The Narwhal List – 2023

The Narwhal List was developed to focus attention on the private Canadian technology companies best poised to become world class firms. To create the list we evaluated the results of 900 Canadian technology companies that have received more than $10 million of capital. For 2023, we have computed a ranking that compares each company to over 15,000 scaling companies in North America. This ranking measures each company’s ability to acquire capital to fuel growth, their growth rate in personnel and how big they have become in terms of the number of employees. The score we have given each company shows their ranking as a percentile against these reference companies. The final number is a percentile between 0% and 100%, showing the percentage of companies that any particular company is performing better at in scaling. This list is created annually and this is the list for January 2023.   

Canadian Unicorns – January 1, 2023

RankOrganization NameScaleup RankingFoundedTotal $US FundingCity
1Dapper Labs100%2018612,507,850Vancouver
2Hopper99%2007729,679,549Montreal
31Password99%2005920,135,000Toronto
4Ada98%2016190,620,620Toronto
5Figment98%2018165,009,947Toronto
6ApplyBoard97%2015483,480,000Waterloo
7Tenstorrent97%2016234,549,999Toronto
8Nexii94%2019119,525,406Vancouver
9Assent Inc.94%2010533,629,305Ottawa
10Trulioo93%2011474,765,412Vancouver
11Clio93%2008386,000,000Vancouver
12Xanadu92%2016235,621,647Toronto
13Clearco90%2015698,635,950Toronto
14FreshBooks90%2003331,869,317Toronto
15eSentire89%2001411,228,870Waterloo
16Visier88%2010216,500,000Vancouver
17Axelar84%202063,750,000Waterloo
18Blockstream78%2014299,000,000Victoria
19PointClickCare78%1995229,978,523Mississauga

Computer Technology Companies – 2023

RankOrganization NameScaleup RankingFoundedTotal $US FundingCity
1Neo Financial100%2019235,757,890Calgary
2Nesto98%2018151,354,383Montreal
3Cohere98%2019164,946,073Toronto
4Clutch98%2016253,091,201Toronto
5Wealthsimple96%2014900,409,434Toronto
6TRADE X96%2018169,449,034Mississauga
7Vention95%2016138,761,066Montreal
8Klue95%201581,000,000Vancouver
9League94%2014171,139,506Toronto
10BenchSci94%201594,533,057Toronto
11Properly94%2018154,293,808Toronto
12KOHO Financial94%2014278,866,074Toronto
13RenoRun93%2016163,727,561Montreal
14Vena Solutions93%2011272,805,416Toronto
157shifts93%2014131,022,846Saskatoon
16Certn93%201683,920,348Victoria
17Ledn93%2018103,877,523Toronto
18Wrk93%201943,131,285Montreal
19Loopio92%2014208,087,350Toronto
20Untether AI92%2018152,000,000Toronto
213Commas92%201740,000,000Toronto
22Auvik Networks91%2011283,312,569Waterloo
23Vosker90%2019125,233,316Victoriaville
24TealBook90%201473,102,173Toronto
25Sanctuary Cognitive Systems Corporation90%201889,697,338Vancouver
26AlayaCare90%2014293,405,685Montreal
27Fullscript90%2011267,000,000Ottawa
28Ataccama90%2008150,500,000Toronto
29Vetster89%202037,424,578Toronto
30Resq89%201846,500,000Toronto
31Delphia89%201879,480,000Toronto
32POTLOC89%201445,275,445Montreal
33Damon Motors89%201753,562,662Vancouver
34Jobber89%201183,461,289Edmonton
35Wellington-Altus Financial88%201085,000,000Winnipeg
36TouchBistro88%2010319,578,316Toronto
37Avidbots Corp.88%2014106,350,535Kitchener
38AutoLeap88%201924,250,000Toronto
39Forma Ai88%201658,000,000Toronto
40Attabotics88%2015193,969,861Calgary

Health Technology Companies – 2023

RankOrganization NameScaleup RankingFoundedTotal $US FundingCity
1Deep Genomics90%2014236,700,000Toronto
2Notch Therapeutics89%201886,000,000Toronto
3Virogin Biotech79%2015204,000,000Vancouver
4Kardium77%2007116,136,865Richmond
5Synaptive Medical71%201253,884,478Toronto
6Mara Renewables62%201242,500,000Dartmouth
7NuChem Sciences62%201137,600,000Quebec
8Qvella Corporation61%200945,399,000Richmond
9Nomic Bio61%201718,025,686Montreal
10Geneseeq54%2008135,700,255Toronto

Clean Technology Companies – 2023

RankOrganization NameScaleup RankingFoundedTotal $US FundingCity
1Svante92%2007473,963,016Burnaby
2General Fusion90%2002322,076,066Burnaby
3Amp Solar Group90%20091,032,480,045Port Credit
4Eddyfi85%2009462,374,292Quebec
5Enerkem85%2000871,487,749Montreal
6GHGSat85%2011103,538,089Montreal
7Summit Nanotech79%201833,899,194Calgary
8Carbon Engineering74%2009110,355,247Squamish
9Anaergia72%201050,658,111Toronto
10BluEarth Renewables70%201081,000,000Calgary