The Narwhal List
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 2025, we have computed a ranking that compares each company to over 17,000 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 2025. Click on the three buttons below for a discussion of the research and our findings.
Canadian Unicorns – 2025
| Organization Name | Scaleup Rank | Year Founded | Total $US Funding | City | |
|---|---|---|---|---|---|
| 1 | Cohere | 100% | 2019 | 1,112,455,555 | Toronto |
| 2 | TensTorrent | 100% | 2016 | 1,027,549,999 | Toronto |
| 3 | 1Password | 100% | 2005 | 920,135,000 | Toronto |
| 4 | LayerZero Labs | 99% | 2021 | 295,799,986 | Vancouver |
| 5 | Clio | 97% | 2008 | 1,286,000,000 | Vancouver |
| 6 | Xanadu | 96% | 2016 | 268,317,736 | Toronto |
| 7 | Stack Adapt | 95% | 2014 | 536,600,000 | Toronto |
| 8 | Wealthsimple | 95% | 2014 | 900,409,434 | Toronto |
| 9 | ADA | 81% | 2016 | 190,620,620 | Toronto |
| 10 | PointClickCare | 76% | 1995 | 229,978,523 | Mississauga |
| 11 | Assent | 71% | 2010 | 533,629,305 | Ottawa |
| 12 | Trulioo | 62% | 2011 | 474,765,412 | Vancouver |
| 13 | eSentire | 62% | 2001 | 411,228,870 | Waterloo |
| 14 | ApplyBoard | 62% | 2015 | 554,049,172 | Waterloo |
| 15 | Hopper | 59% | 2007 | 729,679,549 | Montreal |
| 16 | Visier | 58% | 2010 | 216,500,000 | Vancouver |
| 17 | Figment | 54% | 2018 | 164,009,947 | Toronto |
| 18 | Blockstream | 51% | 2014 | 634,000,000 | Montreal |
| 19 | Clearco | 51% | 2015 | 858,635,950 | Toronto |
| 20 | PAPER | 50% | 2014 | 389,637,755 | Montreal |
| 21 | Semios | 50% | 2010 | 215,362,724 | Vancouver |
| 22 | Axelar Network | 48% | 2020 | 64,000,000 | Waterloo |
| 23 | Dapper Labs | 47% | 2018 | 612,507,850 | Vancouver |
| 24 | FreshBooks | 45% | 2003 | 331,869,317 | Toronto |
| 25 | Maropost | 42% | 2011 | 10,000,000 | Toronto |
| 26 | Nexii | 41% | 2019 | 152,525,406 | Vancouver |
Computer Technology Companies – 2025
| Organization Name | Scaleup Rank | Year Founded | Total $US Funding | City | |
|---|---|---|---|---|---|
| 1 | Hostaway | 98% | 2015 | 543,222,813 | Toronto |
| 2 | UniUni | 98% | 2019 | 135,000,000 | Richmond |
| 3 | LemFi | 98% | 2020 | 66,569,812 | Toronto |
| 4 | Waabi | 97% | 2021 | 282,553,410 | Toronto |
| 5 | Carbon6 | 97% | 2021 | 81,935,547 | Toronto |
| 6 | Tailscale | 97% | 2019 | 115,480,659 | Toronto |
| 7 | Helius | 96% | 2022 | 31,250,000 | Toronto |
| 8 | Motion | 96% | 2021 | 42,000,000 | Toronto |
| 9 | Relay | 96% | 2018 | 51,608,517 | Toronto |
| 10 | Jobber | 96% | 2011 | 183,461,289 | Edmonton |
| 11 | KOHO Financial | 96% | 2014 | 547,478,612 | Toronto |
| 12 | CentML | 96% | 2022 | 30,305,612 | Toronto |
| 13 | Doodles | 95% | 2021 | 54,000,000 | Vancouver |
| 14 | CookOut | 95% | 2022 | 14,000,000 | Toronto |
| 15 | Float | 95% | 2019 | 71,740,171 | Toronto |
