The list of Canada’s most sought-after startups in 2018 is out, and it’s no surprise that technology is leading the pack, according to a new LinkedIn report.
Each of the top five startups on the list is tech related, and of the top 25 companies, only four are not directly using tech in their products or services.
Wealthsimple Inc. claimed the number one spot for Canadian startups this year, with Coinsquare, Element AI, League Inc. and Kira Systems rounding out the top five.
The list is compiled by LinkedIn based on employment growth, engagement with employees, job interest and attraction of top talent.
Toronto-based Wealthsimple is a four-year-old fintech startup that in August announced a no-commission trading app for Canadians that will allow users to trade stocks and conduct electronic funds transfers (EFTs) from their smartphones.
Wealthsimple has also been recognized as a top Canadian start-up by the University of Toronto’s Impact Centre and Startup Canada.
Coinsquare, another Toronto-based startup, is the fastest-growing company on the list according to the report. The cryptocurrency trading platform announced a new wealth management businesses earlier this year focused on offering investments in emerging technologies such as blockchain, artificial intelligence (AI) and cryptocurrencies.
Coming in third is Montreal-based Element AI, which announced on Tuesday a new collaboration with AI Singapore on its Smart Nation initiatives, according to Yahoo News.
Raising around $90 million to date, almost entirely from Canadian sources, according to a Globe and Mail report, League Inc. is a digital platform that offers a different style of employee healthcare benefits.
Kira Systems uses machine learning technology to analyze contracts and other documents for law firms and corporations like Deloitte.
Flow Alkaline Spring Waters, Deciem (The Abnormal Beauty Company), marketing agency Behaviour and Collective Arts Brewery were the only startups to make the list that don’t overtly use tech in their products or services.
It’s no surprise either that Toronto, one of Canada’s largest startup hubs, is highly represented on the list, with 18 of the start-ups having head offices or roots in the city.
According to a PwC Canada report, Toronto companies saw $290 million in venture capital investments during the second quarter of this year, followed by Vancouver with $126 million and Montreal at $103 million.
LinkedIn Startups 2018: Canada’s most sought-after startups
- Element AI
- League Inc.
- Kira Systems
- Ample Organics
- Thalmic Labs
- Prodigy Game
- Collective Arts Brewery
- Tulip Retail
- GroupBy Inc.