The Narwhal List

 

The Narwhal List is a compilation of Canada’s fastest scaling 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.

If a company wants to scale to world class it will need to acquire significant investment capital. The more it acquires, the more it can grow. And the faster it can acquire capital, the faster it can grow. So Financial Velocity is a way to track private companies who are trying to scale to world class size.

In the past, our list has shown the top 50 Canadian firms. From now on, we’re going to show all firms that have a Financial Velocity of above 5.0. This means that these firms have raised an average of at least $5 million USD per year to fuel their growth.

We’ve updated the list as of July 9th 2018 and we’re going to try to keep it updated on a regular basis. For an explanation of Financial Velocity and the Narwhal List you can refer to our report, The Narwhal List 2018.

 

The Narwhal List 2018

Technology Narwhals

RankCompanyFoundedTotal FundingFinancial VelocitySectorCity
1Ritual Technologies2014113.028.3Mobile & TelToronto
2Hootsuite2008230.023.0InternetVancouver
3Thalmic Labs2012135.022.5ConsumerKitchener
4Lightspeed POS2005292.022.5Mobile & TelMontreal
5Breather2012113.719.0Mobile & TelMontreal
6Wealthsimple201462.015.5InternetToronto
7RadiomicsAI201715.015.0SoftwareToronto
8Coveo2005170.013.1InternetQuebec City
9Kik Interactive2009116.012.9Mobile & TelWaterloo
10CryptoKitties201712.012.0InternetVancouver
11Visier201092.011.5InternetVancouver
12FundThrough201445.911.5InternetToronto
13TouchBistro201091.211.4Mobile & TelToronto
14D-Wave Systems1999209.411.0Comp HardwareBurnaby
15Kindred Systems201443.010.8IndustrialVancouver
16LeddarTech2007117.010.6ElectronicsQuebec City
17Wave Financial201084.010.5InternetToronto
18Coinsquare201440.410.1InternetToronto
19Platterz201620.010.0InternetToronto
20Drop201527.39.1Mobile & TelecommunicationsToronto
21Rubikloud201345.39.1InternetToronto
22Hopper200799.09.0Mobile & TelMontreal
23Wattpad2006107.08.9InternetToronto
24Arctic Blockchain20188.28.9Computer Hardware & ServicesVancouver
25D2L1999165.08.7InternetKitchener
26Hubba201159.08.4InternetToronto
27Tulip Retail201342.08.4Mobile & TelToronto
28Nekso201525.08.3Mobile & TelToronto
29eSentire2001141.08.3Comp HardwareCambridge
30Integrate.ai20178.08.0InternetToronto
31Vidyard201061.07.6InternetKitchener
32Manifold201615.07.5InternetHalifax
33SecureKey Technologies200873.07.3InternetToronto
34LEAGUE201429.07.3InternetToronto
35Ranovus201243.07.2Comp HardwareOttawa
36Flipp200776.06.9InternetToronto
37Mojio201241.06.8Mobile & TelVancouver
38Scribble Technologies200961.06.8InternetToronto
39Dialogue201612.56.3Mobile & TelecommunicationsMontreal
40Influitive201050.06.3InternetToronto
41IGLOO Software200860.06.0InternetKitchener
42Frank And Oak201236.06.0InternetMontreal
431QBit Information Technologies201235.05.8SoftwareVancouver
44Peraso Technologies200858.05.8ElectronicsToronto
45Uberflip201234.35.7InternetToronto
46Deep Genomics201517.05.7SoftwareToronto
47Auvik Networks201139.45.6InternetKitchener
48Top Hat200950.05.6InternetToronto
49Analytics 4 Life201232.05.3SoftwareKingston
50VueReal201610.55.3ElectronicsWaterloo
51Vena Solutions201136.05.1InternetToronto
52INSTANT Financial201515.35.1InternetVancouver

Healthcare Narwhals

RankCompanyFoundedTotal FundingFinancial VelocitySectorCity
1BlueRock Therapeutics2016225112.5HealthcareToronto
2DalCor Pharmaceuticals201515050HealthcareMontreal
3Repare Therapeutics20166834HealthcareSaint-Laurent
4Turnstone Biologics20155016.7HealthcareOttawa
5PreciThera20162914.5HealthcareMontreal
6Fusion Pharmaceuticals20144611.5HealthcareHamilton
7Northern Biologics20144010HealthcareToronto
8Highland Therapeutics2008828.2HealthcareToronto
9Ilkos Therapeutics2016167.9HealthcareMontreal
10Endoceutics2006857.1HealthcareQuebec
11Fortuna Fix201519.66.5HealthcareQuebec
12Milestone Pharmaceuticals2005856.5HealthcareQuebec
13OncoQuest2015196.3HealthcareEdmonton
14Esperas Pharma201516.55.5HealthcareQuebec
15Canary Medical2013265.2HealthcareVancouver