The business magazine Inc. said ProducePay ranks in the top half of this year’s Inc. 5000, an annual list of fastest-growing private companies in the U.S.
ProducePay also ranks No. 17 in the Environmental Services category, according to a news release.
The ranking provides a data-driven analysis of companies within the economy’s most dynamic segment — its independent, entrepreneurial businesses, the release said.
ProducePay joins the likes of Facebook, Chobani, Under Armour, Microsoft, Patagonia and other household name brands that gained early national exposure as honorees on the Inc. 5000, according to the release.
“It’s truly an honor to be recognized by Inc., since this not only celebrates our growth but also underscores the vital role of agricultural innovation and technology that is shaping our future,” ProducePay CEO Pat McCullough said in the release. “We credit our fast-paced growth to delivering solutions that bring greater efficiency and transparency across the entire fresh produce supply chain at a time when escalating challenges such as food waste, climate change, and price volatility are impacting retailers and growers around the globe.”
The Inc. 5000 class of 2023 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and persistent hiring challenges, the release said.
Among this year’s top 500 companies, the average median three-year revenue growth rate ticked up to an astonishing 2,238%. In all, this year’s Inc. 5000 companies have added 1,187,266 jobs to the economy over the past three years.
Running a business has only gotten harder since the end of the pandemic,” Inc. Editor-in-Chief Scott Omelianuk said in the release. “To make the Inc. 5000 — with the fast growth that requires — is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”
Being named to 2023’s Inc. 5000 list comes on the heels of ProducePay’s recent ranking in Fast Company’s 2023 World’s Most Innovative Companies, Forward Fooding’s FoodTech 500 and receiving World Finance magazine’s AgTech Sustainability Award this spring. 2022 was also a banner year for ProducePay as the company grew year over year by 85% and grew overall transactions on its marketplace by 279%, the release said.
For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, visit inc.com/inc5000.
