The Narwhal List

The Narwhal List identifies a set of young Canadian companies that have the potential to become successful on the world stage. It also points to possible financial pathways to turn these companies into Unicorns, which are closer to reaching public financial markets. The transition to Unicorn and an IPO may give our firms the ability to compete on their own merits and have the currency necessary to fund acquisitions throughout the world.

This list is created annually and this is the list for January 2019. The data for the list comes primarily from CB Insights and Crunchbase. You can read more about this list and our 2019 report here.

We have used Financial Velocity to measure companies on this list. Financial velocity measures the speed at which a company acquires and consumes capital to fuel its growth. It is defined simply as the amount of capital a company has raised divided by the number of years it has been in existence:

Financial Velocity = Capital Raised / Years in Existence

Velocity is measured over time and is expressed in millions of US dollars per year. It provides a simple and elegant tool to enable entrepreneurs and investors to gauge the financial attractiveness of young and capital-intensive firms. Achieving a high financial velocity means a company is raising more and more money over time.

It is possible for a firm to have a high velocity in its first year if it raises a significant amount of funding. In each year of its existence, it must raise more and more money to maintain that high velocity. However, if a business does not raise any money—or raises too little—in any given year, its velocity will decrease; and this may be a sign of stagnant or declining growth. Companies can graduate from the list when they get sold or have an Initial Public Offering.

Technology Companies – July 1 2019

RankOrganization NameFoundedTotal FundingFinancial VelocitySectorCity
1Element AI2016105.735.2Artificial IntelligenceMontreal
2Hootsuite2008279.925.4InternetVancouver
3Ritual2014113.522.7MobileToronto
4Kik2009220.522.1MobileKW
5North2012152.721.8Consumer ProductKW
6Blockstream2014101.020.2BlockchainVictoria
7Integrate.ai201738.219.1Artificial IntelligenceToronto
8Assent Compliance2011151.619.0InternetOttawa
9Hopper2007199.216.6MobileMontreal
10Breather2012113.716.2MobileMontreal
11ecobee2007192.316.0Consumer ProductToronto
12League Inc.201476.215.2InternetToronto
13Fiix Software201557.9714.5InternetToronto
14Vena Solutions2011115.4414.4InternetToronto
15Dialogue201642.3814.1Mobile & TelecommunicationsMontreal
16CryptoKitties201727.013.5BlockchainVancouver
17ApplyBoard201553.5813.4InternetKitchener
18Kira Systems201150.06.3InternetToronto
19Coveo2005169.812.1InternetQuebec
20LeddarTech2007140.711.7ElectronicsQuebec
21D-Wave Systems1999230.911.5Computer HardwareVancouver
22eSentire2001187.910.4SoftwareKW
23Xanadu201631.110.4Computer Hardware & ServicesToronto
24Visier201091.510.2InternetVancouver
25TouchBistro201090.010.0MobileToronto
26Ranovus201268.59.8Computer HardwareOttawa
27Sonrai Security201718.59.3InternetFredericton
28Happiify20189.19.1Artificial IntelligenceToronto
29Wattpad2006117.89.1InternetToronto
30Tulip Retail201351.28.5MobileToronto
31Mindbridge AI201533.898.5SoftwareOttawa
32Hubba201258.78.4InternetToronto
33D2L1999165.08.3InternetKW
34MOJIO201257.48.2MobileVancouver
35AlayaCare201440.948.2InternetToronto
36Koho Financial201438.657.7Mobile & TelecommunicationsToronto
37Vidyard201160.77.6InternetKW
38Rubikloud201345.37.5InternetToronto
39Farmer's Edge Laboratories2005103.67.4SoftwareWinnipeg
40Nuco201621.67.2InternetToronto
41TrackTik201342.177.0InternetMontreal
42Bench201249.17.0InternetVancouver
43Drop201527.36.8MobileToronto
44Analytics 4 Life201247.56.8SoftwareToronto
45SecureKey Technologies200873.56.7InternetToronto
46Platterz201620.06.7InternetToronto

Life Sciences Companies – July 1 2019

RankOrganization NameFoundedTotal FundingFinancial VelocitySectorCity
1BlueRock Therapeutics2016225.075.0BiotechnologyToronto
2Ironshore Pharma2008343.031.2Drug DeliveryToronto
3DalCor Pharma 2015118.529.6Pharma / DrugsMontreal
4Repare Therapeutics201668.022.7Drug DevelopmentSaint-Laurent
5Turnstone Biologics201592.123.0BiotechnologyOttawa
6PreciThera201629.09.7Drug DevelopmentMontreal
7Fusion Pharma2014151.130.2BiotechnologyHamilton
8Northern Biologics201447.39.5BiotechnologyToronto
9Lungpacer Medical200975.387.5HealthcareVancouver
10Highland Therapeutics200881.77.4Drug DevelopmentToronto