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 October 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 Technologies2014113.528.4Mobile & TelToronto
2Wealthsimple2014113.028.3InternetToronto
3Hootsuite2008279.923.0InternetVancouver
4Thalmic Labs2012135.022.5ConsumerKitchener
5Lightspeed POS2005292.022.5Mobile & TelMontreal
6LEAGUE201476.219.1InternetToronto
7Breather2012113.719.0Mobile & TelMontreal
8Hopper2007195.017.7Mobile & TelMontreal
9Kira201550.016.7SoftwareToronto
10RadiomicsAI201715.015.0SoftwareToronto
11Coveo2005170.013.1InternetQuebec City
12Kik Interactive2009116.012.9Mobile & TelWaterloo
13CryptoKitties201712.012.0InternetVancouver
14Ecobee2007131.311.9ConsumerToronto
15Visier201092.011.5InternetVancouver
16FundThrough201445.911.5InternetToronto
17TouchBistro201091.211.4Mobile & TelToronto
18D-Wave Systems1999209.411.0Comp HardwareBurnaby
19Kindred Systems201443.010.8IndustrialVancouver
20LeddarTech2007117.010.6ElectronicsQuebec City
21Wave Financial201084.010.5InternetToronto
22Coinsquare201440.410.1InternetToronto
23Platterz201620.010.0InternetToronto
24Drop201527.39.1Mobile & TelecommunicationsToronto
25Rubikloud201345.39.1InternetToronto
26Wattpad2006107.08.9InternetToronto
27Arctic Blockchain20188.28.9Computer Hardware & ServicesVancouver
28D2L1999165.08.7InternetKitchener
29Hubba201159.08.4InternetToronto
30Tulip Retail201342.08.4Mobile & TelToronto
31Nekso201525.08.3Mobile & TelToronto
32eSentire2001141.08.3Comp HardwareCambridge
33Integrate.ai20178.08.0InternetToronto
34Vidyard201061.07.6InternetKitchener
35Manifold201615.07.5InternetHalifax
36SecureKey Technologies200873.07.3InternetToronto
37Ranovus201243.07.2Comp HardwareOttawa
38Flipp200776.06.9InternetToronto
39Mojio201241.06.8Mobile & TelVancouver
40Scribble Technologies200961.06.8InternetToronto
41Dialogue201612.56.3Mobile & TelecommunicationsMontreal
42Influitive201050.06.3InternetToronto
43IGLOO Software200860.06.0InternetKitchener
44Frank And Oak201236.06.0InternetMontreal
451QBit Information Technologies201235.05.8SoftwareVancouver
46Peraso Technologies200858.05.8ElectronicsToronto
47Uberflip201234.35.7InternetToronto
48Deep Genomics201517.05.7SoftwareToronto
49Auvik Networks201139.45.6InternetKitchener
50Top Hat200950.05.6InternetToronto
51Analytics 4 Life201232.05.3SoftwareKingston
52VueReal201610.55.3ElectronicsWaterloo
53Vena Solutions201136.05.1InternetToronto
54INSTANT Financial201515.35.1InternetVancouver

Healthcare Narwhals

RankCompanyFoundedTotal FundingFinancial VelocitySectorCity
1BlueRock Therapeutics2016225.0112.5HealthcareToronto
2DalCor Pharmaceuticals2015150.050.0HealthcareMontreal
3Repare Therapeutics201668.034.0HealthcareSaint-Laurent
4Turnstone Biologics201550.016.7HealthcareOttawa
5PreciThera201629.014.5HealthcareMontreal
6Fusion Pharmaceuticals201446.011.5HealthcareHamilton
7Northern Biologics201440.010.0HealthcareToronto
8Highland Therapeutics200882.08.2HealthcareToronto
9Ilkos Therapeutics201616.07.9HealthcareMontreal
10Endoceutics200685.07.1HealthcareQuebec
11Fortuna Fix201519.66.5HealthcareQuebec
12Milestone Pharmaceuticals200585.06.5HealthcareQuebec
13OncoQuest201519.06.3HealthcareEdmonton
14Esperas Pharma201516.55.5HealthcareQuebec
15Canary Medical201326.05.2HealthcareVancouver