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 2024, 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 2024.
Canadian Unicorns – January 1, 2024
| Rank | Organization Name | Scaleup Ranking | Founded | Total $US Funding | City |
|---|---|---|---|---|---|
| 1 | 1Password | 100% | 2005 | 920,135,000 | Toronto |
| 2 | Cohere | 100% | 2019 | 434,946,073 | Toronto |
| 3 | Jasper | 100% | 2015 | 131,000,000 | Montréal |
| 4 | LayerZero Labs | 100% | 2021 | 293,299,986 | Vancouver |
| 5 | Tenstorrent | 99% | 2016 | 334,549,999 | Toronto |
| 6 | Clio | 92% | 2008 | 386,000,000 | Vancouver |
| 7 | Axelar Network | 90% | 2020 | 64,000,000 | Waterloo |
| 8 | Assent | 84% | 2010 | 533,629,305 | Ottawa |
| 9 | Trulioo | 80% | 2011 | 474,765,412 | Vancouver |
| 10 | ApplyBoard | 78% | 2015 | 491,209,930 | Waterloo |
| 11 | PAPER | 77% | 2014 | 389,637,755 | Montréal |
| 12 | eSentire | 77% | 2001 | 411,228,870 | Waterloo |
| 13 | PointClickCare | 71% | 1995 | 229,978,523 | Mississauga |
| 14 | Blockstream | 70% | 2014 | 424,000,000 | Victoria |
| 15 | Visier | 69% | 2010 | 216,500,000 | Vancouver |
| 16 | Wealthsimple | 66% | 2014 | 900,409,434 | Toronto |
| 17 | FreshBooks | 64% | 2003 | 331,869,317 | Toronto |
| 18 | Hopper | 64% | 2007 | 729,679,549 | Montréal |
| 19 | Ada | 60% | 2016 | 190,620,620 | Toronto |
| 20 | Semios | 56% | 2010 | 215,362,724 | Vancouver |
| 21 | Maropost | 56% | 2011 | 10,000,000 | Toronto |
| 22 | Dapper Labs | 53% | 2018 | 612,507,850 | Vancouver |
| 23 | Nexii | 50% | 2019 | 119,525,406 | Vancouver |
| 24 | Clearco | 45% | 2015 | 858,635,950 | Toronto |
Computer Technology Companies – 2024
| Rank | Organization Name | Scaleup Ranking | Founded | Total $US Funding | City |
|---|---|---|---|---|---|
| 1 | Waabi | 99% | 2021 | 82,553,410 | Toronto |
| 2 | Carbon6 | 99% | 2021 | 81,935,547 | Toronto |
| 3 | Tailscale | 99% | 2019 | 115,480,659 | Toronto |
| 4 | CookOut | 98% | 2022 | 14,000,000 | Toronto |
| 5 | UniUni | 97% | 2019 | 60,000,000 | Richmond |
| 6 | LemFi | 96% | 2020 | 33,850,000 | Toronto |
| 7 | AutoLeap | 96% | 2019 | 54,250,000 | Toronto |
| 8 | Sanctuary Cognitive | 96% | 2018 | 89,697,338 | Vancouver |
| 9 | Doodles | 96% | 2021 | 54,000,000 | Vancouver |
| 10 | Orennia | 96% | 2021 | 25,000,000 | Calgary |
| 11 | Hostaway | 96% | 2015 | 178,222,813 | Toronto |
| 12 | Photonic | 95% | 2016 | 99,341,014 | Vancouver |
| 13 | Nesto | 95% | 2018 | 151,354,383 | Montreal |
| 14 | Float | 94% | 2019 | 33,883,921 | Toronto |
| 15 | BenchSci | 94% | 2015 | 164,160,477 | Toronto |
| 16 | Xanadu | 94% | 2016 | 265,536,353 | Toronto |
| 17 | Fuel Labs | 93% | 2019 | 81,500,000 | Vancouver |
