Image: Facebook
Kelowna’s Strawhouse is the fastest growing startup in Canada. It was one of three Kelowna companies named to the exclusive list yesterday.
Blistering growth at a trio of Kelowna startups has landed all three businesses among some very exclusive company.
Kelowna-based Strawhouse, 5 Point Operations, and Refresh Financial were recognized yesterday as some of the fastest-growing companies in Canada, when they were named to the STARTUP 50 list.
The list lays out the 50 fastest-growing startups in the country. Compiled by Canadian Business, it the result of exhaustive research, and acts as a companion to the PROFIT 500 ranking of the country’s fastest-growing companies.
Strawhouse actually topped the list, standing far and above the rest of the companies with more than 3,000 per cent growth over a two-year period, and $50-100 million of revenue in 2016.
The startup works with many of the world’s fastest-growing companies as Facebook’s largest performance video advertiser, using its disruptive technology to drive hundreds of millions of dollars in sales over the past two years.
Listed as Canada’s 12th-fastest growing startup, 5 Point Operations grew 930 per cent over two years, and took in $2-5 million of revenue in 2016.
The project management company has contracts with major players across the country, handling landscape construction, snow removal, landscape maintenance and more.
“I’m super proud to be listed with this group,” said 5 Point partner Gord Oliver. “I had a chance to look through some of the companies that are on that list, and we’re happy to be named with all of them.”
Refresh Financial showed up at 19th on the list, growing 705 per and bringing in $10-20 million in revenue in 2016. This was the company’s second year in a row making the Top 50.
Refresh offers a suite of financial services to help give a leg up to “under-banked” customers. It pioneered a product in Canada that helps people build their credit using cash-secured savings bonds.
The power of partnerships
Refresh CEO Michael Wendland said his company was able to grow as fast as it has thanks in large part to the partnership it has formed, and those partners seeing the value of the Refresh products.
“That’s really helped us propel our growth, because we’ve essentially locked arms with a number of partners across Canada to promote our product,” he said.
Oliver gave similar props to 5 Point’s partners. He said his company’s partnership with Mississauga real estate giants BGIS was a big reason 5 Point has ballooned in a few short years.
Meanwhile, Strawhouse’s success is directly linked to the platforms like Facebook it operates through.
Kelowna punching above its weight
Oliver and Wendland also noted the fact that three Kelowna companies on such an exclusive, country-wide list is quite an accomplishment for a relatively small city.
Wendland gave particular props to the business and political leaders in the community whom he says have helped foster a vibrant entrepreneurial culture here.
“From a per capita standpoint [three companies in the Top 20] is not bad odds, and kind of speaks to the startup culture that the key leaders have helped to shape and create over the last 10-15 years,” Wendland said.
“What’s cool about it is, for all intents and purposes, across Canada we’re still a fairly small city … and I think it speaks to the opportunities here, and it also speaks to the human talent this city is starting to acquire because people are attracted to the lifestyle,” he added.
Oliver himself is a great example of that.
Attracted by the pace and lifestyle of the Okanagan, he left a big city to return to Kelowna. Here, he says he found a wealth of “really intelligent business people” driving a surprising amount of innovation.
“There’s a lot of excitement in business here,” he said.
For more information on the STARTUP 50, check out the list online.
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