For Europe the recent pandemic was the most dramatic economic event since World War II. Prior to the Covid-19 outbreak, European companies were on par with their competitors in other parts of the world, such as Asia and the US. However, in the recovery phase there appear to be some areas in which Europe is lagging behind to be able to thrive in tomorrow’s global economy.
Research undertaken by Accenture has uncovered that while European companies hold the strongest leadership position in the automotive and consumer goods industries, they are underrepresented in the technology and software spheres. This suggests the importance for Europe to address this gap in order to compete in the global digital economy while maintaining their strengths, such as sustainability.
The Financial Times’ 1000 – Europe’s Fastest Growing Companies 2021 report ranks the rapid growth rates of Europe’s most promising businesses, and the top eight players are predominately operating in the renewable energy and technology spheres.
Europe’s Top 8 Fastest Growing Companies
Founded in 2015 with an annual growth rate of 1,159.3 per cent, Bulb Energy is a green gas and renewable electricity supplier with about 1.7 million members and an aim of getting 100 million households onboard by 2030. Every member lowers their carbon footprint by 3.2 tonnes of CO2 a year. The certified B Corp’s revenue grew significantly from close to €1,000,000 (about US$1.2 million) in 2016 to more than €1.7 billion (about US$2 billion) in 2019. Additionally, the company welcomed more than 500 new employees as the business expanded its network of customers in the UK to France, Spain and the US.
Online and mobile lending platform Sun Finance is spread across seven countries with its headquarters located in Riga, Latvia and more than five million registered customers. After starting out with just a handful of staff members in 2017, the company now has more than 950 employees and has received over nine million loan applications in total. Sun Finance differentiates itself by providing easy and fast finance access to people who might otherwise be rejected by traditional financial institutions.
Founded in 2015, Everflow Group boasts an employee satisfaction rating of 94 per cent. The UK ethical water retailer for small and medium-sized enterprises has also been recognised for its high-quality water and wastewater services. On a mission to provide clean, safe drinking water, the company has commissioned wells in countries where this is lacking while maintaining an annual growth rate of 465 per cent.
Polarium Energy Solutions
Polarium was founded in 2015 in Sweden, driven by the idea of giving people access to an endless renewable energy storage for the telecom, commercial and industrial sectors. Always thinking one to two steps ahead, the company is constantly generating new ways to solve humanity’s biggest problems when it comes to energy storage. Using recyclable lithium batteries, Polarium is able to ensure safety and reduce costs, as well as the carbon footprint of their customers globally.
Formerly known as Incell International, the company initially served the telecom industry before expanding into additional markets and certifying their products. Recognised by the Financial Times as the fastest growing business in the Nordics, Polarium exists to empower a smart and sustainable world.
Glencar Construction’s impressive absolute business growth rate of 15,735.4 per cent and loyal client base can be attributed to the specialist industry knowledge of its team members and the expertise of its co-founders. Established in 2016, the company delivers a high standard of construction services on time and on budget. This standard has been translated across different areas of the business, including addressing environmental and modern slavery issues.
Global software engineering company Spyrosoft prides itself on providing high-quality digital products coupled with outstanding technical expertise and an understanding of a company’s business goals. Recognised by the Financial Times as Europe’s fastest growing tech company after only five years of operation, Spyrosoft delivers solutions for a diverse range of sectors, including automotive, geospatial and finance.
As the developers of the popular Idle Miner Tycoon and Idle Factory Tycoon games, Berlin-based mobile gaming studio Kolibri Games has achieved more than 100 million downloads and an impressive number of five-star reviews. In February 2020, 75 per cent of the company was acquired by Ubisoft, a major player in the gaming world. Since 2016, the company has been committed to creating value for people and aims to be the most player-oriented business in the industry, using data to inform product decision-making.
Crossflow Payment Solutions Trading
Despite maintaining the same number of employees, fintech company Crossflow Payment Solutions Trading saw its revenue grow by just over €14 million (about US$16.3 million) between 2016 and 2019. On a mission to connect global businesses and their suppliers to funders and foster sustainable growth, the company’s vision is to improve the financial efficiency of global supply chains through technology. It is also a member of the London Stock Exchange Group’s ELITE Program.