| 18 | Novisto | 93% | 2019 | 29,176,141 | Montréal |
| 19 | 7shifts | 93% | 2014 | 131,022,846 | Saskatoon |
| 20 | Invert | 93% | 2021 | 24,464,235 | Ottawa |
| 21 | Buf | 93% | 2020 | 93,466,515 | Toronto |
| 22 | Neo Financial | 92% | 2019 | 235,757,890 | Calgary |
| 23 | ODAIA | 92% | 2018 | 43,350,000 | Toronto |
| 24 | Keep | 92% | 2021 | 10,675,474 | Ottawa |
| 25 | Ryte | 91% | 2019 | 13,840,000 | Toronto |
| 26 | Arteria AI | 91% | 2020 | 40,941,260 | Toronto |
| 27 | OneVest | 91% | 2021 | 16,694,855 | Calgary |
| 28 | Kepler Communications | 91% | 2015 | 177,060,177 | Toronto |
| 29 | MineSense Tech | 90% | 2008 | 123,601,109 | Vancouver |
| 30 | Pine | 90% | 2021 | 21,305,856 | Toronto |
| 31 | Relay | 90% | 2018 | 19,408,517 | Toronto |
| 32 | Jobber | 90% | 2011 | 183,461,289 | Edmonton |
| 33 | BoomerangFX | 90% | 2021 | 20,000,000 | Mississauga |
| 34 | Certn | 89% | 2016 | 222,920,348 | Victoria |
| 35 | ZayZoon | 88% | 2014 | 75,025,000 | Calgary |
| 36 | Klue | 88% | 2015 | 83,000,000 | Vancouver |
| 37 | Rose Rocket | 88% | 2015 | 63,000,000 | Toronto |
| 38 | Boosted.ai | 88% | 2017 | 44,455,576 | Toronto |
| 39 | GoBolt | 86% | 2017 | 178,331,405 | Toronto |
| 40 | Auvik Networks | 86% | 2011 | 283,312,569 | Waterloo |
Health Technology Companies – 2024
| Rank | Organization Name | Scaleup Ranking | Founded | Total $US Funding | City |
|---|---|---|---|---|---|
| 1 | Congruence Therapeutics | 93% | 2021 | 64,581,196 | Montréal |
| 2 | Alpha9 Theranostics | 91% | 2019 | 84,017,545 | Vancouver |
| 3 | Gandeeva Therapeutics | 90% | 2021 | 39,301,997 | Vancouver |
| 4 | Kardium | 78% | 2007 | 116,136,865 | Richmond |
| 5 | Thryv Therapeutics | 76% | 2019 | 40,380,780 | Laval |
| 6 | Highland Therapeutics | 69% | 2008 | 56,700,000 | Toronto |
| 7 | STEMCELL Technologies | 68% | 1993 | 15,000,000 | Vancouver |
| 8 | Nomic | 68% | 2017 | 18,025,686 | Montréal |
| 9 | Aspect Biosystems | 65% | 2013 | 27,649,659 | Vancouver |
| 10 | Synaptive Medical | 65% | 2012 | 53,884,478 | Toronto |
Clean Technology Companies – 2024
| Rank | Organization Name | Scaleup Ranking | Founded | Total $US Funding | City |
|---|---|---|---|---|---|
| 1 | Summit Nanotech | 97% | 2018 | 65,734,794 | Calgary |
| 2 | Svante | 94% | 2007 | 478,963,016 | Burnaby |
| 3 | Ekona Power | 89% | 2017 | 68,001,585 | Vancouver |
| 4 | Elysis | 88% | 2018 | 20,000,000 | Montréal |
| 5 | GHGSat | 87% | 2011 | 147,314,207 | Montréal |
| 6 | Westgen Technologies | 85% | 2019 | 16,515,242 | Calgary |
| 7 | Eavor | 83% | 2017 | 364,771,218 | Calgary |
| 8 | Enerkem | 79% | 2000 | 871,487,749 | Montréal |
| 9 | e-Zinc | 79% | 2012 | 42,233,953 | Toronto |
| 10 | Eddyfi | 79% | 2009 | 462,374,292 | Quebec |