The startup scene in Canada has been growing in recent years, with a number of successful companies emerging in a variety of industries. Canada has a strong economy and a well-educated workforce, which has helped to create a favorable environment for startups. In addition, the government has implemented various initiatives to support the growth of startups, including funding programs and tax credits.
The technology sector is particularly strong in Canada, with many startups focusing on areas such as artificial intelligence, cloud computing, and e-commerce. However, there are also a number of startups in other industries, such as healthcare, finance, and retail.
Overall, the startup ecosystem in Canada is thriving and there are many opportunities for entrepreneurs to launch and grow successful companies.
Every year around 95,000 new businesses are started in Canada, a few make a fortune. Let’s take a look at some of the Top successful Canadian Startups in 2023.
1. Loopio
2. Opencare
3. Connected
4. Ritual
5. League
6. Maple
7. integrate.ai
8. Borrowell
9. Mejuri
10. Ada
1. Loopio
| Co-founder | Zak Hemraj |
|---|---|
| Founded | 2014 |
| Headquarters | Toronto, Ontario, Canada |
| Industry | Software Development |
| Company size | 201-500 employees |
| Total Funding Amount | $208.1 Mn |
Loopio is one of Canada’s Fastest Growing Companies with three-year revenue growth of 268%. It has been ranked in Canada’s Top Growing Companies consecutively for four years by Globe and Mail’s Report on Business. It has twice secured its spot on the Deloitte Technology Fast 50™ list and LinkedIn’s Top Startups.
Loopio is a startup that helps companies answer RFPs, Security Questionnaires, and more. It helps the team to be very responsive, improves response quality, and helps them win more business.
2. Opencare
| Co-founder | Cameron Howieson |
|---|---|
| Founded | 2012 |
| Headquarters | Toronto, ON, Canada |
| Industry | Health, Wellness & Fitness |
| Company size | 11-50 employees |
| Total Funding Amount | $24.6 Mn |
Open care’s vision is to connect users with top local dentists based on their own choices. It is a modern change that has a command over the traditional industry. Through connecting with specialized dentists in the area, Open care is highly focused on optimal health and is growing by leaps and bounds.
Opencare has built a selected network of top-rated dentists across North America. They are committed to delivering outstanding oral wellness.
3. Connected
| Co-founder | Mike Stern |
|---|---|
| Founded | 2014 |
| Headquarters | Toronto, Ontario, Canada |
| Industry | Software Development |
| Company size | 51-200 employees |
| Total Funding Amount | – |
Not particularly a design agency or consultant, Connected (now part of Thoughtworks) is a platform that helps brands build software products used in the research and development phase. The company has an access to a share option plan, where employees own shares in their company. It ranked one of LinkedIn’s top 25 startups, in Canada in 2019.
Company culture is widely built. Each Connected employee experiences an equal amount of respect and as a result, Connected is considered the best workplace. And the greatness includes a house for each employee if needed, along with progressive competitions amongst the groups periodically.
4. Ritual
| Co-founder | Ray Reddy |
|---|---|
| Founded | 2014 |
| Headquarters | Toronto, Ontario, Canada |
| Industry | Consumer Services |
| Company size | 201-500 employees |
| Total Funding Amount | $134.8 Mn |
Ritual is perhaps one of Canada’s best-known startup apps that helps users to get their pre-ordered foods from their favorite restaurants and coffee houses. With Ritual, there is no need to fight the crowds or stand in long queues.
Unlike India’s Zomato and Swiggy, this pre-ordering app is also known for its suitability and reliability. It also has the advantage of piggybacking on orders, where one of your mates can pick up more than one order on behalf of multiple people.
5. League
| Founder | Michael Serbinis |
|---|---|
| Founded | 2014 |
| Headquarters | Toronto, Ontario, Canada |
| Industry | Hospitals and Health Care |
| Company size | 501-1,000 employees |
| Total Funding Amount | $171.1 Mn |
League is a one-to-one platform for employees to engage with their lifestyle, health, and benefit programs. According to Linked in’s annual rankings, the rapidly growing hub is counted in Canada’s top startups-three years running.
Since its 7 years founding, League’s members have reached over 40 million and the company has raised $220 million to date. It grabbed The Next HealthTech Unicorn Award in 2021.
