The Narwhal List – July 2019 Update

There has been a lot of action in the Canadian tech scene over the last six months. Deals are happening with increased regularity and for bigger amounts. We thought it would be worthwhile to update the Narwhal List for July 2019 to show what has happened over the last six months. July itself has been a busy month and this update doesn’t include anything happening in July.

First of all, four companies graduated from the list. Milestone and Lightspeed went public and H&R Block acquired Wave Financial for the princely sum of $398 M US. Wealthsimple, a company we hoped would become the next Unicorn exited the list as Power Financial ponied up for another round and became a majority shareholder. Here’s to hoping that Wealthsimple goes out and raises another round from an external party and becomes independent again.

Eleven companies including Vena Solutions and Lungpacer are either new or returning to the list. These 11 companies raised an average of $36 million US each.

Companies new or returning to the ListAmount raised $M US
AlayaCare25
ApplyBoard41
Dialogue30
Fiix Software40
Koho Financial31
Lungpacer Medical55
Mindbridge AI11
Sonrai Security19
TrackTik34
Vena Solutions87
Xanadu31

And finally, 8 companies already on the list raised an average of $38 million US of capital and moved up. At the top end of these companies was Fusion Pharmaceuticals which raised an eye-popping $105 M US.

Companies that raised moneyAmount raised $M US
D-Wave Systems30
ecobee61
eSentire47
Fusion Pharmaceuticals105
MOJIO10
Northern Biologics7
Turnstone Biologics42

You can see a completely updated list of the Narwhal List for July 2019 at https://narwhalproject.org/narwhal-list/