| 16 | Orennia | 95% | 2021 | 25,000,000 | Calgary |
| 17 | Photonic | 93% | 2016 | 99,341,014 | Vancouver |
| 18 | Parallel | 93% | 2021 | 85,000,000 | Toronto |
| 19 | Betty | 93% | 2022 | 10,508,970 | Toronto |
| 20 | EV.com | 93% | 2022 | 20,200,000 | Toronto |
| 21 | ZayZoon | 93% | 2014 | 80,404,032 | Calgary |
| 22 | Arteria AI | 93% | 2020 | 40,941,260 | Toronto |
| 23 | Spare | 92% | 2015 | 66,868,535 | Vancouver |
| 24 | Nesto | 92% | 2018 | 161,354,383 | Montreal |
| 25 | Protexxa | 91% | 2021 | 10,214,626 | Toronto |
| 26 | Keep | 91% | 2021 | 10,675,474 | Ottawa |
| 27 | Durable | 90% | 2021 | 26,500,000 | Vancouver |
| 28 | Clutch | 90% | 2017 | 370,295,894 | Toronto |
| 29 | OneVest | 90% | 2021 | 16,694,855 | Calgary |
| 30 | Fullscript | 90% | 2011 | 267,000,000 | Ottawa |
| 31 | PayFacto | 89% | 2018 | 119,512,389 | Verdun |
| 32 | Spellbook | 89% | 2018 | 32,376,629 | Toronto |
| 33 | Hootsuite | 88% | 2008 | 299,900,000 | Vancouver |
| 34 | Pine | 88% | 2021 | 21,305,856 | Toronto |
| 35 | Solink | 88% | 2009 | 94,080,212 | Ottawa |
| 36 | Darwynn | 88% | 2021 | 20,000,000 | Scarborough |
| 37 | PocketHealth | 88% | 2016 | 55,500,000 | Toronto |
| 38 | Maxa AI | 88% | 2019 | 23,830,265 | Montreal |
| 39 | AutoLeap | 88% | 2019 | 54,250,000 | Toronto |
| 40 | Fullscript | 90% | 2011 | 267,000,000 | Ottawa |
Health Technology Companies – 2025
| Organization Name | Scaleup Rank | Year Founded | Total $US Funding | City | |
|---|---|---|---|---|---|
| 1 | Abdera Therapeutics | 97% | 2021 | 148,325,391 | Vancouver |
| 2 | Alpha9 Theranostics | 96% | 2019 | 259,017,545 | Vancouver |
| 3 | Kardium | 91% | 2007 | 219,971,108 | Richmond |
| 4 | Borealis Biosciences | 92% | 2024 | 180,000,000 | Vancouver |
| 5 | Nomic | 88% | 2017 | 60,025,686 | Montreal |
| 6 | Congruence Therapeutics | 88% | 2021 | 64,581,196 | Montreal |
| 7 | Aspect Biosystems | 81% | 2013 | 81,067,874 | Vancouver |
| 8 | Radiant Biotherapeutics | 79% | 2020 | 45,100,000 | Toronto |
| 9 | Puzzle Medical Devices | 76% | 2018 | 35,044,233 | Montreal |
| 10 | Flosonics | 74% | 2015 | 40,175,000 | Sudbury |
Clean Technology Companies – 2025
| Organization Name | Scaleup Rank | Year Founded | Total $US Funding | City | |
|---|---|---|---|---|---|
| 1 | Cyclic Materials | 97% | 2021 | 83,600,000 | Kingston |
| 2 | Eavor | 96% | 2017 | 504,267,721 | Calgary |
| 3 | WorldEnergy GH2 | 95% | 2022 | 94,271,254 | Stephenville |
| 4 | GHGSat | 95% | 2011 | 147,314,207 | Montreal |
| 5 | EverWind Fuels | 93% | 2021 | 147,500,000 | Halifax |
| 6 | Hydrostor | 92% | 2010 | 322,000,000 | Toronto |
| 7 | Summit Nanotech | 89% | 2018 | 65,734,794 | Calgary |
| 8 | Entropy | 88% | 2021 | 389,272,362 | Calgary |
| 9 | Heliene Inc | 88% | 2010 | 225,450,000 | Sault Sainte Marie |
| 10 | Elysis | 84% | 2018 | 20,000,000 | Montreal |