You’d have to serve a lot of frozen yogurt to hit a growth rate of more than 10,000 percent.
That’s exactly what SweetFrog has done over the last three years, according to a list published this week.
The Richmond-based frozen yogurt franchise grew its revenue by 10,372 percent between 2010 and 2013. That included $34.4 million in revenue last year alone. That feat helped it land at number 22 on the latest Inc. 500, a ranking produced each year by Inc. magazine highlighting the fastest-growing companies in America.
SweetFrog, founded in Richmond in 2009 by Derek Cha, was the highest-ranked local firm on the list and one of six local companies in the top 500.
Another 17 Richmond companies made the broader Inc. 5000 list, giving the region a total of 23 in the top 5,000. Eleven of those 23 were on Inc.’s list last year.
In addition to fro-yo, this year’s Richmond entrants include a shirt maker, a bowling alley owner and a pet treat manufacturer, as well as staffing, IT and marketing firms.
Behind SweetFrog in the Inc. 500 was Glen Allen homebuilder LeGault Homes, which earned a ranking of 166 thanks to 2,455 percent growth rate and $7.7 million in 2013 revenue.
At the 343 spot, Doswell-based Specialty Coating & Laminating reported 1,362 percent growth and $44.8 million in 2013 revenue. SC&L was named the fastest-growing company in Richmond last year in the inaugural RVA 25 rankings.
Byrd Avenue-based Blue Ridge Product Solutions was ranked at 380. It manufactures toys, games and sporting goods that are sold by small retailers. Its three-year growth rate was 1,257 percent and it produced $3.2 million in revenue last year.
Bowlmor AMF, the Mechanicsville-based bowling alley chain had by far the highest level of revenue of the 23 local firms with $408.5 million in 2013. Its three-year growth rate was 1,120 percent. The company is the result of a massive merger last year after AMF filed bankruptcy.
Impact Makers, a Scott’s Addition-based IT and management consulting firm, was one of 11 local firms to make the Inc. list again this year. It jumped back into the top 500 at the 463 spot with growth of 1,024 percent and revenue last year of $10.3 million.
The 23 Richmond companies combined produced $779 million in revenue in 2013, an average of $33.89 million, according to the Inc. list.
Inc.’s popular rankings are based on that three-year growth rate and are open to privately-held, independent, for-profit companies with a minimum of $100,000 in revenue in 2010 and a minimum of $2 million in 2013.
Virginia landed 284 companies in the top 5,000. Northern Virginia firms made up the largest percentage among the state’s major metro areas.