The 2020 Narwhal List Shows Great Progress for Canada’s Tech Industry

TORONTO--()--The 2020 edition of the Narwhal List was released today, revealing another remarkable year for Canadian technology companies that have deployed significant amounts of capital to fuel their growth.

The list, which ranks Canada’s leading tech companies by their financial velocity – the rate at which they raise and deploy investment dollars to fuel growth – shows there were nine financings of Narwhals that exceeded $100 million (all amounts in $US).

The top 10 Narwhals are:

Rank

Company

Founded

Total Funding ($US)

Financial Velocity

Sector

City

1

Chinook Therapeutics

2019

65,000,000

65.0

Biotechnology

Vancouver

2

Element AI

2016

257,483,994

64.4

Computer Software

Montreal

3

Repare Therapeutics

2016

150,500,000

37.6

Biotechnology

Saint Laurent

4

Enerkem

2000

616,487,747

30.8

Renewables and Environment

Montreal

5

DalCor Pharmaceuticals

2015

150,000,000

30.0

Pharmaceuticals

Montreal

6

Verafin

2003

453,988,665

26.7

Computer Software

St. John's

7

Fusion Pharmaceuticals

2014

151,000,000

25.2

Biotechnology

Hamilton

8

Stormfisher Biogas

2006

349,787,329

25.0

Renewables and Environment

Toronto

9

Hootsuite

2008

299,693,624

25.0

Marketing and Advertising

Vancouver

10

North

2012

199,632,519

25.0

Consumer Electronics

Kitchener

The Narwhal List, which is created annually by the Narwhal Project (https://narwhalproject.org) shows that:

  • The computer technology sector continues to expand with 29 companies on track to IPO (up from seven in 2016).
  • Six health technology companies raised an average of more than $70 million to fuel their growth
  • This year’s list includes clean technology companies for the first time, with seven companies on a track that could lead to an IPO.

“The 2020 Narwhal List shows that Canada is making tremendous progress at developing world-class companies,” says Charles Plant, Founder of the Narwhal Project. “Every year, more capital is being made available to fuel the growth of firms such as Verafin, Clio and 1Password. Canada now has two unicorns [private companies valued at $1 billion or more] in Nuvei and Coveo, and Shopify now has a market cap of $55 billion.”

The Narwhal List was developed to focus attention on the Canadian technology companies best poised to become world-class firms. The list uses a metric that calculates the financial velocity of a firm, based on the rate at which they acquire and deploy growth capital.

You can get a full copy of the Narwhal List and the report at: https://narwhalproject.org/narwhal-list/

About The Narwhal Project

The Narwhal Project (htttps://narwhalproject.org) was established to conduct research into the underlying factors essential to creating world-class technology companies. Our objective is to understand how companies can accelerate their growth and how governments, companies, and academia can identify and adopt best practices in technology commercialization.

Contacts

Charles Plant
416.458.4850
cplant@narwhalproject.org

Contacts

Charles Plant
416.458.4850
cplant@narwhalproject.org