Canada has been steadily gaining recognition as a hotbed for innovation and entrepreneurship in recent years. In 2023, the Canadian startup scene continues to flourish, with numerous groundbreaking companies emerging across various industries. These startups are not only pushing the boundaries of technology but also contributing significantly to the country’s economic growth. In this article, we will delve into the significance of startups, their importance to the Canadian economy, and highlight the top 20 startups making waves in Canada in 2023.
The Significance and Importance of Startups
Startups play a pivotal role in fostering economic growth, job creation, and innovation in any country. They are often defined as newly established, rapidly-growing businesses with the potential to disrupt traditional industries. In Canada, startups are no exception, and their significance cannot be overstated.
Economic Growth: Startups are key drivers of economic growth. They create new markets, products, and services, leading to increased competition and improved consumer choices. Additionally, they attract venture capital and foreign investments, infusing capital into the economy.
Innovation and Technology: Startups are known for their innovative spirit. They bring fresh ideas and technologies to the market, spurring advancements across industries. In Canada, startups are particularly influential in sectors like artificial intelligence, fintech, and healthcare.
Job Creation: Startups are substantial employers, contributing to job growth in the country. They often hire young, highly skilled professionals and create diverse job opportunities.
Global Competitiveness: Successful Canadian startups enhance the country’s global competitiveness. They raise the profile of Canadian innovation and expertise on the world stage.
Here’s the list of Top 20 Startups in Canada in 2023
Let’s dive into the details of the top 20 startups in Canada in 2023, showcasing their innovations, locations, founders, industries, and funding:
1. Ada
- Location: Ontario, Toronto
- Founded in: 2016
- Founders: Mike Murchison
- Industries: Artificial Intelligence, Intelligent Systems, Machine Learning, SaaS, Software
- Funding: $190,620,619
- Investors: Creative Destruction Lab (CDL), Accel, Spark Capital, Tiger Global Management, FirstMark
2. ApplyBoard
- Location: Ontario, Waterloo
- Founded in: 2015
- Founders: Martin Basiri, Massi Basiri, Meti Basiri
- Industries: Artificial Intelligence, EdTech, Education, Internet, Software
- Funding: $483,480,000
- Investors: Index Ventures, Fidelity Management and Research Company, 500 Startups, Garage Capital, Accelerator Centre
3. Wealthsimple
- Location: Ontario, Toronto
- Founded in: 2014
- Founders: Brett Huneycutt, Michael Katchen, Rudy Adler
- Industries: Finance, Financial Services, FinTech, Impact Investing, Personal Finance
- Funding: CA$1,130,900,000
- Investors: TCV, Redpoint, Greylock, Two Sigma Ventures, Inovia Capital
4. Tenstorrent
- Location: Ontario, Toronto
- Founded in: 2016
- Founders: Ivan Hamer, Ljubisa Bajic, Milos Trajkovic
- Industries: Application Specific Integrated Circuit (ASIC), Artificial Intelligence, Electronics, Hardware, Machine Learning
- Funding: $234,549,999
- Investors: Creative Destruction Lab (CDL), Fidelity Management and Research Company, Eclipse Ventures, Real Ventures, Moore Capital
5. Coinsquare
- Location: Ontario, Toronto
- Founded in: 2014
- Founders: Virgile Rostand
- Industries: Bitcoin, Blockchain, Cryptocurrency, Financial Services, Trading Platform
- Funding: $98,470,113
- Investors: Mogo, Canaccord Genuity Group, Riot Blockchain, Nimble Ventures
6. Kepler Communications
- Location: Ontario, Toronto
- Founded in: 2015
- Founders: Jeffrey R Osborne, Mark Michael, Mina Mitry, Samer Bishay, Wen Cheng Chong
- Industries: Satellite Communication, Telecommunications
- Funding: $85,060,177
- Investors: Creative Destruction Lab (CDL), Techstars, Canaan Partners, Liquid 2 Ventures, Tribe Capital
7. SkyWatch
- Location: Ontario, Waterloo
- Founded in: 2014
- Founders: Dexter Jagula, James Slifierz, Roland Sing
- Industries: Big Data, Cloud Computing, Information Technology
- Funding: $28,220,700
- Investors: Creative Destruction Lab (CDL), Techstars, NEXT Canada, Drive Capital, Bullpen Capital
8. Wave
- Location: Ontario, Toronto
- Founded in: 2009
- Founders: James Lochrie, Kirk Simpson
- Industries: Accounting, Apps, Cloud Computing, Financial Services, FinTech, Human Resources, Mobile, Payments, Small and Medium Businesses, Software
- Funding: $79,751,425
- Investors: OurCrowd, CRV, Social Capital, Initialized Capital, OMERS Ventures
9. Xanadu
- Location: Ontario, Toronto
- Founded in: 2016
- Founders: Christian Weedbrook
- Industries: Artificial Intelligence, Big Data, Hardware, Quantum Computing, Software
- Funding: $135,621,646
- Investors: Creative Destruction Lab (CDL), Tiger Global Management, Bessemer Venture Partners, OMERS Ventures, BDC Capital
