The Narwhal List

The Narwhal List is a listing of Canada’s 50 most financially attractive private tech companies. This list shows private Canadian venture capital backed companies with the highest Financial Velocity.

Financial Velocity is the amount of funding a firm has raised divided by the number of years it has been in existence. It is expressed in millions of dollars per year. This measure reports the rate at which companies raise and consume capital. For an explanation of Financial Velocity and the Narwhal List you can refer to our original reports:

A Failure to Scale
The Narwhal List

The Narwhal List as of February 15th, 2017

RankCompanyFoundedTotal Funding
(Millions USD)
Financial Velocity
(Millions USD / year)
SectorCity
1BlueRock Therapeutics2016225.0225.0HealthcareToronto
2DalCor Pharmaceuticals2015150.075.0HealthcareMontreal
3Thalmic Labs2012134.526.9ConsumerKitchener
4Hootsuite2008229.925.5InternetVancouver
5Turnstone Biologics201550.025.0HealthcareOttawa
6Ilkos Therapeutics201615.915.9HealthcareMontreal
7Real Matters2004203.815.7InternetMarkham
8Clementia Pharmaceuticals201192.515.4HealthcareMontreal
9Kik Interactive2009115.814.5Mobile & TelWaterloo
10Wealthsimple201440.313.4InternetToronto
11Northern Biologics201440.013.3HealthcareToronto
12Lendified201524.012.0InternetToronto
13Lightspeed POS2005126.010.5Mobile & TelMontreal
14Zymeworks2003142.910.2HealthcareVancouver
15HLS Therapeutics201430.010.0HealthcareCaledon
16Hopper200799.09.9Mobile & TelMontreal
17LEAGUE201429.09.7InternetToronto
18D2L1999165.09.2InternetKitchener
19Xagenic201064.09.1HealthcareToronto
20Highland Therapeutics200881.79.1HealthcareToronto
21D-Wave Systems1999157.78.8Comp HardwareBurnaby
22Vidyard201060.78.7InternetKitchener
23YourCityDeals201150.08.3InternetOttawa
24Esperas Pharma201516.58.3HealthcareMontreal
25SecureKey Technologies200872.98.1InternetToronto
26Ranovus201239.37.9Comp HardwareOttawa
27Flipp200776.07.6InternetToronto
28ScribbleLive Technologies200959.07.4InternetToronto
29Wave200958.97.4InternetToronto
30Influitive201049.87.1InternetToronto
31Vitaeris20167.07.0HealthcareVancouver
32FundThrough201420.86.9InternetToronto
33VarageSale201234.06.8InternetToronto
34Visier201046.56.6InternetVancouver
35Peraso Technologies200857.56.4ElectronicsToronto
36Wattpad200666.86.1InternetToronto
37BuildDirect1999108.96.0InternetVancouver
38Vena Solutions201136.06.0InternetToronto
39Coveo200570.05.8InternetQuebec City
40Slyce201228.75.7InternetCalgary
41Breather201227.55.5Mobile & TelMontreal
42Lendful201510.75.3InternetVancouver
43Bench Accounting201226.25.2InternetVancouver
44Clearpath Robotics200940.85.1IndustrialKitchener
45Morgan Solar200750.15.0Energy & UtilitiesToronto
46AmpMe201510.05.0Mobile & TelMontreal
47Indochino200749.55.0InternetVancouver
48Intelex Technologies1992122.44.9InternetToronto
49MSI Methylation Sciences200748.44.8HealthcareVancouver
50Blueprint Software Systems200459.54.6SoftwareToronto