Shelton-based energy startup Budderfly Inc. is one of the nation’s 10 fastest growing private companies, according to the latest ranking from Inc. magazine.
Founded by Connecticut serial entrepreneur Al Subbloie, Budderfly was one of 42 Connecticut companies that made the 2021 Inc. 5000, and one of four that made the Top 500, which are featured in the magazine’s September issue.
Inc. ranks the companies based on percentage revenue growth from 2017 through 2020.
With combined revenues of $1.7 billion, Connecticut companies on the list posted a median growth of 140% and added 1,647 jobs, according to the magazine. There were 17 repeat honorees.
Other Connecticut companies in the Top 500 were Eastern Asset Funding, a Greenwich financial services company (58 with 6,069% growth); Norwalk wearable technology company Triax Technologies (107 with 3,820% growth); and Bloomfield medical equipment supplier Soma Tech Intl. (163 with 2,582% growth).
Budderfly, which helps businesses cut energy costs, had a three-year revenue gain of 22,486%, the largest percentage increase in Connecticut, according to the magazine.
It was also the nation’s second-fastest growing company in the energy category.
The company implements energy efficiency upgrades such as lighting, HVAC controls and energy intelligence software, at no cost to customers, and then takes a percentage of the savings.
In recent years, no other Connecticut company has broken the Top 10. Last year’s fastest-growing state company, Farmington-based Diameter Health, came in at No. 334. It made the list at No. 2,050 this year.
In a statement, Budderfly officials attributed its stellar growth to the addition of high-profile customers like KFC/Taco Bell, Subway and Wendy’s franchises and others.
The company, founded in 2017, raised $7.8 million in an equity funding round last October, which it said at the time it would use to triple its North American footprint of 2,000 customers.
“We are humbled that Inc. 5000 has recognized Budderfly among America’s Top 10 fastest-growing companies,” said Subbloie, who is also the CEO. “Our sustainable energy solutions continue to deliver bottom-line results for our customers while paying environmentally friendly dividends in the form of carbon reductions.”
To be eligible for the list, companies must be U.S.-based, privately held, for-profit companies (not subsidiaries or divisions) as of December 31. 2020. They must also have recorded minimum revenues of $100,000 in 2017 and $2 million in 2020.
Medical billing software startup Inbox Health Corp., at No. 517 (944% growth) was the fastest-growing company (and one of 16 on the list) from the New Haven metro area. Bridgeport’s metro area had 18 on the list, including Budderfly, and Hartford’s had 8, including Soma Tech.
The remaining New Haven metro companies on the list are:
- FCP Groton, Milford (1,786)
- Boost Oxygen, Milford (2,169)
- MindTrust, New Haven (2,468)
- ASG Information Technologies, Wallingford (2,490)
- Maganti IT Resources, Naugatuck (2,526)
- Metropolitan interactive Ltd., Oxford (2,712)
- PBIRx, Milford (3,032)
- IMPACT, New Haven (3,513)
- The Junkluggers, Seymour (3,553)
- Zero Gravity Marketing, Madison (3,673)
- InGenius Prep, New Haven (3,736)
- TBNG, Milford (3,949)
- ebm, North Haven (4,548)
- Votto Vines, Hamden (4,604)
- Clarity Software Solutions, Madison (4,631)
The full list of Connecticut companies can be found HERE.
Contact Natalie Missakian at news@newhavenbiz.com
