Canada is considered an excellent location for startups, due – in part – to its strong and thriving economy, supportive regulatory ecosystem and high standard of living and quality of life. The country is known for its skilled workforce which not only makes hiring staff easier for new companies, but it also serves as an attractive feature to potential investors.
Furthermore, Canada has access to global markets as well as a whole lot of programs and incentives run by the government aimed at getting startups to succeed. This includes things like grants, tax incentives and funding programmes too.
In addition to merely providing favourable regulations, however, the Canadian government is actively trying to attract successful entrepreneurs by offering foreigners access to the country by means of their startup visa programme
Canadian Success Stories
Startups are centred on the ideas of uncertainty and risk, but with this risk comes the potential for great success too. Two of the top-valued businesses in Canada are the Royal Bank of Canada and Toronto Dominion Bank, worth $174 billion and $1112 billion respectively. These two businesses, along with Shopify which places third on the list, are all publicly owned companies.
Recently, however, there has been an increasing number of businesses that have achieved incredible success all while sticking with private funding and ownership. There are plenty of companies that have achieved great success by means of private funding, but inviting public ownership via IPO or other men’s can help broaden the net in terms of inviting investment.
That’s why the business world has come up with a special term for companies that are still operating under private ownership and have exceeded a $1 billion valuation. Of course, it’s impressive for any company to soar to such great heights, but it’s even more impressive for those who have managed to do so by means of “private funding“.
Of course, companies’ valuations change frequently, depending on new investments that they bring in, which means that businesses often drop in and out of unicorn lists. However, as of 2024, Canada is home to between 20 and 30 unicorns.
These are the top 8 unicorns in Canada.
1. Dapper Labs: $7.6 Billion
Currently Canada’s highest-valued unicorn, Dapper Labs is a blockchain gaming platform that makes use of blockchain-enabled applications to help link fans to brands they really like and to help consumers delve into the world of content creation. Dapper Labs brings new forms of digital engagement to people all over the world.
Founded in 2018, the startup is worth an impressive $7.6 billion and it’s based in Vancouver, British Columbia. It was launched by a team of three, including Roham Gharegozlou, Dieter Shirley, and Mik Naayem, and about six years later, Dapper Labs now has over 140 investors and nearly 200 employees.
2. PointClickCare : $5 Billion
PointClickCare was founded in 2000 and after having been through 12 different funding rounds, it’s now worth $5 billion. Operating in the medtech industry, the startup was launched and is currently based in Ontario.
PointClickCare has created a platform for electronic health records, allowing practitioners at senior living communities, home health agencies, and nursing facilities to work with and keep track of patients’ medical records. The records are all cloud-based and the platform offers several services in the world of healthcare.
The company was launched by Canadian brother duo, Dave and Mike Wessinger.
3. Hopper: $5 Billion
Hopper is a VC-backed startup that was founded in Montreal in 2007. The company launched a booking application that is limited to mobile use. Designed to help people revolutionise the way in which they plan their travel, it collects, organises and manages travel data in order to create an effective and trustworthy trip-planning platform.
Users can find and book suitable flights and hotels by means of their cell phones, making the process significantly easier than before. It also offers users access to deals, giving them not only a convenient way to plan travel but save money too.
The startup was founded by Frederic Lalonde, Sebastien Rainville and Dakota Smith, and nearly two decades later, Hopper is worth $5 billion, making it one of the highest-valued unicorns in Canada.
4. ApplyBoard: $4 Billion
Based in Ontario, ApplyBoard is valued at $4 billion and it was founded by Meti Basiri and Massi Basiri in 2015. The company is a provider of online education services, aiming to empower students all around the world to gain access to education and enjoy learning.
Educational application processes are streamlined, and the platform helps connect students and recruitment agencies with each other and also with post-secondary institutions, making it easier for students from anywhere in the world to apply to North American universities.
5. Clearco: $2 Billion
Clearco, based in Ontario, Canada, is the developer of an online financial platform. The platform helps provide growth capital to e-commerce companies using proprietary software as well as data science-powered models. Essentially, this allows them to identify high-growth funding opportunities.
From there, they offer allocation in exchange for a steady revenue share of earnings until the full amount has been repaid. Ultimately, the idea is to assist startups financially without them having to give away valuable equity.
Clearco was founded by Michele Romanow and Pavel Melnichuk in 2015, and after having received $60 million worth of later-stage funding, the company is now valued at $2 billion.
6. Wealthsimple: $1.1 Billion
Wealthsimple is a financial advisory platform that helps people effectively manage their finances by giving them advice and offering them helpful products that are affordable and accessible. It offers investment services that don’t charge exorbitant fees and other limitations that normally go with financial investment.
Ultimately, the startup aims to provide normal people with the tools that they need to make good financial decisions without having to spend a fortune in the process.
Founded in 2013 in Ontario, Wealthsimple is now worth $1.1 billion and it has over 1,000 employees and 39 different investors.
7. Hootsuite: $1 Billion
Hootsuite is a $1 billion social media management platform that provides organisations with a practical way to connect with customers. The platform is able to execute campaigns across a variety of different social networks simultaneously, making marketing far easier and more efficient.
Users are able to find and schedule content in a way that makes the process easier and more effective, and it also provides the opportunity to view and analyse data in order to spot trends.
8. Benevity: $1 Billion
Based in Calgary, Benevity is the developer of corporate social responsibility (CSR) and employee management software that is designed to help brands that are socially conscious. The employee engagement software offers services related to online volunteering and integrated grant management. This allows for the company’s culture to be spread, helping to connect corporate values with communities that need assistance.
Benevity is attempting to highlight the importance of corporate giving, aiming to empower companies and their brands to become more socially aware.
