Five of the 50 fastest-growing women-led companies are in Mass.

Boston Business Journal

 

A Lee-based sterile drug manufacturing firm ranks in the top 10 top of the 2021 list of the fastest-growing companies owned or led by women, as compiled by The Women Presidents’ Organization and JPMorgan Chase Commercial Banking.

From January to December of 2020, the 50 Fastest generated a combined $4.1 billion in revenue and employed more than 24,000 people, the WPO said in a news release. To qualify for the ranking, businesses must be privately held, woman-owned or -led, and must have annual revenues of at least $500,000 in each of the past five years.

Companies were ranked according to a sales growth formula that combined percentage and absolute growth.

Berkshire Sterile Manufacturing, which launched in 2014, ranked No. 7 on the list. Led by Chief Technology Officer Andrea Wagner, the company saw its revenue grow by more than 995% from 2016 to 2020.

The company has grown to include some 180 employees and was recently awarded $185,000 in tax incentives to add 35 jobs. The company said in August it has placed on average $9.1 million into the Berkshire economy alone through its employee payroll and hiring Berkshire vendors.

Berkshire Sterile Manufacturing’s tenfold growth is still far less than the top company on the list. Modere, an omnichannel consumer products company that develops and markets health products, saw its revenue grow by more than 1,700% from 2016 to 2020. The Newport Beach, California-based company led by CEO Asma Ishaq moved up from the No. 3 spot last year to become the fastest-growing woman-owned business in 2021.

Cambridge-based Insurify Inc., an online insurance marketplace founded by CEO Snejina Zacharia, ranked ninth. The company saw its revenue grow by more than 1500% from 2016 to 2020, reporting $20.6 million in revenue last year.

“This year’s honorees exemplify the commitment, determination and ingenuity that is necessary to thrive in today’s environment,” said Thelma Ferguson, managing director and Northeast segment head at JPMorgan Chase Commercial Banking. “These exceptional women are living proof that necessity is the mother of innovation.”

Other Massachusetts companies on the list include Radius Financial Group Inc. and Radius Insurance Group Inc. in Norwell; Marketing Doctor Inc. in Northampton; and Phoenix Development in Boston.

Radius Financial Group Inc. and Radius Insurance Group Inc., co-founded by Sarah Valentini, came in at No. 22 after revenue grew by more than 200% between 2016 and 2020. Last year, revenue exceeded $75 million.

Marketing Doctor Inc., founded by Janet Casey, came in at No. 34. after revenue grew by more than 567% between 2016 to 2020. The company reported more than $12.6 million in revenue last year.

Phoenix Development, led by CEO Melissa Cooper, came in at No. 39. The company’s revenue grew by more than 375% between 2016 and 2020 with last year’s revenue exceeding $17.3 million.

The average age of women business owners and leaders on the list is 49, and 74% said they started their business with their own funds. Two-thirds already do business globally, and another 18% plan to go global in the future.

More than three fourths (76%) said they do business with Fortune 1,000 companies, and the same percentage said they expanded what they do in some way in response to the Covid-19 pandemic.

See the entire 50 Fastest list here.

 

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