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18 Top Startups in Canada (2024)

Canada has a robust startup ecosystem, with many innovators and entrepreneurs striving to bring new ideas to life.


Whether you're a budding entrepreneur wanting to join the ranks of leading startups or an investor seeking out your next big opportunity, understanding who's making waves in Canada is essential.

Canada's startup ecosystem is ranked fourth in the world.- Source: StartupBlink

In this blog post, we will explore some of the top startups in Canada that have made their mark on the tech industry by challenging conventions and pushing boundaries.

Top Startups in Canada

Startup Ecosystem in Canada in 2024


Canada has long been home to an innovative and dynamic startup ecosystem, with a thriving community of entrepreneurs and investors.


This ecosystem has grown and evolved over the years, thanks in large part to supportive government policies and a highly educated workforce. In recent years, the Canadian startup scene has particularly flourished, with the emergence of new hubs like Toronto, Montreal, and Vancouver, and a growing number of successful startups across a range of industries.

The Toronto-Waterloo Corridor is a major tech hub in Canada, with over 15,000 tech companies, including 5,200 startups, and around 250,000 tech workers. - Source: Startup Genome

With a wealth of resources, a supportive community, and a track record of success, the startup ecosystem in Canada is no doubt set to continue to thrive in the years ahead.


Top Startups in Canada (2024 - List)


Here are some of the top startups in Canada:


1. Blockstream


Founders: Adam Back, Erik Svenson, Pieter Wuille

Funding Amount: $424M

Founded Year: 2014

Blockstream

Blockstream is a cutting-edge technology company at the forefront of Bitcoin and blockchain innovation. With a focus on providing solutions for financial markets, Blockstream has developed a range of groundbreaking products and services that enable users to securely transact and transfer digital assets.


2. Ada


Founders: David Hariri, Mike Murchison

Funding Amount: $190.6M

Founded Year: 2016

Ada

Ada is a ground-breaking company at the forefront of automated customer experience technology. Their innovative chatbots are revolutionizing the way businesses interact with their customers, making customer support more efficient and effective than ever before.


3. Clio


Founders: Jack Newton, Rian Gauvreau

Funding Amount: $386M

Founded Year: 2008

Clio

Clio is a web-based suite of tools designed to help law firms manage their practices more effectively. With Clio, you can track time, generate invoices, and collaborate with clients all in one place. This powerful practice management system is specifically designed for small law firms, so you can be sure that it will meet your unique needs. And because Clio is completely web-based, you can access your data from anywhere, giving you the flexibility to work how you want to work.


4. ApplyBoard


Founders: Martin Basiri, Massi Basiri, Meti Basiri

Funding Amount: $491.2M

Founded Year: 2015

ApplyBoard

ApplyBoard is revolutionizing the way that students apply to study abroad. As a Canadian-based technology company, ApplyBoard makes it easy for international students, recruitment partners, and educational institutions to connect and collaborate on a single platform. From narrowing down school choices to submitting applications and receiving acceptance letters, ApplyBoard streamlines the entire process. By leveraging innovative technology, ApplyBoard is simplifying the study abroad search for students and making it accessible to everyone.


5. Trulioo


Founders: Stephen Ufford, Tanis Jorge

Funding Amount: $474.8M

Founded Year: 2011

Trulioo

Trulioo is an online verification company that takes security and privacy seriously. Its digital identity network is designed to deploy the most rigorous standards across all its processes, ensuring that its clients can trust its services. With Trulioo, customers can take comfort that their personal information is secure and only accessible to authorized parties. In addition, the company's cutting-edge technology makes verifying identity faster and more effective.


6. FreshBooks


Founders: Levi Cooperman, Michael McDerment

Funding Amount: $331.9M

Founded Year: 2003

FreshBooks

FreshBooks is a software company that has revolutionized the accounting world for small and medium-sized businesses. Their cloud-based accounting software is a game-changer for those who want to streamline their bookkeeping processes and get a better handle on their financials. FreshBooks has become an indispensable tool for business owners who need fast, accurate financial data at their fingertips. This amazing software has made accounting easier and more manageable than ever before, allowing entrepreneurs to focus on what they do best - running their businesses.


7. Hootsuite


Founders: Dario Meli, David Tedman, Ryan Holmes

Funding Amount: $299.9M

Founded Year: 2008

 Hootsuite

As social media becomes increasingly essential for businesses and individuals alike, managing multiple accounts across various platforms becomes a daunting task. This is where Hootsuite comes in. The Canadian-based company has developed a platform that streamlines social media management for businesses, organizations, and individuals. Hootsuite offers a comprehensive toolkit that allows users to schedule posts, track analytics, manage interactions, and monitor mentions and hashtags, all in one handy dashboard. The platform integrates with a wide range of social media networks, including Facebook, Twitter, Instagram, LinkedIn, and YouTube.


8. Wealthsimple


Founders: Brett Huneycutt, Michael Katchen, Rudy Adler

Funding Amount: CA$1.1B

Founded Year: 2014

Wealthsimple

Wealthsimple is a well-known financial tool that helps investors grow and manage their money. Offering a simple yet effective way to build a diversified portfolio of ETFs, this platform offers investors peace of mind and guidance in achieving their financial goals. Whether you're a seasoned investor or just starting out with your financial journey, Wealthsimple offers an all-in-one solution tailored to your needs.


9. Black Banx


Founders: Aby Sousa, Michael Gastauer, Peter Arnold

Funding Amount: $382.3M

Founded Year: 2014

Black Banx

Black Banx is a modern banking solution that takes the traditional banking experience to a new level. With its focus on digital technology, Black Banx provides a seamless experience for private and business clients. As a digital bank, it offers real-time account opening and cross-border payments, making international transactions easier and more efficient.


