Top 30 best-funded Canadian startups 2020

Top startups of Canada

With a diversified and technologically advanced economy, it is no surprise that Canada is home to many startups and tech companies. Thanks to a mature startup ecosystem, Canada has helped a number of its local startups to expand nationally and launch their development across the world.

The startups listed hereafter are involved in a number of industries and businesses, but with a large number of companies operating through software or cloud-based platform, there is a clear lead of tech startups. From retail and FinTech, from hardware to artificial intelligence, Canadian startups are engaged in the application of technology to new verticals, and the disruption of a broad range of industries.

Some of these companies are already famous in Canada, reaching a large population with their products and services. Many startups are less known, as they focus on small business niches and take charge of problems faced by specific professions, but some of them still have managed to become national leaders in their field or even players in the international business arena. Having become successful through their innovative approach and their extensive reach into the national and global market, a few of these startups have also already reached the acclaimed “Unicorn” status, that is to say, a valuation of more than a billion US dollars.

For the complete list of the world’s unicorn startups, download our 580 Unicorn Startups Excel file which includes valuations, funds raised, known investors, websites link, descriptions, and much more information on each company,

List of the 30 top-funded startups from Canada

Here is the list of the top 30 best-funded Canadian startups with details about each company, the total amount of funds received by the company in US $ or CA $, according to Crunchbase, as of May 5, 2020  (with CA $ converted to US $ with the rate of 0.7114 US$/CA$), together with a direct link to the company’s website.

For more information on other world-leading startups, check our series of posts on Top Startups, and for more information on the country, read our articles on Top Business Resources for Canada.

Shortcuts to each startup

To facilitate your browsing in this long list, here are quick links to go directly to the details of any of the top 30 Canadian startups. Be sure to also check the Top 10 Canadian startups’ summary after the list!

30. LoginRadius

LoginRadius logoIndustry: Privacy and Security – Total funding: $19.3 Million

LoginRadius provides a platform specialized in customer identity and access management for websites and mobile apps. It allows more than 3,500 companies to easily and securely connect with their customers across the globe via its cloud-based application.


29. District M

District M logoIndustry: Advertising – Total funding: $20 Million

District M is an advertising exchange platform. It provides a convenient marketplace with programmatic solutions for publishers and advertisers to quickly and easily connect, and maximize opportunities to match the offer and demand for digital advertising.


28. Untether AI

Untether AI logoIndustry: Hardware – Total funding: $20 Million

Untether AI is specialized in the development of energy-efficient processors. Working on the optimization of the energy-complexity balance, it aims at reducing the complexity of processors while maintaining performance for tasks of neural networks inference, and offer a completely scalable compute solution.


27. Zucara Therapeutics

Zucara Therapeutics logoIndustry: Pharmaceutical – Total funding: $25.3 Million

Zucara Therapeutics is dedicated to the prevention of hypoglycemia for patients with diabetes. Developing technology to regulate a pancreatic hormone, Zucara Therapeutics has demonstrated significant results to prevent hypoglycemia and restore natural blood glucose levels and presents a clear advantage over other treatments.


26. Auvik

Auvik logoIndustry: Information Technology – Total funding: $33.3 Million

Auvik offers cloud-based software to automate and facilitate network monitoring and management for IT managed service providers. Auvik helps managed service providers to deliver increased visibility, documentation, and monitoring to client networks, and automate time-consuming tasks.


25. Xanadu

Xanadu logoIndustry: Quantum Computing – Total funding: $35.6 Million

Xanadu is a company that focuses on quantum computing. It aims at providing quantum on-demand to deliver computational power to solve real-world problems. Xanadu regroups scientists and industry experts to combine research and business so as to build a large scalable venture.


24. Coinsquare

Coinsquare logoIndustry: Financial services – Total funding: CA$53 Million

Coinsquare is the leading cryptocurrency trading platform in Canada. Founded in 2014, it allows the trading of Bitcoin, Ethereum, Ripple, Litecoin, and other digital currencies. Focusing on security and convenience, Coinsquare is building a financial services company relying on Blockchain technology.


23. Uberflip

Uberflip logoIndustry: Enterprise Software – Total funding: $42 Million

Uberflip provides a platform to create, manage, and optimize content experiences. Through its content marketing platform, Uberflip helps marketers aggregate their content to boost engagement, generate leads and fuel demand generation to better leverage content to meet their goals.


