Top Startups / January 5, 2024
Asaf Fybish

As a growth marketing expert, Asaf helps startups driving scalable growth through data-driven strategies and innovative marketing techniques.

Top Canadian Startups To Watch in 2024

Canada is a great place for top startups to thrive, so the list to follow in 2023 could be huge. In this article, we will look at the absolute top startups to follow in Canada in 2024, so you know what is up and coming. The country's winter sports, beautiful scenery, and delicious syrups have contributed to the hugely successful economy, but there is much more to Canada than its most famous parts. Canada's GDP is 1.988 trillion USD (2021) because it has such a strong economy with booming industries in mining, finance, and manufacturing.

Tech startups alone raised US$13.6 billion in 2021, showing how vast the startup market can be even in just one industry. With just under 100,000 Canadian startups being made every year, the obvious success has encouraged further investment and entrepreneurship. There have also been great amounts of support from higher levels to help encourage this entrepreneurship and to boost the success of Canadian startups and therefore the Canadian economy.

One government-backed programme provides support for technology innovation. The NRC IRAP (National Research Council of Canada Industrial Research Assistance Program) not only provides entrepreneurs with advice and connections but also offers some financial assistance. The support offered is to eligible startups that are carrying out research and development projects within the innovation cycle.


1. notch

Year Founded: 2015

HQ: Toronto, Ontario, Canada

Size: 51-100

Founders: Abdul-Rahman El-Sayed, Diego Dominguez, Jordan Huck, Saif Altimimi

The first Canadian startup on our list to follow in 2023 is the foodservice company notch. This top startup was originally known as ChefHero and works in the restaurant industry. It also operates within the productivity tools, service industry, and software sectors, providing its customers with a platform to make managing a restaurant easier. This top startup made an app for restaurants and distributors to use to manage multiple parts of the business. These include the orders, invoices, and the payments. The app allows both restaurants and distributors to manage all of these aspects within one platform.

In five funding rounds, notch has raised a total of $29.8M funding amount. This has been raised with support from twenty investors, three lead investors. The first funding round took place on the 1st of January, 2017, and three more took place in 2017, 2018, and 2021. On the 19th of January, 2023, notch had its most recent funding round, supported by seven investors.


2. Local Logic

Year Founded: 2014

HQ: Montréal, Quebec, Canada

Size: 11-50

Founders: Vincent-Charles Hodder, Gabriel Damant-Sirois

The next top startup is called Local Logic and it operates in the analytics, real estate and artificial intelligence industries. This business works to help quantify everything beyond an asset to encourage more sustainable behaviours and to make sustainable living easier to understand. The business idea came about when Local Logic's founders realised that the real estate industry does not have the right insights to make big decisions.

Local Logic's total funding amount currently sits at around CA$9.3M. Its last funding round took place on the 9th of November, 2020.


3. Summit Nanotech

Year Founded: 2018

HQ: Calgary, Alberta, Canada

Size: 1-10

Founders: Amanda Hall

The next Canadian startup to follow in 2023 is the B2B business Summit Nanotech. This top startup is ahead of the curbe as it is aware that the supply of lithium needs to grow rapidly to keep up with the demands. After finding inspiration after climbing in Tibet, the founder of Summit Nanotech created the startup that uses nanotechnology to upscale and manufacture modular commercial systems.

As lithium demands are climbing to be used in batteries for EVs, a more economical source has be foud. Summit Nanotech's technology cuts down the costs to make lithium. This could in hand encourage a wider use of EVs if prices drop as the lithium is more accessible. Therefore, this Canadian startup is working towards building a greener economy.

Since being launched, the Canadian startup has managed to raise a total funding amount of $65.8M. The company's most recent funding round was closed on the 17th of January, 2023.


4. Damon Motors

Year Founded: 2017

HQ: Vancouver, British Columbia, Canada

Size: 51-100

Founders: Jay Giraud, Dominique Kwong

Damon Motors is another top startup from Canada that should be followed in 2023. This startup opperates in the automotive industry and the artificial intelligence industry. The company is working hard to change electric motorcycles, so they are safer and better to ride. Damon Motors' aim is to reshape the urban mobility scene and to make riding safer, reducing crashes. So, all of its motocyclces are powered by HyperDrive, which is an all electric, monocoque-constructed, multi-variant powertrain. Damon Motors' tech works to adapt to humans, rather than relying on humans to adapt to the tech, this way making an all round better journey.

