The 2025 Utah 100 honors the fastest-growing Utah companies, from Nectar (1st place) and Pure Healthcare to Traeger and Zonos, highlighting sector growth in healthcare, AI, construction, consumer products, and emerging startups.
Salt Lake City, Utah — October 17, 2025
The MountainWest Capital Network (MWCN) recognized Nectar as the No. 1 company on the 2025 Utah 100 during its 31st annual awards event that took place at the Grand America today. First presented in 1994, the Utah 100 celebrates the state’s fastest-growing companies, highlighting the innovation and resilience driving Utah’s expanding economy.
Founded in 2015 by Trevor Larson and Andrew Hollis, Nectar HR specializes in employee recognition and workplace culture enhancement. It helps companies improve engagement, morale, and retention by providing tools for peer-to-peer recognition, rewards, and feedback that align with company values. Essentially, it allows organizations to celebrate achievements, reinforce positive behaviors, and strengthen workplace culture in a structured, measurable way.
Upon receiving the top award, Nectar Co-Founder and CEO Trevor Larson, originally from Arizona, but now bullish on Utah's vibrant startup ecosystem, shared how a small but pivotal early win helped shape his company’s journey. “As a student at UVU, we won a startup competition that came with a $4,000 check,” He told the audience of more than 1,000 business leaders in the packed Grand America ballroom. “It wasn’t a lot of money, but it gave us the confidence to keep going — to keep investing in this vision and in my team.”
He closed his remarks with a challenge that resonated across the room:
“Invest in your people. It’s not a nice-to-have — it’s the biggest strategic advantage that exists in business. Invest in your people. Invest in your culture. We’re bullish on Utah’s startup ecosystem and on what’s being built here.”
“Nectar’s success in helping companies transform their workplace cultures through meaningful appreciation and recognition tied to company values has been essential to their incredibly fast growth,” said Chris Badger, chair of the MWCN Utah 100 committee. “The 2025 Utah 100 reflects several meaningful trends reshaping Utah’s business landscape. While healthcare and healthcare-adjacent companies continue their upward trajectory, we’re also seeing strong momentum in AI-driven firms and a notable increase in construction-related businesses as more companies expand or relocate here from other markets.”
This year’s list also underscores the staying power of Utah’s top-performing companies. Twenty-six honorees have appeared on the Utah 100 for at least five consecutive years, while four have been recognized for 11 to 15 years. Another four companies — including Zions Bancorporation and Layton Construction — have achieved the distinction for more than 20 years.
Rankings for the Utah 100 are based on a weighted formula combining percentage and dollar growth over a five-year period, through December 2024. In addition to the Utah 100, MWCN announced its annual Top 15 Revenue and Emerging Elite lists during the event.
The Top 15 Revenue category honors companies with the largest total dollar growth over the past five years. The Emerging Elite recognizes organizations less than five years old showing exceptional promise for future expansion. Companies are listed in only one category.
The 2025 MountainWest Capital Network Utah 100:
2025 Top 15 Revenue:
2025 Emerging Elite (in alphabetical order):
MountainWest Capital Network is Utah's first and largest business networking organization devoted to supporting entrepreneurial success and dedicated to the flow of financial, entrepreneurial and intellectual capital. Learn more at www.mwcn.org