While New Zealand may be more well known on the global stage for its stunning landscapes, its abundance of sheep, and the historic culture of its indigenous Māori people, it has more recently established itself as a dynamic and diverse business hub. Despite its small population and relative isolation from the rest of the world, New Zealand’s stable economy and transparent, free market have seen it ranked 2 nd in the world for ease of doing business by the World Bank’s ‘Doing Business’ survey. And with more businesses operating in digital spaces than ever, the connectivity between Kiwi businesses and the rest of the world has reached new heights. As Deloitte prepares to announce its nationwide Fast 50 Index for 2024, let’s look at which businesses from across the region could be in the mix for the top spot.
VeVe Digital
Where better place to start than the company that took last year’s crown as New Zealand’s fastest-growing business? Initially starting out of a comic store in Auckland CBD by Dan Crothers and David Yu in 2017, VeVe Digital is an online collectibles platform using NFT technology to offer consumers unique digital collectibles. Partnering with major international brands like Marvel, Disney, and Coca-Cola, the company has established itself as a key player in the emerging digital collectibles market. Recording a staggering revenue growth of 1239% over last year alone, it is clear that VeVe Digital has found a niche in the market. They will hope this success will continue as the world shifts to the digital landscape.
Legendary Story Studios
Another former winner of Deloitte’s prestigious list, taking the prize in 2022, Auckland- based games developer Legendary Story Studios have continued their upward trajectory following the release of the hugely successful trading card game, Flesh, and Blood. Released in 2019, the fantasy-styled tabletop game has proven popular with fans and critics alike, winning multiple international awards while selling well commercially. 2022 saw the studio revenue grow a mammoth 6416%, and while last year’s figure of 303% pales in comparison, it still represents a positive trend for the company. With no new releases in the pipeline, many in the industry will be interested to see how this exciting game studio continues to perform.
JackpotCity Casino
As the New Zealand iGaming industry continues to experience a boom in popularity, many of its market leaders are now starting to grow rapidly. JackpotCity Casino is one such example that is beginning to feel the financial benefits of New Zealand’s burgeoning online gaming scene. Offering customers over 800 games to play as well as a range of attractive bonuses and promotions, it’s easy to see why Onlinecasino.co.nz rates the platform as the leading real money casino in the country and why players continue to use it. With significant legislative reform surrounding online gambling being announced earlier this year by the Kiwi government, online platforms such as JackpotCity could soon see even greater revenues coming in.
Nau Mai Rā
Nau Mai Rā is an electricity company that launched in 2019 in the central North Island region of New Zealand. What sets this company apart from others in the industry, however, is that it is Māori founded and aims to use any profits made to help pay the bills of struggling customers. Nau Mai Rā channels the concept of manaakitanga, translating to hospitality and generosity in English, in order to create energy equality in New Zealand and help those less fortunate. This impressive social enterprise has already been successful, allowing customers to save over $100,000 on their bills while also experiencing a revenue growth of over 700% in 2023. Furthermore, co-founder Ezra Hirawani was voted Young New Zealander of the Year in 2022, recognising his potential as one of the country's brightest future business leaders. As the global energy crisis continues to affect people across the world, Nau Mai Rā feels as important as ever.
Hnry
Next on the list is Wellington-based fintech company Hnry. Founded in 2017, this digital tax service provider has been touted as the first pay-as-you-go accounting service for sole traders and small businesses anywhere in the world. With a modern app and specially designed digital debit card, Hnry is very much a business of tomorrow, helping to keep sole traders up to date in a complex modern digital world, making tax calculations and payments simpler than ever. Experiencing 608% revenue growth last year, the company was recently announced as the fastest-growing technology business in the lower North Island region, indicating that 2024 could be equally as successful.
xtravel
Moving down to the South Island, travel agency xtravel has gone from strength to strength since their inception in 2016. With nearly 3 million tourists visiting New Zealand in 2023, tourism has always been at the heart of many businesses, and xtravel is no exception. Based out of the Dunedin region, the business strives to offer unforgettable, high-quality experiences to customers, whether that is relaxing on the golden beaches of the Caribbean or experiencing the cold waters of Antarctica. The post-pandemic travel boom that has taken place following the reopening of our borders has led to travel companies being busier than ever, with more Kiwis year on year deciding to head overseas for a holiday. It comes as no surprise then to see that xtravel experienced revenue growth of 318% last year before winning the regional prize for the fasting growing services business in 2024.
The diverse nature of the businesses on this list highlights New Zealand's inherent ability to foster an environment in which businesses can flourish, regardless of the company’s goals and objectives. It is also clear that many of the fastest-growing Kiwi businesses are part of the new digital age, recognizing consumer shifts towards online environments and creating ideas and services that work to suit our evolving world better. While these businesses will likely continue their upward trajectory, expect to see new innovative companies emerge, further creating a strong and competitive Kiwi economy.