Since being founded in 2017, the Canadian startup has raised $53.6M in total funding amount. The company's latest round of funding was closed on the 12th of January, 2023 and was a Corporate Round of funding.


5. Carbon Streaming

Year Founded: 2020

HQ: Toronto, Ontario, Canada

Size: 11-50

Founders: Maurie Swan

Carbon Streaming is another top startup to follow in 2023 and it works in the greentech, impact investing, and sustainability. The company's aim is to accelerate a net-zero future by helping carbon credit projects by providing stream financing in order to enable climate action to work to the United Nations SDGs (Sustainable Development Goals). Carbon Streaming is building a diverse portfolio of carbon credit projects across the world offering its innovative finance solutions.

So far, this top startup has managed to raise $104.9M in total funding amount. This was made through just one funding round which was a Post-IPO Equity round and it took place on the 20th of July, 2021.


6. Maple

Year Founded: 2015

HQ: Toronto, Ontario, Canada

Size: 51-100

Founders: Brett Belchetz, Roxana Zaman, Stuart Starr

Maple is another top startup from Canada and it works within the healthcare sector. This startup was founded with the aim to provide quality healthcare for its customers that fits around their lives. The online healthcare platform was designed to reduce the issues that arise in the healthcare industry. One example for patients is long waits, booking appointments when it does not quite work and waitin in waiting rooms for ages before being seen. With Maple, there are no more long waits in waiting rooms, or any need to schedule an appointment for a week's time when you need one now. Maple's customers have access to Canadian licensed physicians 24 hours a day, 7 days a week.

Since being founded in 2015, Maple has raised $71.7M total funding through just four funding rounds. This was made possible through the help from seven investors, four lead investors. Maple's first funding round took place on the 9th of March, 2018 and the most recent funding round took place on the 15th of September, 2020.


7. Doodles

Year Founded: 2021

HQ: Vancouver, Canada

Size: 11-50

Founders: Julian Holguin

Doodles is a Canadian startup that was founded in 2021 and is currently based in Vancouver. The company operates in the web3 and media spaces and provides a variety of different NFT collections to customers. Since being founded, the blockchain-based business has experienced rapid growth and a lot of interest in its collections.

The startup has been very successful in securing startup funding, with a total of $54 Million being raised by four investors. Part of this money was then used to fund the acquisition of a high-quality animation studio that create Emmy-nominated work.


8. NorthStar Earth & Space

Year Founded: 2015

HQ: Montréal, Quebec, Canada

Size: 1-10

Founders: Stewart Bain

NorthStar Earth & Space is the next top startup to follow into 2023. This company is operating in the aerospace and information technology sectors. The futuristic concept that built the startup is one its team truly believe is the way to make business. With space being an evergrowing place of interest for business, the importance of space safety is growing.  Growing numbers of satellites are producing more traffic in space than ever before. This top startup is aiming to be the company for space traffic management.

The last funding round was from a Series C funding round that took place on the 5th of January, 2023. In total, the Canadian startup has an impressive funding amount of $119.2M. This total has been raised across three different funding rounds with support from five investors.


9. eStruxture

Year Founded: 2017

HQ: Montréal, Quebec, Canada

Size: 51-100

Founders: Jonathan Wener, Todd Coleman

The next Canadian startup on the list to follow in 2023 is the cloud data services company eStruxture. It is a data center platform that provides network and cloud-neutral data center solutions. The startup has sustainably designed facilities across the Canadian markets that allow its customers to grow wherever suits them best. The services are perfect for businesses that need large amounts of space and power to meet the business growth.

A very impressive total amount of funding has been raised so far by the top startup, currently sitting at $1B. This was raised for eStruxture with support from seven different investors, including the National Bank of Canada and Scotiabank.