22. MindBridge

MindBridge logoIndustry: Financial services – Total funding: $42.3 Million

Dedicated to financial auditing through artificial intelligence, MindBridge uses machine learning to detect anomalies, errors, and fraud. It helps organizations across multiple industries, to minimize financial losses, augment human capacities, and improve confidence in financial data.


21. BenchSci

BenchSci logoIndustry: Biotechnology – Total funding: $44.6 Million

BenchSci empowers pharmaceutical scientists with advanced biomedical artificial intelligence to help them conducts more successful experiments. It provides a platform that gathers the world’s data on life sciences, helps apply machine learning algorithms, and enables users to present the results in a simple and clear interface for rapid deployment.


20. Kira Systems

Kira Systems logoIndustry: Artificial Intelligence – Total funding: CA$65 Million

Kira Systems is a machine learning software system specialized in contract review and analysis. It identifies, extracts, and analyzes texts in contracts and other documents, Kira Systems is particularly helpful for due diligence, knowledge management, lease abstraction, and regulatory compliance.


19. Bench

Bench logoIndustry: Financial services – Total funding: $49.1 Million

Bench is a company dedicated to the automation of accounting and financial organization for small businesses. Combining a cloud-based platform with a team of accountants, Bench provides an efficient and time-saving solution for bookkeeping all integrated with accounting expertise.


18. Sensibill

Sensibill logoIndustry: Financial Services – Total funding: $50.4 Million

Sensibill provides an intuitive platform to manage digital receipts via mobile banking apps. Through its receipt management solution, Sensibill allows large banks and financial institutions to reach the largely untapped market of freelancers, together with the digital-savvy entrepreneurs and small and medium-sized companies.


17. Tulip Retail

Tulip Retail logoIndustry: Commerce and Shopping – Total funding: $51.2 Million

Tulip Retail provides a suite of digital tools built exclusively for in-store retail. Through its cloud-based platform, Tulip helps retail staff better manage their shop and provide an omnichannel shopping experience to customers, with assisted selling, store communications, point of sale software, and more.


16. TrackTik

TrackTik logoIndustry: Software – Total funding: $52.8 Million

TrackTik is an operation software dedicated to the security industry, helping them achieve better business performance and mitigate risk. It allows security companies to optimize and standardize their processes through tracking, scheduling, reporting, and dispatch features.


15. MedAvail

MedAvail logoIndustry: Health Care – Total funding: $53.7 Million

MedAvail Technologies is a healthcare technology company providing a self-service pharmacy, mobile app, kiosk, and drive-thru solution, supporting the dispensing of prescription drugs and Over-The-Counter medications. MedAvail notably allows dispensing medicine in remote sites such as employer locations, clinics, hospitals, and retail locations.


14. Elastic Path

Elastic Path logoIndustry: Commerce and Shopping – Total funding: $54.2 Million

Elastic Path provides omnichannel commerce software to help businesses increase revenue from their products, services, and content. It allows companies to understand their customers’ experience through discovery, buying, and consumption to maximize engagement and conversion.


13. Dialogue

Dialogue logoIndustry: Health Care – Total funding: $56 Million

Dialogue is a telemedicine platform enhancing and complementing the Canadian healthcare system. It provides additional communication channels for patients to connect directly with healthcare professionals from a broad range of specialties.


12. Deep Genomics

Deep Genomics logoIndustry: Biotechnology – Total funding: $56.7 Million

Deep Genomics is a company that uses artificial intelligence to build genetic medicines, focusing on the pre-clinical development of oligonucleotide therapies. Its platform is specialized in finding drug candidates to cure certain genetic diseases by predicting molecular phenotypes alterations.


11. AlayaCare

AlayaCare logoIndustry: Health Care – Total funding: $98.8 Million

AlayaCare provides a software platform and hardware ecosystem for home care agencies to deliver telehealth and visiting health solutions. It allows its clients to provide a better service to their patients, ultimately empowering them to live better lives while reducing their costs for healthcare.


10. TopHat

TopHat logoIndustry: Education – Total funding: $104.4 Million

TopHat provides a student engagement and interactive teaching platform. Helping college professors activate classrooms, Top Hat transforms traditional, passive university lectures by making students use their personal devices during class through quizzes, polls, and simulations.


