The Narwhal List – 2022
The Narwhal List was developed to focus attention on the private Canadian technology companies best poised to become world class firms. The list uses three metrics to identify leading firms. These metrics are Financial Velocity, Growth and the Size of the Firm. From publicly available data we have created a Scale-Up Score which rates a firm’s ability to scale to world-class at any stage of its development. Research in over 1,000 companies indicates that a Scale-Up Score of over 25 is critical to enable a firm to continue its trajectory to becoming world-class. This list is created annually and this is the list for January 2022. To read more about the Scale-Up Score, click here.
Canadian Unicorns – January 1, 2022
| Rank | Company | Founded | Funding $US | Scale Up Score | City |
|---|---|---|---|---|---|
| 1 | Dapper Labs | 2018 | 607,450,000 | 192.7 | Vancouver |
| 2 | Wealthsimple | 2014 | 900,409,434 | 168.2 | Toronto |
| 3 | ApplyBoard | 2015 | 483,480,000 | 142.2 | Waterloo |
| 4 | Clearco | 2015 | 681,535,950 | 140.2 | Toronto |
| 5 | Hopper | 2007 | 598,679,549 | 91.5 | Montreal |
| 6 | Ada | 2016 | 190,620,620 | 67.6 | Toronto |
| 7 | Trulioo | 2011 | 474,765,412 | 66.8 | Vancouver |
| 8 | Tenstorrent | 2016 | 234,549,999 | 65.9 | Toronto |
| 9 | Nexii | 2019 | 85,000,000 | 64.9 | Vancouver |
| 10 | PointClickCare | 1995 | 229,978,523 | 63.1 | Mississauga |
| 11 | 1Password | 2005 | 300,135,000 | 59.2 | Toronto |
| 12 | Clio | 2008 | 386,000,000 | 58.5 | Vancouver |
| 13 | SSENSE | 2003 | 0 | 55.3 | Montreal |
| 14 | Blockstream | 2014 | 299,000,000 | 42.1 | Victoria |
| 15 | Assent Compliance | 2010 | 183,629,305 | 40.5 | Ottawa |
| 16 | FreshBooks | 2003 | 205,869,317 | 36.7 | Toronto |
| 17 | Visier | 2010 | 216,500,000 | 34.8 | Vancouver |
Computer Technology Companies – 2022
| Rank | Organization Name | Founded | Funding $US | Scale Up Score | Location |
|---|---|---|---|---|---|
| 1 | Neo Financial | 2019 | 91,543,798 | 112.9 | Calgary |
| 2 | Axelar | 2020 | 28,750,000 | 84.2 | Waterloo |
| 3 | Hootsuite | 2008 | 299,900,000 | 78.2 | Vancouver |
| 4 | Geotab | 2000 | 0 | 72.0 | Mississauga |
| 5 | Apollo Insurance | 2018 | 11,401,106 | 62.6 | Vancouver |
| 6 | AlayaCare | 2014 | 293,405,685 | 62.4 | Montreal |
| 7 | Properly | 2018 | 126,292,408 | 60.9 | Toronto |
| 8 | Smile CDR | 2016 | 20,000,000 | 60.4 | Toronto |
| 9 | Symend | 2016 | 108,756,700 | 57.2 | Calgary |
| 10 | Clutch Canada | 2016 | 103,091,201 | 56.7 | Toronto |
| 11 | PayFacto | 2018 | 119,512,389 | 50.4 | Verdun |
| 12 | Vena Solutions | 2011 | 272,805,416 | 50.4 | Toronto |
| 13 | TealBook | 2014 | 73,102,173 | 49.1 | Toronto |
| 14 | Vosker | 2018 | 78,135,988 | 49.1 | Victoriaville |
| 15 | Forma Ai | 2016 | 13,000,000 | 48.4 | Toronto |
| 16 | Klue | 2015 | 81,000,000 | 48.0 | Vancouver |