10. Tailscale

Year Founded: 2019

HQ: Toronto, Canada

Size: 11-50

Founders: Avery Pennarun, Brad Fitzpatrick, David Carney, David Crawshaw

Tailscale is a Canadian startup that was founded in 2019 and is currently based in the city of Toronto. The business operates in the IT sector, specifically within cybersecurity. They offer their customers VPNs for secure connectivity and browsing, without the need for configuration by the user. This helps teams to operate effectively whilst keeping information secure.

Tailscale has seen significant funding since being founded, with $115.5 Million being raised from nine investors. As the company continues to grow, it is likely that it will seek to raise further funding to reach its goals.


11. Nesto 

Year Founded: 2018

HQ: Montreal, Canada

Size: 101-250

Founders: Chase Belair, Damien Charbonneau, Karim Benabdallah

Nesto is a Canadian startup that was founded in 2018 and is headquartered in Montreal, Canada. The company operates in the FinTech market and has developed a digital mortgage platform that helps lenders to improve their processes and efficiency using cloud technology. Their platform allows people to scan the mortgage market in seconds to find the most affordable mortgage for a customer.

Investors have significantly backed the business model behind the company by investing a total of $151.4 Million from eleven investors. The company's most recent funding round was a Series C that took place in December 2022 when it raised $80 Million from seven investors.


12. Cohere

Year Founded: 2019

HQ: Toronto, Canada

Size: 101-250

Founders: Aidan Gomez, Ivan Zhang, Nick Frosst

Cohere is a Canadian startup that was founded in 2019 and is currently based in the city of Toronto. The business operates in the AI and software market and has created a platform that allows developers and business access to easily deployable, large language models to improve their own technology.

The startup from Canada has seen a lot of success in raising startup funding. In total, the company has managed to raise $164.9 Million from eight investors. This funding was achieved in a single round and it is likely the company will seek further funding to fuel further growth.


13. Wrk

Year Founded: 2019

HQ: Montreal, Canada

Size: 101-250

Founders: David Li, Mohannad El-Barachi

Wrk is a startup in Canada that was founded in 2019 and is currently based in Montreal, Canada. The business operates in the software market and serves other businesses by providing the capability to simplify automation. The benefit to this is that there is no IT administration required from the users, which makes the whole process simpler.

The business has been through a single round of startup funding since being founded, but this round has been particularly successful. Ten investors have decided to back the business, which has allowed it to raise a total of 55 Million Canadian Dollars. This round took place in February 2022.


14. ESG Analytics

Year Founded: 2020

HQ: Vancouver, British Columbia, Canada

Size: 1-10

Founders: Qayyum Rajan

ESG Analytics is another Canadian startup that is worth watching in 2023. It is oppperating in the analytics and artificial intelligence industries, and the business provides its customers with a platform that uses alternative data in order to measure ESG practices. ESG Analytics' platform was initially built to help asset managers and investment firms. The startup ESG Analytics' engine uses natural language processing (NLP) to sift through what text is considered to be 'ESG relevant' and what is not.

The total funding amount for ESG Analytics currently stands at $200K. ESG Analytics had its most recent funding round take place on the 1st of Febuary, 2021 which was a Seed round.


15. ReelData AI

Year Founded: 2019

HQ: Halifax, Canada

Size: 11-50

Founders: Hossein Salimian, Matehw Zimola

ReelData AI is a Canadian startup that was founded in 2019 and is currently based in Halifax, Canada. The business has created an artificial intelligence platform that automates land based fish farms in a way that allows them to effectively increase their production and decrease waste. This provides savings and increases possible sales, both to the benefit of the user.

The business has gone through a pair round of funding rounds since being founded, with the most recent funding round taking place in January 2023. During this round, the business raised 10.6 Million Canadian Dollars from three investors. It is unclear whether the business wil be seeking further funding in the near future.


16. Klue

Year Founded: 2015

HQ: Vancouver, Canada

Size: 101-250

Founders: Jason Smith, Sarathy Naicker

Klue is a Canadian startup that was founded in 2015 and is currently based in Vancouver, Canada. The business operates in the Sales and Marketing industry and provides an AI-powered platform that allows sales teams to get access to competitor research that is disseminated to agents in a way that helps them to win business against the competition itself.

Investors have been incredibly supportive of the company's business model, with Klue raising a total of $81 Million from seventeen investors. This funding has also allowed the startup to complete the acquisition of DoubleCheck Research for an undisclosed sum in January 2023.


