FreightWaves, the world’s leading provider of freight market forecasting, data, news and analysis, has again made the annual Inc. 5000 list of the fastest-growing private companies in America, ranking No. 2,386.
The Inc. 5000 class of 2023, announced Tuesday, represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital and seemingly intractable hiring challenges. The prestigious ranking provides a data-driven look at the most successful companies in the economy’s most dynamic segment — its independent, entrepreneurial businesses.
FreightWaves, based in Chattanooga, Tennessee, experienced exponential revenue growth of 231% from 2019 to 2022. It is the second time the company has made the list; it debuted at No. 85 in 2021. FreightWaves missed the deadline to apply in 2022.
In addition to its national ranking, the company ranked No. 311 in the software category.
FreightWaves SONAR provides freight market participants with benchmarking, analytics, monitoring and forecasting of global freight data, giving subscribers near real-time information about the direction of the market.
This year, FreightWaves was awarded a top honor for commentary writing at the 69th annual Jesse H. Neal Awards. It’s the most prestigious accolade in a contest considered the Pulitzer Prize of business-to-business journalism. FreightWaves also received two regional gold awards and three silver for journalism by the American Society of Business Publication Editors.
Facebook, Chobani, Under Armour, Microsoft, Patagonia and many other household name brands gained their first national exposure as honorees on the Inc. 5000.
Among this year’s top 500 companies, the average median three-year revenue growth rate ticked up to 2.23%, according to Inc. In all, this year’s Inc. 5000 companies have added nearly 1.2 million jobs to the economy over the past three years.
“Running a business has only gotten harder since the end of the pandemic,” said Inc. Editor-in-Chief Scott Omelianuk in a statement. “To make the Inc. 5000 — with the fast growth that requires — is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”
Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit and independent — not subsidiaries or divisions of other companies — as of Dec. 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. Growth rates used to determine company rankings were calculated to four decimal places.
For complete results of the Inc. 5000, go to www.inc.com/inc5000.
The top 500 companies will be featured in the September issue of Inc. magazine, available on newsstands beginning Aug. 23.