6. Maple
| Co-founder | Brett Belchetz |
|---|---|
| Founded | 2015 |
| Headquarters | Toronto, Ontario, Canada |
| Industry | Hospitals and Health Care |
| Company size | 51-200 employees |
| Total Funding Amount | $71.7 Mn |
With Maple, you can connect with Canadian licensed doctors for medical help 24/7. Online consultation isn’t new, but the Maple app takes things to a whole new level, providing immediate help from doctors and specialists.
On the contrary, with the launch of Maple, it has become way too easier to deal with immediate medical support from the healthcare professionals of your choice. Notably, a click of a button away. The two most recent investors are Loblaw Companies Limited and RBC Ventures, and the company raised $73 million in a sequence of funding.
7. integrate.ai
| Founder | Steve Irvine |
|---|---|
| Founded | 2017 |
| Headquarters | Toronto, Ontario, Canada |
| Industry | Software Development |
| Company size | 11-50 employees |
| Total Funding Amount | $49.6 Mn |
Integrate.ai is one of the most talked about cross-industry in today’s technological world, which implies machine learning and innovative intelligence to target customer necessities before it is felt. However, a lot of people have already started implementing this technology app to improve their quality and outputs.
As customer data becomes increasingly on trend, integrate.ai became the world’s first AI-powered cross-industry intelligence network to master Design Certification. The Former Facebook and Instagram executive Steve Irvine is the founder and CEO of the company.
8. Borrowell
| Founders | Eva Wong, Andrew Graham |
|---|---|
| Founded | 2014 |
| Headquarters | Toronto, Ontario, Canada |
| Industry | Financial Services |
| Company size | 51-200 employees |
| Total Funding Amount | $92 Mn |
Borrowell is a financial technology company that offers Canadians free access to their credit score, including recommendations for financial tips and tools to improve credit scores. Listed as the World’s top financial technology company for its transparency, Borrowell will be a trailblazer for many such factual ideas.
Borrowell has been named one of the Best Workplaces in Canada every year since 2019. It has been recognized as Globe and Mail’s Top Growing Companies (2021), LinkedIn’s Top 15 Startups in Canada (2021), and CB Insights’ Top 250 Fintechs (2021). It is trusted by over 2 million Canadians.
9. Mejuri
| Co-founder | Noura Sakkijha |
|---|---|
| Founded | 2013 |
| Headquarters | Toronto, Ontario, Canada |
| Industry | Retail Luxury Goods and Jewelry |
| Company size | 201-500 employees |
| Total Funding Amount | $28 Mn |
Mejuri is Canada’s most popular marketing-targeted company that deals directly with the consumer. Mejuri sells fine jewelry at comparatively-low prices and has expanded as a far-reaching jewelry house. The brand operates directly to consumers (online), to sell through brick-and-mortar storefronts. Re-launched in 2015, the company has female employees in maximum.
“I founded Mejuri because I saw a jewelry industry that was built for men gifting women and not women celebrating themselves. To me, the truest expression of Mejuri is mutual uplift: all of us supporting each other, and you, our community, feeling empowered to invest in yourself and, in turn, the community around you.” – Noura Sakkijha, CEO
10. Ada
| Co-founder | Mike Murchison |
|---|---|
| Founded | 2016 |
| Headquarters | Toronto, Ontario, Canada |
| Industry | Software Development |
| Company size | 201-500 employees |
| Total Funding Amount | $190.6 Mn |
Ada is an artificial intelligence where businesses are allowed to speak directly with prospective customers through a chat box. As mountains of businesses pile up, customers feel discomfort, and thereby any businesses in particular need to be properly explained and analyzed, to be able to make better business decisions.
Ada’s growth has been augmented to date. To focus on issues of greater impact, Ada allows live agents too, providing a support role for any queries that customers have. It is recognized as one of the best leading customer service automation companies.
Conclusion
Canadian startups are growing abruptly, we see many new startups lining up in the space. Hence there is a sense of innovation to maintain a competitive edge, probably for the recognition of a leading sector and for the brand familiarity to reach across various platforms shortly.
FAQs
Is Canada good for a startup?
Yes, Canada is a financially safe place to do business as it has a stable economy, and there is support from both the national and local levels for the startup.
Which country is best for startups?
The United States is considered the best country for startups.
Which country has the most entrepreneurs?
The United States has the most number of entrepreneurs.
How many startups fail in Canada?
Business failure statistics show that about 96% of small businesses survive for one full year, 85% survive for three years and 70% survive for five years.