The Impact Centre has recently updated the Narwhal List, a compilation of Canada’s fastest scaling private tech companies. This list shows private Canadian venture capital backed companies with the highest Financial Velocity, shedding light on the ability of firms to scale up and reach world-class status.

Highlights for the 2019 update:

  • 17 companies have joined the list in 2018: Element AI, Blockstream, CryptoKitties, Kira Systems, The Aion Network, ecobee, Assent Compliance, TouchBistro, Happiify, Rubikloud, Farmer’s Edge Laboratories, Nuco, Bench, Drop, Platterz, Ironshore Pharmaceuticals, Milestone Pharmaceuticals.
  • The number of companies on track to become Unicorns almost doubled; however, no new unicorns have been created since 2015.
  • The average financial velocity increased from 9.4 to 12.8.
  • Topping the list on the technology side is Elements AI, a new contender to the Narwhal list, while Bluerock Therapeutics still heads the list in the healthcare category.
  • Almost 50% of the Narwhals are based in the Greater Toronto Area and 16% in Montreal.

Financial Velocity is the amount of funding a firm has raised divided by the number of years it has been in existence. It is expressed in millions of dollars per year. This measure reports the rate at which companies raise and consume capital, which is vital for companies to scale.

We’ve updated the list as of January 1st 2019. For an explanation of Financial Velocity and the full Narwhal List you can refer to our report, The Narwhal List 2019.