As many as six Croatian companies ranked on the FT list of the fastest-growing in Europe

In collaboration with the German research company Statista, the British business daily Financial Times has once again, for the eighth consecutive year, ranked the thousand fastest-growing European companies that have recorded continuous revenue growth despite numerous challenges. Companies are listed according to the highest annual revenue growth rate (CAGR) from 2019 to 2022. To be included on the list this year, a minimum average growth rate of 36.3 percent, revenue of at least one hundred thousand euros achieved in 2019, and revenue of at least 1.5 million euros achieved in 2022 were required.

Among the thousand European companies (of which the Czech company Raylyst Solar took first place, the French Adagio.io second, and the Italian Bidberry third), as many as six Croatian companies met these criteria.

Devōt

The software company Devōt ranked this year at 32nd place among the fastest-growing companies in Europe, climbing from last year’s 87th place. Within the IT & Software category, Devōt is in a high seventh place in Europe, being the fastest-growing company in Croatia, with an average annual revenue growth rate of 223.5 percent from 2019 to 2022. Devōt was founded and has been led by Martin Morava since 2016, who considers this year’s recognition an additional confirmation ‘that focusing on quality definitely pays off.’ The company primarily deals with software development and process automation services and operates in various industries, from healthtech and the travel industry to fintech.

Aircash

Last year, Aircash was ranked 14th on the Financial Times list, which was also the best placement of a Croatian company in the past eight years since FT began publishing the annual list. Now, this domestic fintech company, led by Hrvoje Ćosić, has maintained a high position – 45th place, with an average annual revenue growth rate of 209.2 percent.

Linker Media

For the first time on the list of the fastest-growing companies is the Croatian company Linker Media, a platform for content exchange and ad distribution on partner portals, ranking 523rd with an average annual revenue growth rate of 60.5 percent. Founded in 2018, Linker Media is the only Croatian company in the marketing and advertising sector that made it to the FT list this year. With just 788 thousand euros in 2019, its revenue grew to 3.26 million euros in 2022.

Ars Futura

After ranking 882nd in 2022 and being absent from the list last year, the software company Ars Futura has returned to the list this year, jumping to 833rd place, with an average annual revenue growth rate of 42.8 percent. The company’s revenue in 2019 was 1.3 million euros, and in 2022 it soared to 3.7 million euros.

Syntio

For the third consecutive year, the Croatian company Syntio, which has been engaged in cloud data engineering since 2017, is on the list. Two years ago, Syntio was ranked 225th, last year 551st, and this year it is at 953rd place with an average growth rate of 38.4 percent. Syntio’s revenue in 2022 was 5.59 million euros, an increase from 2.1 million euros in revenue achieved in 2019. So far, Syntio is the only domestic company that has remained on the Financial Times list for three consecutive years.

Uprise

Debuting on the FT list this year is Uprise, a Croatian company founded in 2017, which deals with the analysis of electrical power systems. It broke through to 973rd place through the eye of a needle – thanks to an average growth rate of 37.5 percent, just slightly above the minimum threshold for entering the list. With 576 thousand euros in revenue in 2019, Uprise achieved significant growth in 2022, reaching revenues of 1.5 million euros.