AbrahamCanada has become a desired destination for most Nigerian tech talents out there to work; young people, especially in Africa, dream of a golden opportunity to relocate to Canada because of the generous opportunities in the country.
But when you think of the biggest tech startup hub globally, Canada most often gets ignored due to its proximity to Silicon Valley in the United States. in reality, Canada has a thriving startup ecosystem that cannot be ignored.
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Canada has been placed as the fourth most influential startup hub worldwide, behind the USA, Israel, and the United Kingdom. No wonder many Nigerians and African developers are migrating to Canada.
So in this article, I will tell you about ten tech companies to work for in Canada should in case you’re planning to move to Canada, or you’re just interested to know about the biggest tech companies in Canada with a special focus on Toronto. Toronto is the startup capital of Canada and the finance capital of Canada.
Most Promising Tech Companies in Canada
Below is a list of some of the most promising technology companies in Canada you need to look out for.
1. Shopify
- Year Found: 2006
- HQ: Ottawa
- Size: 11,600
- Founder(s): Tobias Lütke and Scott Lake
At the top of our list of the most promising tech companies in Canada is the very popular and widely used Shopify. This little Ottawa-based firm, which was founded in 2006, quickly rose to the top of the country’s rapidly expanding e-commerce market and is currently the biggest publicly traded Canadian business across all industries.
It is a commercial platform used to create and run online stores, making it simple for people to sell goods online. Shopify is used by over a million enterprises worldwide for online sales as of 2020.
2. ApplyBoard
- Year Founded: 2015
- HQ: Waterloo, Canada
- Size: 501-1000
- Founder(s): Martin Basiri, Massi Basiri, Meti Basiri
Next on of our list is ApplyBoard. ApplyBoard is an online educational technology (Ed-tech) startup founded in 2015 and is currently based in Waterloo, Canada. The company offers the largest platform for assisting students across the globe, which they achieve by providing a single solution to connect students with recruiters and different academic institutions around the world.
So far, the company has helped more than 120,00 students worldwide to continue their education paths. ApplyBoard is an example of a Canadian startup that has done extremely well in attracting outside investment. So far, the company has received investment up to $178.3, bringing the company valuation to $1.5 billion and making it one of Canada’s unicorns.
The company has also been active in investing in other businesses; in 2019, it invested in Guiker. It has added nearly 250 new staff since March. ApplyBoard is one of the top tech companies you can choose.
3. Wealthsimple
- Year Founded: 2014
- HQ: Toronto, Canada
- Size: 251-500
- Founder(s): Brett Huneycutt, Michael Katchen, Rudy Adler
Next on our list of most promising tech companies in Canada is Wealthsimple. Wealthsimple is a Canadian online investment management startup that is currently based in Toronto, Canada. Their solutions are tailored to the individual investor, especially the millennials who want to grow their returns. Their platform will build an investor a diverse portfolio of assets based on their requirements.
They help you to achieve the goals that you set out for your finances.
Wealthsimple has amassed a significant amount of outside investment to further the development of its platform. Recently, Wealthsimple raised $114 million from a U.S.
Venture capital fund valuing the Canadian company at more than $1 billion, giving them unicorn status, which came from seventeen different investors, including famous actor Ryan Reynolds Michael J. Fox Foundation, among others.
The Toronto-based company’s primary business is a Robo-advisor, but they’ve expanded to savings accounts, ETF and stock trading, and tax services. If you have a knack for stuff like this, wealthsimple is your best bet.
4. StackAdapt
- Year Founded: 2013
- HQ: Toronto, Canada
- Size: 251-500
- Funder(s): Vitaly Pecherskiy, Yang Han
Another company that made our list of the most promising tech companies in Canada is StackAdapt. StackAdapt is one of the big tech startups in Canada, and it is currently headquartered in Toronto. The company succeeds by assisting other businesses with their adverts and the actual targeting of these adverts to increase sales and retain existing customers.
An advertising platform helping agencies accelerate customer engagement and acquisition with their advanced data and targeting methods to get your business in front of the right audience.
In the eight years of its existence, StackAdapt has managed to attract investment from three different sources. This investment is rounded to the tune of $1.6 Million. With a three-year growth rate of 754%, StackAdapt comes in at No. 69 in the Globe and Mail’s Top-400 Fastest Growing Companies.
