Plenty of growth stocks plunged when the Federal Reserve started boosting interest rates a couple of years ago and investors' appetites for risk began to decrease. In many cases, the biggest concern about those companies was their profitability, and rightly so. After all, a rising-interest-rate environment isn't the best situation in which to raise capital, especially compared to the essentially zero-interest-rate environment that previously existed.

As a result, many growth companies have shifted their focus away from all-out expansion and toward profitability and sustainability. Here are two in particular that have recently given investors encouraging news on the profitability front, and that you might want to take another look at for your portfolio.

To say that the speed at which upstart insurance company Lemonade (NYSE: LMND) has scaled up its business is impressive would be an understatement. The company recently reached 2 million active customers, a feat that took current leaders in the industry like State Farm decades to achieve.

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Source Fool.com