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 NameScaleup RankYear FoundedTotal $US FundingCity
1Cohere100%20191,112,455,555Toronto
2TensTorrent100%20161,027,549,999Toronto
31Password100%2005920,135,000Toronto
4LayerZero Labs99%2021295,799,986Vancouver
5Clio97%20081,286,000,000Vancouver
6Xanadu96%2016268,317,736Toronto
7Stack Adapt95%2014536,600,000Toronto
8Wealthsimple95%2014900,409,434Toronto
9ADA81%2016190,620,620Toronto
10PointClickCare76%1995229,978,523Mississauga
11Assent71%2010533,629,305Ottawa
12Trulioo62%2011474,765,412Vancouver
13eSentire62%2001411,228,870Waterloo
14ApplyBoard62%2015554,049,172Waterloo
15Hopper59%2007729,679,549Montreal
16Visier58%2010216,500,000Vancouver
17Figment54%2018164,009,947Toronto
18Blockstream51%2014634,000,000Montreal
19Clearco51%2015858,635,950Toronto
20PAPER50%2014389,637,755Montreal
21Semios50%2010215,362,724Vancouver
22Axelar Network48%202064,000,000Waterloo
23Dapper Labs47%2018612,507,850Vancouver
24FreshBooks45%2003331,869,317Toronto
25Maropost42%201110,000,000Toronto
26Nexii41%2019152,525,406Vancouver

Computer Technology Companies – 2025

Organization NameScaleup RankYear FoundedTotal $US FundingCity
1Hostaway98%2015543,222,813Toronto
2UniUni98%2019135,000,000Richmond
3LemFi98%202066,569,812Toronto
4Waabi97%2021282,553,410Toronto
5Carbon697%202181,935,547Toronto
6Tailscale97%2019115,480,659Toronto
7Helius96%202231,250,000Toronto
8Motion96%202142,000,000Toronto
9Relay96%201851,608,517Toronto
10Jobber96%2011183,461,289Edmonton
11KOHO Financial96%2014547,478,612Toronto
12CentML96%202230,305,612Toronto
13Doodles95%202154,000,000Vancouver
14CookOut95%202214,000,000Toronto
15Float95%201971,740,171Toronto
16Orennia95%202125,000,000Calgary
17Photonic93%201699,341,014Vancouver
18Parallel93%202185,000,000Toronto
19Betty93%202210,508,970Toronto
20EV.com93%202220,200,000Toronto
21ZayZoon93%201480,404,032Calgary
22Arteria AI93%202040,941,260Toronto
23Spare92%201566,868,535Vancouver
24Nesto92%2018161,354,383Montreal
25Protexxa91%202110,214,626Toronto
26Keep91%202110,675,474Ottawa
27Durable90%202126,500,000Vancouver
28Clutch90%2017370,295,894Toronto
29OneVest90%202116,694,855Calgary
30Fullscript90%2011267,000,000Ottawa
31PayFacto89%2018119,512,389Verdun
32Spellbook89%201832,376,629Toronto
33Hootsuite88%2008299,900,000Vancouver
34Pine88%202121,305,856Toronto
35Solink88%200994,080,212Ottawa
36Darwynn88%202120,000,000Scarborough
37PocketHealth88%201655,500,000Toronto
38Maxa AI88%201923,830,265Montreal
39AutoLeap88%201954,250,000Toronto
40Fullscript90%2011267,000,000Ottawa

Health Technology Companies – 2025

Organization NameScaleup RankYear FoundedTotal $US FundingCity
1Abdera Therapeutics97%2021148,325,391Vancouver
2Alpha9 Theranostics96%2019259,017,545Vancouver
3Kardium91%2007219,971,108Richmond
4Borealis Biosciences92%2024180,000,000Vancouver
5Nomic88%201760,025,686Montreal
6Congruence Therapeutics88%202164,581,196Montreal
7Aspect Biosystems81%201381,067,874Vancouver
8Radiant Biotherapeutics79%202045,100,000Toronto
9Puzzle Medical Devices76%201835,044,233Montreal
10Flosonics74%201540,175,000Sudbury

Clean Technology Companies – 2025

Organization NameScaleup RankYear FoundedTotal $US FundingCity
1Cyclic Materials97%202183,600,000Kingston
2Eavor96%2017504,267,721Calgary
3WorldEnergy GH295%202294,271,254Stephenville
4GHGSat95%2011147,314,207Montreal
5EverWind Fuels93%2021147,500,000Halifax
6Hydrostor92%2010322,000,000Toronto
7Summit Nanotech89%201865,734,794Calgary
8Entropy88%2021389,272,362Calgary
9Heliene Inc88%2010225,450,000Sault Sainte Marie
10Elysis84%201820,000,000Montreal