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Canada is the second-largest country in terms of landmass and the ninth-largest in terms of nominal GDP. Despite its size, the country is sparsely populated as almost half of the mainland is covered with forests. The US$1.74 trillion economy is dominated by the private sector and is primarily services-based. The service sector employs more people than all other sectors combined, with tourism being the fastest-growing segment. Canada is rich in mineral resources such as uranium, zinc and titanium, to name a few. From startups that are at the centre of the NFT craze to those that have developed a robotic warehousing and fulfilment system, the land of Maple syrup has a rich and thriving startup ecosystem worth exploring.


The analysis is based on data from Crunchbase, and overall, 72 startups have been analysed. Startups considered for this analysis are unlisted non-government entities that have raised more than $100 million (USD) of capital to date. The analysis also includes operating subsidiaries of private/public companies. The estimated revenue range was available for 64 startups. 

The startups have been classified according to various industries based on data from Pitchbook, and the sector classification is based on Global Industry Classification Standard (GICS). The sector classification is subjective and has been made considering the sector/industry that the startups closely resemble.

Most of the startups have raised funding within one to five rounds (68%), and 26 per cent of them have raised funding within six to ten rounds. The remaining have raised funding in 10+ rounds.

Ontario-based startups top the list in terms of funding and the number of startups. The second-largest province in Canada is home to 29 startups that have collectively raised more than $6.1 billion (USD). The predominantly French-speaking province of Quebec is ranked second both in terms of the number of startups (22%) and the total funding amount (27%). Quebec-based startups have in total raised $4.6 billion (USD). The provinces of British Columbia and Alberta together constitute 36% of the startups and 35% of the funding. 

Information technology startups have collectively raised $3.6 billion (USD), with more than half of the funding going towards startups in the business/productivity software industry (USD 1.9 billion). Startups in the systems & information management industry (USD 430 million) and computer, parts & peripherals (USD 216 million) have together attracted 18% of the funds flowing to this sector. Founded in 2017, Dapper Labs offers an online platform for games built upon blockchain technology. Dapper Labs is the startup behind CryptoKitties- a blockchain-based game where players breed and trade digital cats and NBA Top Shot- a platform for trading digital basketball cards. To date, the startup has raised more than $357 million (USD) in six funding rounds. Dapper Lab’s latest funding round was a venture round in March 2021, led by Coatue, where it raised $305 million (USD). 

British Columbia-based Clio is a unique startup that offers a cloud-based practice management platform designed to provide legal client management remedies. The platform accelerates the process of billing, tracking and client communication to help clients manage their cases without any hassles. The startup has raised $276 million (USD) from investors such as Bessemer Venture Partners, Acton Capital, among others. 

Startups in the industrial sector have collectively raised $2.7 billion (USD), with consulting services (B2B) and environmental services (B2B) being the most prominent industries. Together, startups in these two industries have attracted $1.6 billion (USD) or 61% of the funds flowing to this sector. Navacord, founded in 2014, is an Ontario-based startup that offers insurance broking services. The startup provides risk management and consulting services allowing clients to access the expertise of a national brokerage. The startup, which has raised a staggering $832 million (USD), was acquired by Madison Dearborn Partners through a management buyout in July 2018.

Founded in 2015, ATTAbotics is a logistics startup that has developed a robotic warehousing and fulfilment system. Inspired by the framework of ant colonies, the startup has replaced the rows and aisles of traditional fulfilment centres with a patented storage structure and robotics shuttles that utilize both horizontal and vertical space. The startup’s solutions cover retail, e-commerce and e-grocery, among others. The startup has raised more than $117 million (USD) from investors such as Honeywell, Forerunner Ventures and Comcast Ventures.

The consumer discretionary sector has attracted 11% of the funding or $1.89 billion (USD) and is home to 13% of the startups. Prominent industries in this sector include educational software (USD 360 billion), leisure facilities (USD 230 million) and casinos and gaming (USD 224 million). Ritual is a food ordering app that makes food ordering a social experience. Customers can order from a wide range of restaurants and can earn points for each order that can be redeemed for rewards. The startup has raised $135 million (USD) in four funding rounds. Prodigy is an Ontario-based educational platform that educates children through games. The startup has raised $125 million (USD) from TPG Growth and the Canadian Business Growth Fund.



Overall, Canadian startups have raised $17 billion (USD), and a majority of the startups are private (88%). Among the startups for whom the revenue data was available, more than half of them had an estimated revenue range of $10 million (USD) to $50 million (USD), and 20% of them had an estimated revenue range of less than $10 million (USD). Given that Canada is rich in resources, the energy, materials and utilities sectors constituted 22% of the funding and 17% of the startups.

For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.

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