Summit Human Capital was the top locally- and Virginia-based business on Inc. Magazine’s Inc. 5000 list of the nation’s fastest-growing companies, earning the No. 20 spot thanks to three-year revenue growth of 14,413 percent.
Summit, founded by Glenn Diersen in 2018, led a local crop of 38 Richmond-area companies on the annual list. That’s down from 44 local companies on last year’s list.
The Inc. rankings are for privately-held companies and based on revenue growth from the three previous calendar years.
Reached Tuesday evening, Diersen said he views the listing as the start of monumental growth to come for Summit, expressing plans to one day have satellite offices in every primary U.S. region. For now, he said the company is focusing on continued office growth in the Mid-Atlantic, as well as an increased presence in the Southeast.
He said 2022 revenue is projected to double at a minimum from prior years.
Diersen referred to the company’s carefully selected team as the main reason behind its success. The firm is now staffed by 200 employees across 37 states and 40 in India.
The company opened a second office in Washington D.C. in 2021, extending its services toward government contracting. It also topped last year’s RVA 25 list of the region’s fastest-growing companies.
In June of this year, Summit moved its Richmond headquarters to the remade Saunders Station building at 1635 W. Broad St, allowing for a considerable expansion in both space and staff.
“We have big, hairy, audacious goals,” Diersen said at the time of the headquarters deal. “Every year we have exceeded our goals, including during the pandemic. I said we’re not going to play small.”
It’s Summit’s first appearance on the Inc. list and it displaces Sassy Jones, a hand-made jewelry company that had been the top local company on the Inc. last for the last two years. Sassy Jones was not listed this year.
Diersen’s firm was the region’s only business to make the top 100. Summit was followed by Glen Allen’s CloudQnect, ranked 350, and Git The Trucking Commercial Tires at 485. CloudQnect, described as a salesforce consulting firm, grew by 1,666 percent, while Git experienced 1,276 percent growth.
Summit also topped Virginia rankings, leading a field of 258 from the commonwealth. That’s down from last year’s 309. Two other state companies, RP Professional Services and Integrated Management Strategies, also made it into the top 100.
The 258 Virginia companies on the list reported total revenue of $19.6 billion, an increase of $1.2 billion from last year’s group.
New Jersey’s BlockFi, a fintech company fusing traditional finance with cryptocurrency, ranked No. 1 on the list, with 245,616 percent growth.
The Inc. 5000 list can be seen here.
~Richmond BizSense, Filip De Mott, August 16