The bulk of the programmatic advertising platform’s team comprises engineers, product marketers, account managers, data analysts, and data scientists. So if you fall in any of these categories, StackAdapt will be your choice.
5. KOHO Financial
- Year Founded: 2014
- HQ: Toronto, Canada
- Size: 101-250
- Founder(s): Daniel Eberhard, Jonathan Bixby, Joshua Bixby, Mike Benna
KOHO Financial also made our list of the most promising tech companies in Canada. KOHO Financial is a financial technology (fintech) startup founded in 2014 and is currently based in Toronto, Canada. They have an app-based banking system that makes the process of accessing financial products simpler for customers. The app also includes a wide array of tools for financial planning and much more.
KOHO Financial helps customers manage their spending through the app and a prepaid Visa card; KOHO users can get credit card-like advantages without interest or fees. It enables users to spend smarter, save quicker, and restore financial balance.
The Canadian based Fintech company has raised funding to the tune of $113.4 Million. This investment and the advanced offering of the company are likely to drive it forward to additional success in the future. It also records estimated annual revenue currently at $21.3M per year.
6. Ada
- Year Founded: 2016
- HQ: Toronto, Canada
- Size: 101-250
- Founder(s): Mike Murchison
Ada is next on our list. It is an artificial intelligence startup that is currently based in Toronto, Canada. The company itself specializes in using chatbots powered by AI to help businesses provide better customer support. This platform works for both mobile and desktop interactions, which further adds to the utility of their offering.
Since its existence in 2016, the company has already established itself as one of Canada’s major players in chatbot technology. You should know that the company started with two employees. Today, Ada employs more than 120 people in its Toronto office.
Investors have shown a massive interest in the company’s roadmap, and Ada has raised previous performance as $190.6 Million. Coming from a large group of investors, backing the company looks poised to expand its success.
7. Loopio
- Year founded: 2014
- HQ: Toronto, Canada
- Size: 101-250
- Founder(s): Jafar Owainati, Matt York, Zakir Hemraj
Loopio is another great company that made our list of the most promising tech companies in Canada. It is a software as a service startup (SaaS) specifically for knowledge management that is currently based in Toronto, Canada. The company’s offering is specific to helping large enterprises to respond to a variety of different things such as RFPs, RFIs,DDQs and more.
This makes sure that sales content is available on an organizational scale and makes collaborating much easier. With a customer base of more than 800 companies including Thomson Reuters, IBM, Netskope, Sprinklr, and Citrix.
Loopio has already received a number of important funding from investors after only seven years in business. So far, a total of 263 Million CAD has been raised. Loopio ranked No. 79 on the Globe and Mail’s Top-400 Fastest Growing Companies with a three-year growth average of 681%.
8. Borrowell
- Year Founded: 2014
- HQ: Toronto, Canada
- Size: 51-100
- Founder(s): Andrew Graham, Eva Wong
Next on our list is Borrowell. Borrowell is a Fintech (financial technology) company that is currently headquartered in Toronto, Canada. The company aims to help people to learn how to better manage their money.
This is achieved through giving free access to credit scores, personalized credit score management tips, and recommendations for financial products based on the input of an AI. This ensures giving the right solution to the right user based on their needs.
Over the few years running, the company has raised significant funding up to the tune of $92 Million into the business. The company has also made an acquisition, specifically at the end of 2020 when the company bought out Refresh Financial.
Borrowell has also been named to the Fintech 100, a compilation of the world’s top financial technology companies.
9. Integrate.ai
- Year Founded: 2017
- HQ: Toronto, Canada
- Size: 51-100
- Founder(s): Steve Irvine
Also on our list is integrate.ai. It is a Canadian startup that specializes in the use of (AI) artificial intelligence to create its software. Their offering is built off of their provision of B2C-specific AI that can interact with customers organically. The company was founded by Steve Irvine, a former executive at Facebook who is also the CEO of the company.
With the AI revolution currently gaining traction,Integrate.ai could be spearheading B2C AI usage in Canada. One unique difference with the company is that it uses machine learning and cross-industry intelligence to help predict customers’ needs before they happen.
