Canadian Startups that Raised More than $100 Million

In the world of startups, getting huge investments is often considered a significant indication of success and potential. Canada, which is rapidly becoming one of the most popular places for startups, is a perfect example of this fact. However, many Canadian startups have not only just started; they have also received massive funding — more than $100 million apiece. This shows that investors have high confidence in them and consider Canada an excellent environment for nurturing innovative and sustainable enterprises. Supported by strong government programs, enthusiastic venture capitalists, and favorable business policies, these startups can secure the funds necessary for their growth into large corporations. Such financial aids enable them to break the ground in such fields as technology, the healthcare industry or the renewable energy sector. This creates opportunities for rapid expansion whilst making significant contributions to these areas’ development. In this blog post FundsFarm Team will look at some outstanding Canadian startups that have achieved this feat by utilizing their newfound wealth to pioneer change within Canada’s corporate landscape.

Major Recent Fundraisers

This category highlights startups that have recently raised over $200 million, showcasing their remarkable growth and impact in the past year.

1. Wealthsimple
   Founded in 2014 and headquartered in Toronto, Wealthsimple operates in the FinTech, and Impact Investing industries. The company employs between 501 and 1000 people. Wealthsimple offers financial tools to help individuals invest, including personal finance education and solutions. It has undergone 9 funding rounds, attracting 30 investors including TCV, ICONIQ Growth, and Inovia Capital. The total funding amount is approximately $1.51 billion, the last funding type was Private Equity, amounting to $1 billion.
2. Aypa Power
   Aypa Power, established in 2016 and located in Toronto is active in the Energy Efficiency sector. The company, which has less than 100 employees, provides turn-key energy-as-a-service projects focused on accelerating the transition to a sustainable energy future. Aypa Power has raised around $870 million over 3 funding rounds, supported by 8 investors like National Bank of Canada and U.S. Bancorp. The last funding round was a Debt Financing of $550 million.
3. Cordelio Power
   Operating from Toronto, Cordelio Power was founded in 2018 and employs more than 10 people. The company, which is in the Renewable Energy sector, focuses on power production with investments in wind and solar projects. It has received $458 million in one round of Debt Financing from 5 investors including National Bank of Canada and Bank of Montreal.
4. QScale
   Founded in 2019 and based in Clarke City, Quebec QScale has 11 to 50 employees and works in the Information Services sector. The company specializes in providing high-performance computing infrastructure. QScale has participated in 2 funding rounds, securing $195 million, with a recent venture series of $260 million. The company is supported by investors like Investissement Quebec and Government Of Quebec.
5. Eavor
   Eavor, established in 2017 and headquartered in Calgary is engaged in Clean Energy, employing more than 100 people. Eavor’s technology offers a sustainable and scalable form of geothermal energy. The company has raised about $365 million over 14 funding rounds, supported by 19 investors including BDC Venture Capital and Creative Destruction Lab. The latest Series B funding amounted to approximately $243 million.

Established Innovators

These startups have raised significant funding over $100 million all together in the past decade and continue to shape their industries.

