ASX growth shares can be a wonderful investment if we buy the right ones that are likely to be worth more in the coming years.

It's much easier for a rapidly growing business to 'grow into' its valuation than a slow-moving one. Companies that are increasing their underlying value at a fast pace may also mean the share price is increasing at a pleasing speed, as long as the share price isn't too highly valued.

I don't have a crystal ball to know how the next few years will turn out, but I think the following investments can offer everything I'm looking for.

Siteminder Ltd (ASX: SDR)

This ASX growth share is the company behind the Siteminder software. The company calls itself the world's leading hotel distribution and revenue platform. It also offers Little Hotelier, an all-in-one hotel management offering.

Siteminder is very important for the global hotel industry. It generates more than 125 million reservations worth over A$80 billion in revenue for its hotel customers each year.

The company can grow its revenue in a variety of ways, such as by increasing both subscription revenue and transactional revenue. The ASX growth share is currently pursuing larger hotel properties with a higher room count and transaction value. This helped increase the net rooms added during HY25 by more than 50%.

HY25 saw the business deliver 18.4% growth of annualised recurring revenue (ARR) to $216.2 million, with 12.7% subscription ARR growth and 31.5% transaction ARR growth.

As a software business, the company is likely to see profit margins rise, thanks to operating leverage. For example, in HY25, it reported its underlying gross profit margin increased 1.18% from the second half of FY24 to 66.9%. Underlying operating profit (EBITDA) was positive $5.3 million for the half, up from a loss of $1.2 million in the prior corresponding period.

The company continues to invest in making improvements to its platform to provide the best features for subscribers, unlock revenue growth, and create stronger loyalty.

In five years, I think the ASX growth share is likely to make a much larger profit.

VanEck MSCI International Small Cos Quality ETF (ASX: QSML)

I believe that smaller businesses have more growth potential because they are earlier on in their growth journey. Going from $250 million to $1 billion in revenue means it has quadrupled, but going from $1 billion to $2 billion is only doubling the revenue.

This exchange-traded fund (ETF) is all about investing in high-quality, relatively small companies. There are 150 businesses in this portfolio, across a range of geographies, sectors, and economies. I think the fund provides adequate diversification in a variety of ways.

For a business to be considered for the portfolio, it needs to score well on three key fundamentals – a high return on equity (ROE), earnings stability, and low financial leverage.

The holdings aren't household names, but the three biggest positions are Comfort Systems USA, Flex, and Curtiss-Wright.

Impressively, this fund has delivered an average return of 17.2% per year. I'm not expecting the next three years to be as strong, but I believe this portfolio can continue to deliver for investors focused on good returns from ASX growth shares.