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Top 40 Narwhals (2019 Best Tech Companies) in Canada

The Impact Centre, based in Toronto, publishes annual Narwhals’ list of 40 great Canadian tech companies that has potential to become successful on the world stage. They look at the fundraising patterns of over 1,000 private VC-funded Canadian technology product businesses in order to product their final list.

The companies on the list are weighted by their financial velocity. 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.

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.

As you can see from the list below – entry to the Narwhal List is becoming more exclusive: the minimum financial velocity for entry is now 6.7 vs 4.7 it was in 2017.

You have various companies on the list but most come from either Artificial intelligence or Internet or Mobile industries. Most companies are concentrated mainly in Toronto.

The study points out that unfortunately none of the companies made it to their unicorn list , a company that is worth more than $1 billion, since Kik, messaging app, in 2015. At the same period of time, more than 19 US companies were founded and became Unicorns.

You can see the top 40 list below and read the full 2019 Narwhal technology report here.

Technology Narwhals

RankCompanyFoundedTotal Funding ($US Millions)Financial VelocitySectorCity
1Element AI2016105.735.2Artificial IntelligenceMontreal
2Hootsuite2008279.925.4InternetVancouver
3Ritual2014113.522.7MobileToronto
4Wealthsimple2014113.022.6InternetToronto
5Kik2009220.522.1MobileKW
6North2012152.721.8Consumer ProductKW
7Lightspeed POS2005292.020.9MobileMontreal
8Blockstream2014101.020.2BlockchainVictoria
9Integrate.ai201738.219.1Artificial IntelligenceToronto
10Hopper2007199.216.6MobileMontreal
11Breather2012113.716.2MobileMontreal
12League Inc.201476.215.2InternetToronto
13CryptoKitties201727.013.5BlockchainVancouver
14Kira Systems201550.012.5InternetToronto
15Coveo2005169.812.1InternetQuebec
16LeddarTech2007140.711.7ElectronicsQuebec
17The Aion Network201722.011.0BlockchainToronto
18ecobee2007131.310.9Consumer ProductToronto
19Assent Compliance2005151.610.8InternetOttawa
20D-Wave Systems1999209.410.5Computer HardwareVancouver
21Visier201091.510.2InternetVancouver
22TouchBistro201090.010.0MobileToronto
23Ranovus201268.59.8Computer HardwareOttawa
24Happiify20189.19.1Artificial IntelligenceToronto
25Wattpad2006117.89.1InternetToronto
26Tulip Retail201351.28.5MobileToronto
27Hubba201258.78.4InternetToronto
28D2L1999165.08.3InternetKW
29Wave200982.48.2InternetToronto
30eSentire2001140.97.8Computer HardwareKW
31Vidyard201160.77.6InternetKW
32Rubikloud201345.37.5InternetToronto
33Farmer’s Edge Laboratories2005103.67.4SoftwareWinnipeg
34Nuco201621.67.2InternetToronto
35Bench201249.17.0InternetVancouver
36Drop201527.36.8MobileToronto
37Analytics 4 Life201247.56.8SoftwareToronto
38MOJIO201247.46.8MobileVancouver
39SecureKey Technologies200873.56.7InternetToronto
40Platterz201620.06.7InternetToronto