| 17 | Soti Inc | 1995 | 0 | 47.1 | Mississauga |
| 18 | Rewind | 2015 | 80,071,100 | 46.9 | Ottawa |
| 19 | Fullscript | 2011 | 267,000,000 | 46.0 | Ottawa |
| 20 | Resq | 2018 | 46,500,000 | 42.3 | Toronto |
| 21 | Loopio | 2014 | 208,087,350 | 41.1 | Toronto |
| 22 | League | 2014 | 146,139,506 | 40.4 | Toronto |
| 23 | TouchBistro | 2010 | 209,400,000 | 39.9 | Toronto |
| 24 | Certn | 2016 | 33,968,305 | 39.8 | Victoria |
| 25 | Global Relay | 1999 | 0 | 39.5 | Vancouver |
| 26 | KOHO Financial | 2014 | 113,387,179 | 39.0 | Toronto |
| 27 | PocketPills | 2018 | 39,350,000 | 39.0 | Surrey |
| 28 | Flinks | 2016 | 93,043,236 | 38.8 | Montreal |
| 29 | Essential Accessibility | 2008 | 70,110,766 | 38.4 | Toronto |
| 30 | Jobber | 2011 | 83,461,289 | 38.0 | Edmonton |
| 31 | Conexiom | 2005 | 170,000,000 | 37.4 | Vancouver |
| 32 | RenoRun | 2016 | 21,100,513 | 37.1 | Montreal |
| 33 | PartnerStack | 2015 | 36,173,010 | 36.7 | Toronto |
| 34 | Bench | 2012 | 109,381,506 | 36.4 | Vancouver |
| 35 | Benevity | 2008 | 69,220,250 | 36.2 | Calgary |
| 36 | Prodigy Education | 2011 | 125,121,088 | 35.7 | Oakville |
| 37 | Top Hat | 2009 | 234,400,000 | 35.6 | Toronto |
| 38 | Vendasta | 2008 | 156,299,157 | 35.5 | Saskatoon |
| 39 | Semios | 2010 | 215,362,724 | 35.1 | Vancouver |
| 40 | Xanadu | 2016 | 135,621,647 | 34.8 | Toronto |
Health Technology Companies – 2022
| Rank | Organization Name | Year Founded | Funding $US | Scale Up Score | Location |
|---|---|---|---|---|---|
| 1 | Notch Therapeutics | 2018 | 86,000,000 | 76.7 | Toronto |
| 2 | Field Trip Health | 2019 | 19,500,000 | 63.3 | Toronto |
| 3 | Deep Genomics | 2014 | 236,700,000 | 50.8 | Toronto |
| 4 | STEMCELL Technologies | 1993 | 15,000,000 | 45.4 | Vancouver |
| 5 | Virogin Biotech | 2015 | 204,000,000 | 35.1 | Vancouver |
| 6 | Orpyx Medical Technologies | 2010 | 16,300,000 | 24.1 | Calgary |
| 7 | Optina Diagnostics | 2011 | 23,148,045 | 19.7 | Saint Laurent |
| 8 | Kardium | 2007 | 116,136,865 | 18.3 | Richmond |
| 9 | Nicoya Lifesciences | 2012 | 28,198,739 | 18.1 | Waterloo |
| 10 | Ironshore Pharmaceuticals | 2008 | 200,000,000 | 16.9 | Toronto |
Clean Technology Companies – 2022
| Rank | Organization Name | Founded | Funding $US | Scale Up Score | Location |
|---|---|---|---|---|---|
| 1 | Amp Solar Group | 2009 | 527,480,045 | 53.8 | Port Credit |
| 2 | Eddyfi | 2009 | 462,374,292 | 46.1 | Quebec |
| 3 | Enerkem | 2000 | 616,487,749 | 38.2 | Montreal |
| 4 | GHGSat | 2011 | 103,538,089 | 36.6 | Montreal |
| 5 | Eavor | 2017 | 64,153,086 | 34.6 | Calgary |
| 6 | CarbonCure Technologies | 2007 | 12,428,641 | 32.6 | Dartmouth |
| 7 | General Fusion | 2002 | 322,076,066 | 32.3 | Burnaby |
| 8 | Stormfisher Biogas | 2006 | 349,787,329 | 24.1 | Toronto |
| 9 | Carbon Engineering | 2009 | 110,355,247 | 23.7 | Squamish |
| 10 | Svante | 2007 | 155,963,016 | 23.1 | Burnaby |