BlockFi, a financial-crypto services provider based in Jersey City, came in at No. 1 on the 2022 Inc. 5000 list—not only ahead of the more than 100 companies from the Garden State ranked for 2022, but ahead of all others nationwide, growing by 245,616% over the past three years.
Inc. magazine’s annual list of the fastest-growing private companies in the U.S. was released Aug. 16. According to Inc., New Jersey companies that placed on the list were responsible for $4.6 billion in total revenue and 11,256 jobs. The Garden State representatives saw a median increase in revenues of 235% over three years—up exponentially from the median growth rate of state-based companies for 2021, which was 137%.
BlockFi aims to make crypto easier to understand; connecting customers with familiar products – like credit cards – that use the digital assets as their base. Though the company has seen remarkable growth since its founding in 2017, the past couple of months have been interesting, to say the least. Amid 2022’s “crypto winter,” BlockFi was ordered to pay $100 million by the Securities and Exchange Commission in February, a “first of its kind” case when it comes to the unregulated sector. In June, it announced an agreement with FTX to secure a $250 million revolving line of credit. According to Inc., the company is now “essentially … restarting their startup, with 85% to 90% of their equity washed away, but with more than 650,000 accounts and $3.9 billion of assets under management, as of Aug. 1.”
Florham Park-based Select Dental Management, a Dental Partnership Organization, came in at No. 185 on the Inc. 5000 and was the fourth-highest ranked company from the Garden State. The company includes 37 practices across the Northeast and saw revenues of more than $55 million in 2021. It was founded by life-long best friends Elliot Zibel, CEO, and Dr. Jonathon Mason, a dentist and chief clinical officer.
Growing in the Garden State
The 10 highest-ranked New Jersey companies on the 2022 Inc. 5000
- No. 1: BlockFi – Jersey City
- No. 38: AGM Tech Solutions – Freehold
- No. 53: Happy Box – Hoboken
- No. 185: Select Dental Management – Florham Park
- No. 186: Semperis – Hoboken
- No. 187: Solar Direct Marketing – Hoboken
- No. 200: Nutrifresh Holdings – Edison
- No. 207: Client Accelerators – Westfield
- No. 215: GETIDA – Teaneck
- No. 240: FlyCore Distribution – Dover
“Regardless of challenges in the economy, our focus doesn’t change. We strive to grow always in all ways,” Zibel said in a statement. “And while economic pressures like labor inflation can be challenging, we are committed to doing what it takes to continue to be a strong partner for our practices and provide efficient and remarkable care to our communities, now and in the future.”
In the near future, Select Dental says it plays to continue its growth trajectory, looking to begin 2024 with more than 60 practices under its banner, including in the Garden State.
Eighteen of the New Jersey companies ranked in 2022 were newly founded, while 72 are repeat honorees, Inc. said. One company from the state appeared on a breakout list recognizing Women Leaders: Freehold’s AGM Tech Solutions. The IT staffing firm appeared at No. 38 on the overall list.
Inc. 5000 companies are ranked according to percentage growth over a period covering 2018 to 2021. Companies must have been founded and generating revenue by March 31, 2018, and must be U.S.-based, privately held, for-profit, and independent as of Dec. 31, 2021. The full 2022 Inc. 5000 is available here.
