Stocks of rapidly growing businesses normally trade at a premium and can be great long-term buys. They can help make the most of a modest-size investment as their returns often dwarf that of the overall market. If you have $5,000 that you can afford to invest right now, two stocks you should consider putting at least some of that money into are Vertex Pharmaceuticals (VRTX 0.71%) and Shopify (SHOP 0.08%).

1. Vertex Pharmaceuticals

An investment in Vertex could go a long way given the company's solid growth prospects. The biotech stock has already been a great investment to own over the past five years as its share price has doubled. During that time, it has generated strong growth in both its top and bottom lines, making it easy to see why investors have been bullish:

VRTX Revenue (Annual) Chart

VRTX Revenue (Annual) data by YCharts.

The company has a strong cystic fibrosis (CF) business behind its strong results. But Vertex is working on developing treatments beyond that.

It's been working with CRISPR Therapeutics on a gene-editing therapy, exa-cel, which can help treat patients with sickle cell disease and beta thalassemia. The two companies completed their submission of a Biologics License Application for it to the Food and Drug Administration earlier this month. If exa-cel obtains approval, it could become a blockbuster, generating more than $1 billion in annual revenue at its peak.

There's also VX-548, a pain treatment in phase 3 trials that could obtain approval soon. VX-864, a treatment for APOL1-mediated kidney disease, is also in phase 2/3 trials.

By diversifying outside of its longstanding CF franchise, Vertex has the potential to be an even better buy in the long term. Although it's near its 52-week high, the healthcare stock could still soar higher for investors who buy and hold, making this a great place to invest $5,000 right now.

2. Shopify

Another good place to invest now is in e-commerce as more and more business is being done online these days. And one company at the center of all that growth is Shopify. During the early stages of the pandemic, Shopify was a red-hot buy. Nearly every retailer was enhancing its online shopping options, and the company's offerings make it easy for anyone to sell just about anything online.

According to forecasts from Statista that Shopify cites on its website, online revenue will account for 24% of global retail sales by 2026 (versus just under 20% in 2022). One trend that is expected to pick up steam is selling via social media -- which Shopify helps vendors do.

The company has been a growth beast in recent years, with revenue of $1.6 billion in 2019 soaring to $5.6 billion this past year. Unfortunately, Shopify, like many other companies in tech, hired too many workers and overestimated demand amid the pandemic. Last year, it incurred an operating loss of $822.3 million, which was far worse than the $268.6 million profit it achieved in 2021.

But Shopify has been focusing on reducing its costs and has been laying off staff in order to get its expenses under control. In the long run, that should improve prospects for profitability and make the company a better investment.

Investors, however, have been bearish on the tech stock. Shares of Shopify have fallen 67% since the start of 2022. They're now trading around the levels they were at before the pandemic started, so now can be an excellent time to buy the stock. In the long term, once the economy recovers, Shopify should again prove to be a hot growth stock to own.