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Two BC Tech Companies Recognized in Top 10 of 2020 Edition of the Narwhal List (Ranks Canada's Leading Tech Companies by Financial Velocity)
Tuesday, February 4, 2020
Vancouver, BC, February 4, 2020--(T-Net)--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.
"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 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 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