The Fast50 list was unveiled for the second time last week. App Dynamic, which was near the top last time, landed at the top of the list, which ranks technology companies by revenue growth 2012-2015. Two companies, CrankWheel and Florealis, were awarded the Rising Star. The competition is held by Deloitte with participation from FKA, SI, NMI and Islandsbanki.

From the press release:

The purpose of Fast 50 – Rising Star is mainly to attract the attention of foreign stakeholders to Icelandic tech companies. Sigurdur Pall Hauksson, CEO of Deloitte Iceland, states that Fast 50 – Rising Star is the focus point of Deloitte’s innovation emphasis. “This initiative started more than 20 years ago and is known around the world. It is therefore an international acknowledgement which we are happy to be able to offer Icelandic entrepreneurs. It is our hope that participating in this initiative will facilitate further growth for these companies.”

The Fast 50 list

The Fast 50 criteria is revenue growth between 2012-2015, all companies that apply must have had at least 50 thousand EUR in revenue 2012 and at least 800 thousand EUR in 2015. Roughly 40 Deloitte member firms participate in the initiative each year, which started in the US in 1995.

Pratik Kumar founder and CEO of App Dynamic said it was enjoyable to see the company’s name on top of the Fast 50 list. „Our growth over these past years is due constant innovation and a lot of hard work, making App Dynamic a pioneer in screen projection technology. Our focus is of course is mainly abroad where we face fierce competition from huge international companies like Google, Apple and Microsoft. This Fast 50 award is a recognition of our success which helps us create deeper strategic partnerships and new revenue streams for the company.” said Pratik.

Rising Stars

A number of companies applied for the Rising Star part of the initiative and a special jury of experts appointed six companies to pitch their business case at the Fast 50 – Rising Star event. Those companies were Ankra, CrankWheel, Karolina Fund, Florealis, Guide to Iceland and Tagplay. After the pitches the jury chose two Rising Star winners, CrankWheel og Florealis.

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