In the footsteps of Estonian unicorns
Fractory offers a cloud manufacturing platform that connects engineering companies with the manufacturing market in real-time. Engineers can upload their CAD files, and Fractory’s algorithm chooses the best manufacturing partner based on prices, location, materials, and methods.
The Financial Times ranking, published for the 7th year, includes independent firms with a turnover of at least €100,000 in 2018 and €1.5m in 2021, with sales growth being mainly organic. Companies whose share prices fell by more than 75% in 2021, were excluded.
Fractory achieved a compound annual growth rate of 209.4% between 2018 and 2021, with its revenue growing from €220,000 to over €6.5M during that period. Martin Vares, CEO of Fractory, said the attention could boost the company even further. “If big and trusted publications take notice, people will also take notice,” he commented for Äripäev.
The decision to discontinue US operations in 2021 was also a massive win for Fractory as it allowed them to focus more on the Nordic and UK markets, both of which have carried Fractory to the top. Vares recalled that Fractory’s success follows Estonian 4th unicorn Bolt‘s, which also performed strongly in the same ranking some years ago.
Three Estonian companies in the FT 1000
The other two Estonian companies in this year’s FT 1000 list are Bunker Partner and Lixi. Bunker Partner, a supplier of marine fuels to ships, was ranked 364th on the list, and Lixi, owned by Italian e-resident Luca Lix, ranked 189th. The latter’s main activity is the creation of courses, memberships, books, articles and newsletters to advance financial literacy and master investing, mainly serving the Italian audience.
The FT, in presenting its methodology, says that the 1,000 companies were ranked on a best-knowledge basis and that the ranking is not comprehensive because some companies did not want to publish their results or were excluded for other reasons. UK-based Tripledot Studio topped the list with a compound annual growth rate (CAGR) of 794.7 per cent. Marshmallow, a UK insure-tech business, and lithium battery maker WeCo of Italy ranked second and third, respectively.
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