Startups

Growth in Baltimore holds steady with another year of over 60 companies on the Inc. 5000

Here's a look at local tech employers that made the annual list of fastest-growing companies.

Lighting up Baltimore.

(Photo by Flicker user Austin Kirk)

Correction: An earlier version of this article stated that Facet Wealth placed at #18 on the 2021 Inc. 5000 list. That company was actually Chasen Companies. This error has been corrected. (8/22/2022, 1:15 p.m.) 

The 2022 round of the Inc. 5000 was released yesterday, showcasing the fastest-growing businesses around the country, and featured 63 companies from the Baltimore metro area.

That number is up one company from last year’s 62, but still more than a few companies shy of 2020’s 71. Inc. 5000 tracks the last three years of a company’s growth to determine its ranking on the list.

Facet Wealth is the fastest growing company in the area, placing at #46. With two of its last three years of growth taking place during the pandemic, it managed 7,383% growth. At the beginning of the year, the fintech company had a $100 million Series C.

Executives at Facet Wealth see the ranking as assurance that the company is on the right track by focusing on everyday individuals that the big financial advisory firms might ignore.

“Being ranked 46th in the Inc. 5000 is affirmation that Facet’s mission to deliver impartial financial advice from credentialed financial professionals is resonating with American households,” Shruti Joshi, chief operating officer at Facet Wealth, said in a statement. “Today’s financial services industry falls short of offering financial guidance to more than 40 million American households, leaving those families on their own, without the resources needed to get out of debt and to reach their dreams.”

Last-year’s top-ranked Baltimore company, the real estate-focused Chasen Companies, fell from #18 to #669 while still posting a 940% growth rate.

The list includes plenty of other familiar names from the region’s community of software and digital companies. Here are companies we’ve been tracking in recent years that made the list:

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  • #2,123 — Columbia-based home services software company Leap boasted 281% growth this year.
  • #2,457 — Downtown Baltimore tech and operations advisory firm Think Systems grew 236%. Two years removed from acquiring Naples, Florida-based Ventrue and expanding into new industries like cybersecurity, the firm is still growing.
  • #2,932 —  Downtown Baltimore software company Fearless grew 185%. Over the year, the company has branched into apparel, won a federal contract worth $120 million and expanded its offices in Spark Baltimore to accommodate this growth.
  • # 3,379 — Linthicum-based Impact Analytics (which the Inc. 5000 listed in DC, despite Linthicum’s comparative proximity to Baltimore) reported 155% in growth.
  • #3,465 — Locust Point-based tech agency Mindgrub is on the list for the tenth time with 150% growth. With a shift towards the metaverse, it remains to be seen how long Baltimore will be able to claim the tech firm as its own. But its growth doesn’t seem to be slowing.
  • #3,650 — Towson-based Motifworks grew 140%.
  • #4,271 — Cockeysville-based Kermit had 107% in growth.
  • #4,408 — Columbia-based digital marketing agency WebMechanix saw 101% of growth.
  • #4,590 — Brewers Hill-based digital marketing agency Response Labs grew 95%, fueled by promotions and executive hires.
  • #4,768 — Federal Hill-based ad agency Planit had 88% in growth.

Donte Kirby is a 2020-2022 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Robert W. Deutsch Foundation.
Companies: Leap, Facet Wealth
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