10. Financeit
- Location: Ontario, Toronto
- Founded in: 2007
- Founders: Casper Wong, Michael Garrity, Paul Sehr
- Industries: Consumer Lending, Finance, Financial Services, FinTech, Mobile, Payments
- Funding: $61,399,251
- Investors: FIS, TTV Capital, DNS Capital, IA Capital Group, Goldman Sachs Merchant Banking Division
11. Wattpad
- Location: Ontario, Toronto
- Founded in: 2006
- Founders: Allen Lau, Ivan Yuen
- Industries: Content, Digital Entertainment, Mobile Apps, Publishing
- Funding: $117,800,000
- Investors: Tencent, Khosla Ventures, Union Square Ventures, OMERS Ventures, Northleaf Capital Partners
12. Wombo
- Location: Ontario, Toronto
- Founded in: 2020
- Founders: Akshat Jagga, Angad Arneja, Ben Zion Benkhin, Parshant Loungani, Paul Pavel
- Industries: Artificial Intelligence, Digital Entertainment, Machine Learning, Mobile, Social Media, Software
- Funding: $6,000,000
- Investors: Sound Ventures, Global Founders Capital, 468 Capital, Gabriel Leydon, LaunchHouse
13. PartnerStack
- Location: Ontario, Toronto
- Founded in: 2015
- Founders: Bryn Jones, Jonathan Mendes, Luke Swanek, Neil Chudleigh
- Industries: Enterprise Software, Marketing, Marketing Automation, Software
- Funding: $36,173,010
- Investors: Creative Destruction Lab (CDL), RRE Ventures, Y Combinator, Soma Capital, eFounders
14. League
- Location: Ontario, Toronto
- Founded in: 2014
- Founder: Michael Serbinis
- Industries: Health Care, Information Services, Wellness
- Funding: $76,139,506
- Investors: Foundation Capital, OMERS Ventures, RBC Capital, Real Ventures, Workday Ventures
15. FreshBooks
- Location: Ontario, Toronto
- Founded in: 2003
- Founder: Michael McDerment
- Industries: Accounting, Billing, FinTech, Payments, Small and Medium Businesses, Software
- Funding: $75,119,316
- Investors: Northleaf Capital Partners, JP Morgan Chase, Atlas Venture, Accomplice, Georgian
16. Vidyard
- Location: Ontario, Kitchener
- Founded in: 2011
- Founders: Devon Galloway, Edward Wu, Michael Litt
- Industries: Analytics, Big Data, Cloud Computing, Digital Media, Enterprise Software, Marketing Automation, SaaS, Video
- Funding: $75,650,000
- Investors: Salesforce Ventures, Battery Ventures, Andreessen Horowitz, SV Angel, Y Combinator
17. 1Password
- Location: Ontario, Toronto
- Founded in: 2005
- Founders: Dave Teare, Roustem Karimov
- Industries: Computer, Cyber Security, Enterprise Software, Identity Management, Mobile Devices, Network Security, Privacy, Security, Software, Web Development
- Funding: $200,000,000
- Investors: Accel, WndrCo, Slack Fund, Gerhard Eschelbeck, Scott Farquhar
18. Rocket Doctor
- Location: Ontario, Toronto
- Founded in: 2020
- Founders: Adam Teitelman, Harry Cherniak, Justin Losier, William Cherniak
- Industries: Health Care, Marketplace, Medical, Mobile Apps, Software
- Funding: $3,800,000
- Investors: f7 Ventures, Emergent Medical Associates
19. Ecobee
- Location: Ontario, Toronto
- Founded in: 2007
- Founders: John Metselaar, Mark Malchiondo, Stuart Lombard
- Industries: Consumer Electronics, Energy Management, Internet of Things
- Funding: $149,432,236
- Investors: Relay Ventures, Energy Impact Partners, North leaf Capital Partners, Caisse de Depot et Placement du Quebec, Just Energy
20. Ledn
- Location: Ontario, Toronto
- Founded in: 2018
- Founders: Adam Reeds, Mauricio Di Bartolomeo
- Industries: Financial Services, FinTech Funding: $33,877,523
- Investors: White Star Capital, Hashed, Alexis Ohanian, Global Founders Capital, Susquehanna Growth Equity
These top 20 startups represent a diverse range of industries, from finance and healthcare to AI and entertainment, showcasing the dynamic nature of Canada’s entrepreneurial landscape. With their innovative solutions and entrepreneurial spirit, these companies are contributing significantly to the growth and development of Canada’s economy and the global tech ecosystem. Keep an eye on these startups as they continue to make waves in 2023 and beyond. To read about 237 start-ups as such reach out: https://www.failory.com/startups/canada
In the ever-evolving landscape of innovation and entrepreneurship, Canada stands out as a fertile ground for startups that are making waves not only within its borders but also on the global stage. These top 20 startups in Canada in 2023 exemplify the nation’s commitment to pushing the boundaries of technology, fostering economic growth, and creating jobs. From artificial intelligence and fintech to healthcare and entertainment, these companies span diverse industries, reflecting the remarkable dynamism of Canada’s startup ecosystem. As they continue to innovate and thrive, these startups hold the promise of shaping not only the future of Canadian business but also making a lasting impact on the worldwide tech landscape. Watch closely, for the next big breakthrough may very well emerge from the heart of Canada’s entrepreneurial spirit.