• Hostaway: Founded in 2015, Hostaway offers vacation rental management software, aiding clients in maximizing their rental income. Operating in the Real Estate, Software, and Tourism industries, Hostaway has accumulated a total funding amount of approximately $178.2 million.
• FundThrough: Established in 2014, FundThrough helps small business owners navigate cash flow challenges by providing fast, flexible funding solutions. It is part of the Financial Services sector, with a total funding of about $122.2 million.
• Abdera Therapeutics: Founded in 2021, Abdera Therapeutics is focused on developing targeted radiopharmaceuticals for cancer treatment. It operates within the Biotechnology and Health Care industries, with total funding of approximately $148.3 million.
• Top Hat: Created in 2009, Top Hat’s interactive software helps college professors engage students and build comprehension inside and outside the classroom. It falls under the Education and Software industry groups, with total funding of about $234.4 million.
• EverWind Fuels: Engaged in the development of new solar and wind facilities for green hydrogen production since 2021, EverWind Fuels is part of the Energy and Sustainability sectors, with total funding of $125 million.
• e2ip technologies: e2ip technologies, founded in 2016, employs advanced material sciences to develop innovative electronic solutions. It is significantly contributing to the Electronics and Manufacturing sectors, with a total funding amount of $125 million.
• Certn: Certn, launched in 2016, uses AI to provide rapid and reliable background screening solutions. Operating in the HR and Security industries, Certn has raised approximately $222.9 million in funding.
• Ideogram: Ideogram, established in 2022, focuses on developing AI-driven solutions and operates within the AI and Data Analytics sectors. It has raised about $136.4 million in total funding.
• Tenstorrent: Founded in 2016, Tenstorrent develops advanced processors for enhancing machine learning capabilities, part of the AI and Hardware industry. The total funding amount is approximately $334.5 million.
• AtomVie Global Radiopharma: AtomVie, established in 2021, specializes in the global contract development and manufacturing of radiopharmaceuticals. It operates in the Healthcare and Manufacturing sectors, with a total funding of $130 million.
• Brim Financial: Founded in 2015, Brim Financial integrates credit card services with loyalty programs. Operating within the Financial Services sector, it has secured about $110 million in funding.
• DalCor Pharmaceuticals: Established in 2015, DalCor Pharmaceuticals is developing precision medicine for cardiovascular diseases, within the Biotechnology and HealthCare industries, with total funding of approximately $233.9 million.
• MindBridge: Founded in 2015, MindBridge uses AI to analyze financial transactions and detect anomalies, significantly impacting the Fintech and AI industries. It has raised about $102.3 million in total funding.
• Goodleaf Farms: Established in 2015, Goodleaf Farms focuses on ethically growing simple, clean, delicious greens through vertical farming technologies. Part of the Agriculture and Food and Beverage sectors, it has secured approximately $247.7 million in funding.
• QuadFi: Launched in 2018, QuadFi provides inclusive financial services to underserved populations, such as new immigrants and students. It belongs to the Financial Services and Education sectors, with a total funding amount of $132 million.
• Tacora Resources: Founded in 2017, Tacora Resources focuses on the acquisition, development, and mining of iron ore. Operating in the Natural Resources and Manufacturing industries, it has received approximately $226.3 million in total funding.

The data on Canadian startup fundraising reveals a number of interesting trends. Here are some insights from FundsFarm:

• Biggest industries: Energy and technology seem to be the most popular sectors for investment. For example, businesses such as EverWind Fuels in renewable energy or QScale with its high-performance computing technology show that people are interested in sustainable tech solutions. This focus on power, especially clean one, corresponds with worldwide tendencies regarding environment protection and shift towards cleaner sources.
• Healthcare revolution: The healthcare industry is very active right now, particularly in biotech and health tech. Companies like Abdera Therapeutics or DalCor Pharmaceuticals have caught attention thanks to their work on targeted therapies (Abdera) and precision medicine (DalCor). It is part of a wider trend where people want more personalized healthcare solutions which use technology better.
• AI+Tech Advances: Artificial intelligence (AI) has been making significant progress recently along with other advanced technologies such as machine learning (ML). Tenstorrent uses AI in its chips so they can process more information faster; MindBridge does not say what it does but just that there is some kind of ML going on there too. There must be something about this that appeals to investors because they seem confident enough about these companies’ prospects.
• Investors & Funding Sources: There are many different ways startups can get funded, and this report highlights three major ones – private equity (PE), venture capital (VC) and debt financing. Different types of investors get involved too; national banks might be interested due to strategic reasons while specialist investment firms could see potential for growth through sustainability-focused projects or emerging technologies.
• State Of The Startup Ecosystem: One thing that really struck us was how diverse both the industries covered were as well as geographical distribution across Canada itself which indicates healthy overall startup ecosystem strength within our borders! Not only does having diversity across various sectors foster innovation but also brings about economic resilience by spreading investments over different industry verticals during times of financial uncertainty.

In summary, Canada has shown great potential when it comes to startups and innovation. The country’s strong focus on technology, sustainability and healthcare have attracted a lot of capital from major investors who are looking for new opportunities in these fields. This data not only reflects Canada’s strategic direction but also its global market alignment and future growth prospects. With such an active investment environment FundsFarm expects some exciting things happening soon within our borders – making Canada the perfect place for both first-time entrepreneurs and seasoned business angels alike!

Request a consultation meeting today to learn how FundsFarm can help you achieve your business goals.

Reference

1. https://www.crunchbase.com/