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The Fastest Growing Startups of 2024 Q2
Jul 22, 2024
Q2 has officially come to an end. At Crustdata, we provide real-time data of companies and we wanted to find out the fastest growing startups in Q2.
So, we used our company and headcount dataset to break down the fastest growing and best performing startups of the quarter.
Let’s start with the top 25 fastest growing startups with at least 25 employees.
Level2, a UK-based AI-driven market analysis startup, has shattered growth expectations with an impressive 508.2% QoQ increase. The startup from London is revolutionizing quantitative trading strategies with a no-code platform, aiming to increase access to algorithmic trading for retail investors.
The company recently closed a £780,000 pre-seed round, signaling strong investor confidence in their unique approach. Is this the dawn of a new era in investment, where AI-powered tools level the playing field for individual traders?
Speaking of AI, the presence of multiple AI companies (Artisan AI, Procurement Sciences AI, Cognition AI, Etched AI) indicate the continued rapid growth of the industry that made up 30% of the total funding this quarter.
To check if these startups were just one quarter wonders, we looked at their multi year growth data. Here’s what we found:
Let’s breakdown the employee growth further as it relates to any recent funding rounds:
Funding Date: April 2024
Employee Growth:
April 2023: 6 employees
July 2024: 25 employees
Funding Date: January 2024
Employee Growth:
April 2023: 68 employees
July 2024: 350 employees
Funding Date: Aug 2023
Employee Growth:
April 2023: 4 employees
July 2024: 38 employees
Now that we’ve looked into the past, we thought we’d take a peek into the future. By tracking the company’s job openings, it provides us a window into future headcount trends and overall growth trajectories. Here are the startups with the most job openings:
Health tech continues to dominate the hiring landscape, with Valera Health leading the pack. The company is a Brooklyn-based digital mental health company and is experiencing significant growth and expansion.
The company is actively recruiting across various roles, with a focus on mental health professionals such as Mental Health Therapists specializing in child & adolescent care, group therapy, and general practice.
But where does the money to fund the salaries of all these new employees come from? Investors. Let’s take a look at the startups that have received the most backing from investors.
The dominance of AI startups in this graph depicts an industry in explosive growth, with xAI's $6 billion round leading multiple billion-dollar investments. Investment in AI startups have been made in diverse applications from general AI and language models to specialized fields like autonomous driving, cybersecurity, and renewable energy.
Q2 can be dubbed as the quarter of AI growth.
The involvement of tech giants such as Nvidia and Meta and the scale of investments in this industry point to an undeniable future - the era of Artificial Intelligence.
About the data:
The data seen above is from Crustdata - the most accurate realtime LinkedIn data source for growth and private equity investors. It indexes billions of public data points on companies every week to provide an edge over the private market.
