Estonian business newspaper Äripäev awarded Lumav with the title “Estonian Gazelle Company 2022” for its rapid growth over the past three years. Less than 1% of Estonian companies receive the award every year. For Lumav, this is the fourth time it has received this recognition.
Board member Margus Ots acknowledges that success depends not only on the existence of e-business, but on its continuous improvement. “To be in the Gazelle TOP once again is a great recognition, firstly for our customers – we are delighted to have been able to partner with them in growing their businesses. The existence of an e-commerce business is the norm nowadays, but it alone does not guarantee success, success requires continuous improvement of the existing e-business. Our team also deserves a big bow – growing means taking risks and putting in extra effort, we have been brave enough to invest in new software and new people. It’s been great to go uphill together, shoulder to shoulder, and get to the pedestal!”
Margus adds that, in addition to the Gazelle TOP, we were also invited for the second time to be nominated for the Financial Times Europe TOP 1000 Fastest Growing Companies, but this hill (for now) is too high – but there is a target to aim for.
The definition of a Gazelle Company comes from a pen of US economist David Berch. In his research in the nineties, Berch identified small firms as the biggest job creators. Gazelles accounted for 4% of all operating firms while creating 70% of new jobs.
Estonia’s Gazelle movement will celebrate its 23rd birthday in 2023 – that’s how long Äripäev has been ranking fast-growing companies that have grown their turnover and profits by more than half in three years in a row and have the essential characteristics of a fast-growing company – flexibility, speed and courage.
We would like to thank all our Partners and Customers, thanks to whom we were once again awarded!