Growth stocks may not be the hot investments they were just a couple of months ago, but that doesn't mean investing in this space is dead. Far from it, in fact. 

While shares of many of these companies have come down significantly from pandemic highs -- and some rightly so -- there is still an abundance of compelling growth stocks with strong businesses that you can invest in right now. 

If you have $1,000 to invest, here are two such stocks to consider adding to your portfolio. 

1. Airbnb 

I'm not usually one to tout travel stocks, not because there aren't truly great companies to be found in this space, but simply because I tend to gravitate toward other sectors. Airbnb (ABNB -1.60%) remains the exception to that personal rule. 

The company, which reported 58% year-over-year revenue growth in the most recent quarter (one of its most profitable quarters to date), not to mention free cash flow of nearly $800 million, has come a long way from the doldrums of the pandemic. Airbnb's second-quarter revenue wasn't just a massive jump year-over-year; it surpassed its revenue from the same quarter in 2019 by 73%.  

I've followed this stock fairly closely since its IPO in late 2020 and decided early on that I wanted to see a series of quarterly reports that weren't just pandemic-recovery growth numbers before I put money into it. I currently plan to invest in the company before the year is out. 

The reason I find Airbnb so compelling is that it's so much more than just a travel stock. It's a way to play the travel space, but it's also an investment in trends like the rapidly evolving future of work, tech, and new ways of living and working. Now, it's completely realistic to expect that Airbnb could face more volatility ahead as consumer spending may inevitably decline in the near future, given the current inflationary and interest rate environment.

These trends could even take a few years to resolve. Over the long run, though, Airbnb is well positioned to capitalize on the changing needs of its customer base and remain the go-to platform where everyone, from travelers to long-term work-and-live renters, finds their ideal accommodation and experiences wherever in the world they choose to go. 

2. Chewy 

Chewy (CHWY -2.45%) was quite the popular stock earlier in the pandemic. Recently though, as growth stocks across a range of sectors have seen share prices decline, Chewy has followed suit. 

Chewy is much more than a destination for pet owners to get food and supplies, although that certainly accounts for a significant portion of its sales and profits. The company has continued to diversify its business model beyond selling pet products, from its online pet pharmacy, where you can buy everything from prescription medications to supplements, to its Autoship subscription program, to its CarePlus pet insurance and wellness plans. 

In the second quarter of this year, Chewy's net sales rose 13% year over year, while its net income totaled $22.3 million, compared to a $16.7-million loss in the same quarter the prior year. Chewy also reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $83.1 million, a 257% increase from the year-ago period.  

Grand View Research estimates that the entire pet care market will hit a valuation of $236 billion by the year 2030. As of 2021, Chewy controlled nearly half of the pet products market, according to a report by Cardify.ai.

While shares of Chewy may be trading down significantly right now, pet spending isn't going anywhere. Given the company's market dominance and strong pathways to continued growth, Chewy has significant room to expand its business and boost returns for shareholders in the years ahead.