9. Ritual

Ritual logoIndustry: Food and Beverage – Total funding: $112.9 Million

Ritual is an innovative social ordering app for people to buy online and get their orders delivered or ready when they arrive at restaurants or coffee shops. Furthermore, it allows co-workers to add upon existing orders, allowing social orderings to save time for customers and increase revenues for merchants.


8. Breather

Breather logoIndustry: Real Estate – Total funding: $122.5 Million

Breather provides access to flexible workspaces by the hour, day or month. With its app and space-as-a-service offer, Breather brings flexible workspace solutions to any company or independent worker, away from traditional leases and delays that may burden dynamic and fast-changing businesses.


7. ApplyBoard

ApplyBoard logoIndustry: Education – Total funding: CA$172.6 Million

ApplyBoard is a platform that helps international students to apply to study in educational institutions abroad. It provides a secure system for students around the world to manage their applications, requirements, and processes to successfully study abroad. Based in Canada, ApplyBoard has opened offices in many countries including China, Nepal, Vietnam, and India.


6. Miovision

Miovision Technologies logoIndustry: Transportation – Total funding: $137.7 Million

Miovision Technologies develops transportation network technologies to minimize the environmental impact and inefficiencies of transport. It provides Artificial Intelligence software and hardware for traffic signal planning and operations, helping “Smart Cities” improve their cost structure and accuracy.


5. Ecobee

Ecobee logoIndustry: Home Automation – Total funding: $149.4 Million

Ecobee provides smart thermostats that enable residential and commercial energy conservation applications. With its Wi-Fi enabled, digital, programmable thermostat, Ecobee allows to easily customize, and remotely access temperature settings in single-family homes, multi-family dwellings, and offices.


4. TouchBistro

TouchBistro logoIndustry: Enterprise Software – Total funding: $224.1 Million

TouchBistro provides a specialized software platform for restaurants. It allows restaurant waiters to instantly submit customers’ orders to the kitchen and bar through a single entry system that reduces errors and increases efficiency. It presents more impacting menus with details and pictures, enabling fast and convenient updates or even publication to the web.


3. Element AI

Element AI logoIndustry: Artificial Intelligence – Total funding: $257.5 Million

Element AI is an Artificial Intelligence company helping organizations become stronger, safer, and more agile by developing AI-powered suites of software. It is especially involved in industries where data is important, including insurance, capital markets, banking and wealth management, manufacturing, retail, cybersecurity and transportation, and logistics.


2. Nuvei

Nuvei logoIndustry: Financial services – Total funding: $330 Million

Nuvei is an electronic payment company, processing over US$14 billion worth of transactions per year. It provides solutions for partners including independent sales organizations, integrated software vendors, payment facilitators, developers, and e-commerce platforms to seamlessly process in-store, online, and mobile payments.


1. Coveo

Coveo logoIndustry: Enterprise Software – Total funding: $339.4 Million

Coveo provides Artificial Intelligence-powered search and recommendation engines. It helps organizations deliver personalized experiences through contextually relevant information at every interaction in their customer relations management, customer service applications, intranets, and websites.


Summary: Top 10 Canadian Startups 2020

To give you a quick overview of the largest startups from Canada in 2020, here is a synthesizing image regrouping the information of the top 10. Note that you can use this image to embed it on your website and other digital properties using the embed code below.

Top 10 Canadian Startups 2020

Embed code:

<a href="" target="_blank" rel="noopener noreferrer"><img src="" alt="Top 10 Canadian Startups 2020"></a>

Here are the top 30 best-funded startups from Canada. Did we forget any? Did you buy any product or service from them? Which one do you think provides the most useful product? Let us know in the comments below!

5 Replies to “Top 30 best-funded Canadian startups 2020”

    1. Hi,
      The list was created with data from Crunchbase from all the Canadian startups that we could find.
      If you know of other startups, please share, we’ll be sure to include them in a future update if they are better funded.

    1. Hi,
      As far as we can see, it seems that Lightspeed is currently the only quoted company on the Toronto Stock Exchange, with the ticker LSPD.
      We will probably remove it from this list in a later update, as a startup that has gone public doesn’t seem to fit in the “startup” category anymore.

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