.