Canada’s immigration-friendly policies, such as the , have made it a hub for entrepreneurs worldwide. This diversity is a key driver of innovation and economic growth in the country’s tech and startup sectors.
A unicorn is a privately owned startup valued at over $1 billion. While the US hosts over half of the world’s companies, as of February 2025, 31 unicorns have been created in Canada, making it one of the top countries in the world. About 25% of the country’s unicorn and “soonicorn” founders weren’t born in Canada.
Here are some notable Canadian unicorns:
Tech Sector
1Password
- Sector/Sub-sector: Cybersecurity, Software
- Founded: 2005
- Location: Toronto, Ontario
- Valuation: $6.8 billion
- Investors: Accel, Slack Fund, Skip Capital
- Time to Unicorn: 16 years (achieved in 2021)
Cohere
- Sector/Sub-sector: Artificial Intelligence, Natural Language Processing
- Founded: 2019
- Location: Toronto, Ontario
- Valuation: $2 billion
- Investors: Index Ventures, Salesforce Ventures, Section 32
- Time to Unicorn: 3 years (achieved in 2023)
Clio
- Sector/Sub-sector: Legal Tech, SaaS
- Founded: 2008
- Location: Burnaby, British Columbia
- Valuation: $3 billion
- Investors: OMERS Private Equity, T. Rowe Price, Technology Crossover Ventures
- Time to Unicorn: 13 years (achieved in 2021)
Xanadu
- Sector/Sub-sector: Quantum Computing
- Founded: 2016
- Location: Toronto, Ontario
- Valuation: $1 billion
- Investors: BDC Capital, Georgian, Bessemer Venture Partners
- Time to Unicorn: 6 years (achieved in 2022)
Fintech Sector
Wealthsimple
- Sector/Sub-sector: Digital Banking, Fintech
- Founded: 2014
- Location: Toronto, Ontario
- Valuation: $5 billion
- Investors: PowerCorp, Allianz X, Greylock Partners
- Time to Unicorn: 6 years (achieved in 2020)
Clearco
- Sector/Sub-sector: Fintech, E-commerce Financing
- Founded: 2015
- Location: Toronto, Ontario
- Valuation: $2 billion
- Investors: Highland Capital Partners, Oak HC/FT Partners, Emergence Capital Partners
- Time to Unicorn: 6 years (achieved in 2021)
Trulioo
- Sector/Sub-sector: Identity Verification, Fintech
- Founded: 2011
- Location: Vancouver, British Columbia
- Valuation: $1.75 billion
- Investors: Blumberg Capital, American Express Ventures, BDC Venture Capital
- Time to Unicorn: 10 years (achieved in 2021)
Health Sector
PointClickCare
- Sector/Sub-sector: Healthcare Tech, SaaS
- Founded: 2000
- Location: Mississauga, Ontario
- Valuation: $4 billion
- Investors: Dragoneer Investment Group, Hellman & Friedman, JMI Equity
- Time to Unicorn: 21 years (achieved in 2021)
Ada Support
- Sector/Sub-sector: AI-driven Customer Service, Health Tech
- Founded: 2016
- Location: Toronto, Ontario
- Valuation: $1.2 billion
- Investors: Version One Ventures, Bessemer Venture Partners, FirstMark Capital
- Time to Unicorn: 5 years (achieved in 2021)
E-commerce & Retail
SSENSE
- Sector/Sub-sector: Luxury E-commerce, Fashion
- Founded: 2003
- Location: Montreal, Quebec
- Valuation: $4.15 billion
- Investors: Sequoia Capital
- Time to Unicorn: 18 years (achieved in 2021)
Shopify
- Sector/Sub-sector: E-commerce, SaaS
- Founded: 2006
- Location: Ottawa, Ontario
- Valuation: $135+ billion (publicly traded)
- Investors: OMERS Ventures, Insight Partners
- Time to Unicorn: 9 years (achieved in 2015)
Blockchain & Gaming
Dapper Labs
- Sector/Sub-sector: Blockchain, NFT Gaming
- Founded: 2018
- Location: Vancouver, British Columbia
- Valuation: $7.6 billion
- Investors: Union Square Ventures, Andreessen Horowitz, Venrock
- Time to Unicorn: 3 years (achieved in 2021)
Figment
- Sector/Sub-sector: Blockchain Infrastructure
- Founded: 2018
- Location: Toronto, Ontario
- Valuation: $1.4 billion
- Investors: Bonfire Ventures, Two Sigma Ventures, FJ Labs
- Time to Unicorn: 3 years (achieved in 2021)
Sustainability & Cleantech
Nexii
- Sector/Sub-sector: Green Construction, Cleantech
- Founded: 2020
- Location: Vancouver, British Columbia
- Valuation: $1.23 billion
- Investors: Trane Technologies, Honeywell
- Time to Unicorn: 1 year (achieved in 2021)
Education & EdTech
ApplyBoard
- Sector/Sub-sector: EdTech, Study Abroad Platform
- Founded: 2015
- Location: Kitchener, Ontario
- Valuation: $3.2 billion
- Investors: Artiman Ventures, Plug and Play Ventures, Anthos Capital
- Time to Unicorn: 5 years (achieved in 2020)
Canada’s Top Entrepreneurial Ecosystem
Canada’s growing number of unicorn startups highlights the country’s thriving entrepreneurial ecosystem, which is fueled by strong government support, investment opportunities, a diverse talent pool and a skilled workforce. Immigrant entrepreneurs are crucial to this success, bringing fresh ideas, innovation, and global perspectives that drive economic growth.
As Canada continues establishing itself as a top destination for growing startups with high potential, foreign entrepreneurs looking to scale their ventures in a dynamic and welcoming environment should explore opportunities through the Startup Visa Program. Startup Visa Services helps foreign entrepreneurs establish their businesses in Canada and maybe become the next unicorns. Thanks to a streamlined application process and access to a supportive ecosystem, SVS will help you get started.
Contact us directly for more information.
Start Up Visa Services
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