17. Aypa Power

Year Founded: 2016

HQ: Toronto, Ontario, Canada

Size: 51-100

Founders: Moe Hajabed

This next startup operates in the energy and energy efficiency sectors. Aypa Power is working to revolutionise how communities are powered and leading its industry. The independent power producer notes that it develops, owns, and also operates its utility-scale energy storage as well as hybrid renewable energy projects, so that we can decarbonise the grid. Aypa Power's aim is to reduce our reliance on fossil fuels, so we can work towards a greener, more energy efficient future. The company offers its customers (both industrial and institutional) energy storage systems and microgrids that are managed by the operational platform.

In just two funding rounds, the Canadian startup has raised $320M total funding, with help from three investors. Aypa Power's three investors are Lake Bridge Capital, LiUNA Pension Fund of Central and Eastern Canada. The first funding round took place on the 18th of January, 2018 and the most recent funding round took place on the 19th of July, 2022.


18. DarwinAI

Year Founded: 2017

HQ: Waterloo, Canada

Size: 11-50

Founders: Alexander Wong, Brendan Chywl, Francis Li, Mohammad Shafiee

DarwinAI is a Canadian startup that was founded in 2017 and is currently based in Waterloo, Canada. The company operates in the artificial intelligence market and provides businesses with the tools and capabilities to build improved artificial intelligence with better optimization and explainable deep learning.

The business has been through a number of funding rounds since being founded, with the most recent taking place in December 2022 when it raised $6 Million from four investors. Overall, the company has managed to raise an impressive $17.8 Million in funding from eleven investors.


19. Xanadu

Year Founded: 2016

HQ: Toronto, Canada

Size: 101-250

Founders: Christian Weedbrook

Xanadu is a Canadian startup that was founded in 2016 and is currently based in Toronto, Canada. The company operates in the IT market and assists with the development of quantum computers by providing the hardware, software and simulators to power quantum computers. The aim is to help solve complex real world problems that could not be achieved through traditional means.

Investors have significantly backed the business, which highlights the interest and current stage of quantum computing as a whole. In total, the company has managed to raise $265.5 Million in funding from twenty-three investors. This has come in the form of venture capital and a range of government grants.


20. Showpass

Year Founded: 2016

HQ: Calgary, Alberta, Canada

Size: 51-100

Founders: Lucas McCarthy

Showpass is another top startup to follow in 2023 and it works in the art, eccommerce, event management, ticketing, and software industries. The company is an online ticketing platform, that allows its customers to find new events and purchase tickets all from their phone. Event organisers also use the platform to monitor sales, manage check ins, guest lists, and stats and also do much more. Showpass' platform can be used for festivals and different venues, as well as university and trade show clients.

The Canadian startup has completed three funding rounds so far, and the most recent funding round took place on the 12th of March, 2018. These funding rounds have been supported by two investors, and one lead investor.


21. Waabi

Year Founded: 2021

HQ: Toronto, Canada

Size: 101-250

Founders: Raquel Urtasun

Waabi is a startup in Canada that was founded in 2021 and is currently based in Toronto. The company operates in the field of artificial intelligence and specifically develops the technology required to make driverless trucks a reality. They are one of the leading businesses unlocking the capability of AI to drive safely in the real world alongside people.

Investors have clearly seen potential in the company's driverless vehicle solutions as it was able to raise a total of 100 Million Canadian Dollars from thirteen investors. Interestingly, one of the key investors in their most recent round was Volvo. It is likely that the business will seek further funding as it makes more breakthroughs.


FAQs

How Many Startups Are There in Canada?

There are currently more than 3000 tech startups in the major Canadian cities.

What is the Average Investment in Canadian Startups?

Getting figures for the entirety of Canada is difficult, however in the Toronto-Waterloo area, the average Seed Round is worth $700,000 and the average Series A is worth $6.5 Million, both above the global average.

What Startup Industries Are The Strongest in Canada?

The strongest startup industries in Canada are Education, Energy and FoodTech.

Top Canadian Startups To Watch...
Asaf Fybish

As a growth marketing expert, Asaf helps startups driving scalable growth through data-driven strategies and innovative marketing techniques.

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