10. KOHO Financial


Founders: Daniel Eberhard, Jonathan Bixby, Joshua Bixby, Mike Benna

Funding Amount: $278.9M

Founded Year: 2014

KOHO Financial is a financial services provider that is revolutionizing the way people access and manage their money. Their application-based banking platform offers a range of financial products that are designed to simplify the often-complex world of personal finance.


11. Xanadu


Founders: Christian Weedbrook

Funding Amount: $265.5M

Founded Year: 2016

Xanadu

Xanadu has quickly become a leading provider of cutting-edge technology for quantum computing. As a company, Xanadu understands the immense impact that quantum computing will have on the future, and they are dedicated to providing the necessary hardware, software, applications, and simulators to make quantum computing accessible to everyone.


12. Tenstorrent


Founders: Ivan Hamer, Ljubisa Bajic, Milos Trajkovic

Funding Amount: $334.5M

Founded Year: 2016

Tenstorrent

Tenstorrent is a computing company that is leading the way in developing processors that can handle the demands of modern machine learning and artificial intelligence algorithms. Their state-of-the-art technology offers faster processing times and adaptability to future advancements in the field. Tenstorrent's dedication to research and development has earned them a reputation as a leader in the industry, with professionals across the tech sector taking notice of their impressive work.


13. Jobber


Founders: Forrest Zeisler, Sam Pillar

Funding Amount: $183.5M

Founded Year: 2011

Jobber

Jobber is a powerful cloud-based software solution, designed to help mobile service businesses streamline their operations and increase efficiency. With Jobber, businesses can easily manage their scheduling, invoicing, customer relationship management (CRM), and team management, all within one intuitive platform. With its user-friendly interface, powerful features, and dedicated customer support, Jobber is the perfect solution for any business looking to improve their workflow, increase productivity, and provide a better customer experience.


14. League


Founders: Dan Galperin, Daniel Leibu, Michael Serbinis

Funding Amount: $171.1M

Founded Year: 2014

League

League is a platform technology company that is revolutionizing the healthcare industry. With its cutting-edge solutions, they are empowering next-generation healthcare consumer experiences. The company's innovative approach to healthcare provides customers with reliable, user-friendly tools that enable them to conveniently access healthcare services and stay informed about their health.


15. Jasper


Founders: Chris Hull, Dave Rogenmoser, John Philip Morgan

Funding Amount: $131M

Founded Year: 2015

Jasper

Jasper, an AI writing tool developed specifically for businesses, is here to help. With a focus on creating high-quality marketing copy, Jasper is able to assist with content like blog entries, product descriptions, company biographies, ad content, and social media captions. By utilizing this powerful tool, businesses can ensure that their messaging is clear, concise, and effective, allowing them to stand out in a crowded digital marketplace.


16. Figment


Founders: Andrew Cronk, Lorien Gabel, Matt Harrop, Ryan Funduk

Funding Amount: $164M

Founded Year: 2018

Figment

As the Web 3 ecosystem continues to evolve, there is a growing need for reliable partners that can support innovation and long-term growth. Figment is one such company, offering a range of solutions that are designed to help developers, investors and other stakeholders navigate this exciting new landscape.


17. Vention


Founders: Etienne Lacroix, Max Windisch

Funding Amount: $138.8M

Founded Year: 2016

Vention

With Vention, the future of digital manufacturing is now accessible to engineers and manufacturing professionals. This next-generation platform revolutionizes the way custom factory equipment is designed, ordered, and assembled. It enables users to complete the entire process within just a few days, providing them with the flexibility to respond rapidly to any requirement.


18. Bench


Founders: Adam Saint, Ian Crosby, Jordan Menashy, Pavel Rodionov

Funding Amount: $109.4M

Founded Year: 2012

Bench is a fintech company that specializes in providing online bookkeeping services for small businesses. With Bench, small business owners can feel confident that their financial records are in capable hands. The company's professional team of bookkeepers is highly skilled in managing the financial aspects of any business, no matter how complex. What sets Bench apart is its user-friendly platform, which allows business owners to easily navigate and review financial records online.


Most Asked Questions


1. Is Canada good for startups in 2024?


There's no doubt that Canada has become a hub for startups in recent years, with several cities boasting thriving ecosystems that provide a host of resources and support for entrepreneurs. But is Canada truly a good destination for startups? Well, the short answer is yes. From tax incentives to a highly educated workforce, there are numerous advantages to launching a business in Canada. What's more, the country's diverse culture and supportive government policies make it an inviting place for founders from around the world.


2. What are the most successful startups in Canada?


From fintech to education, Canadian startups are breaking barriers and leading the way in innovation. Among the most successful startups in Canada are Blockstream, Ada, Clio, and ApplyBoard. These startups have not only disrupted their respective industries but have also attracted significant funding and a loyal customer base. With innovative solutions and a talented workforce, these companies are sure to continue their success in the years to come.


3. What are the advantages of starting a business in Canada?


Canada offers numerous advantages for entrepreneurs who are considering starting up a new business. Firstly, it has a prosperous economy with a stable political environment that inspires confidence among investors. Additionally, the Canadian government provides a wide range of business incentives, tax breaks, and grants to support startups. This helps reduce startup costs and allows entrepreneurs to reinvest more funds into their businesses. Furthermore, Canada is known for its highly skilled and culturally diverse workforce. This provides businesses with the opportunity to tap into a broad range of skills and knowledge to develop innovative products and services. Overall, starting a business in Canada can be an exceptional opportunity for entrepreneurs looking to take advantage of its flourishing economy, supportive business environment, and diverse talent.





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