The company has successfully been able to raise $39.6 Million from investors. integrate.ai became the world’s first AI-powered consumer intelligence network to hold the Privacy by Design Certification.
10. League
- Year Founded: 2014
- HQ: Toronto, Canada
- Size: 51-202
- Founder(s): Michael Serbinis
League also made our list. It is a healthcare and tech startup that is currently based in Toronto, Canada. The startup seeks to take the stress out of managing employee health benefits, offering a one-stop platform for employees to easily manage health and lifestyle benefits.
This is achieved through automation within their platform. This helpful offering has led to the company making waves in Canada since being founded in 2014.
Since its existence, the company has amassed $76.1 Million in funding. League has been included in Canada’s top startups three years running, according to Linkedin’s annual rankings. The company’s was also named to the CB Insights Digital Health 150 and CB Insights Fintech 250 as it continues to grow rapidly.
11. Maple
- Year Founded: 2015
- HQ: Toronto
- Size: 70
- Founder(s):
Concluding our list of the most promising tech companies in Canada is Maple. Maple is a health-tech startup that is based in Toronto, Canada. The company provides online access to healthcare professionals for those seeking medical help. Basically with Maple, a click of a button connects you with a physician, 24/7, and within minutes.
The virtual health care company began offering free online coronavirus screenings and opened its virtual clinic software to doctors in Ontario and British Columbia. It’s also working on programs with major health networks to facilitate testing.
According to Crunchbase, Loblaw Companies Limited and RBC Ventures are the most recent investors, and the company has raised $75 million in a series of rounds.
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What you should know about Canadian Technology Companies
These lists is curated based on different metrics that we put into considerations. However, you should know that there are hundreds of tech companies in Canada.
The Canadian economy provides a smooth and favourable environment for businesses to thrive with different support initiatives from the Canadian government. The total investment in the Canadian VC market on Canadian startups has also seen increases in the past year, despite the initial depression caused by the COVID-19 pandemic.
Total investment activities in three quarters totaled $405 Million, which beat the $263 Million spent on Canadian startups last year. Most of these investments are channeled to startups in Toronto.
Toronto is home to North America’s top startups and it is ranked fourth in North America CBRE’s Tech Talent Rankings trailing only the Bay Area, Washington D.C. and Seattle. Popular roles within tech include developers, data scientists, data analysts, product managers, tech support, QA, and many other amazing career opportunities.
FAQS
What are the fastest growing tech sectors in Canada?
One of the sectors in Canada that is expanding the fastest is IT. Technology is advancing, and as a result, there is a growing need for qualified experts in fields like machine learning, artificial intelligence, cybersecurity, and software development.
Which tech skill is in high demand in Canada?
In Canada, there is an extraordinary demand for tech workers with experience in software development and programming. Companies rely largely on IT workers who know how to develop and implement cutting-edge software solutions as the nation adopts more technology-driven solutions.
What is the biggest tech hub in Canada?
Toronto has become a global powerhouse for technology and innovation thanks to its industry-leading research and development, diversified, talented, and expanding talent pool, and top-notch R&D. With 24,000 businesses and 289,000 technology workers, the city is home to the largest technological cluster in Canada and the third largest in North America
Which Canadian colleges provide the top computer science programs?
University of Toronto, University of Waterloo, University of British Columbia, Universite de Montréal, University of Alberta, and McGill University are Canada’s top universities for computer science.
What effects is AI having on Canadian technology companies?
AI is the jet fuel in technology in Canada. Companies in this area are breaking new ground in integrating AI into almost every industry, including banking and healthcare. One clever example of how they’re pushing boundaries and improving things is Element AI in Quebec.
What does the future hold for technology companies in Canada?
The future is more radiant than a comet gliding through the heavens for technology companies. Canada is poised to create significant waves in the fields of fintech, AI, and clean tech. They’re altering the rules of the game rather than just playing it.
How competitive are technology companies in Canada on a global scale?
You know, Canada is kind of good. On the global stage, they are prospering rather than merely surviving. Canadian businesses are gaining attention for their distinctive solutions and talent for digital innovation. Their unique blend of diligence and humility makes people in the global tech landscape take note.
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