The fastest-growing computer technology firms raised over $2.1 billion combined in 2019, compared to $600 million in 2018, according to the annual Narwhal List, compiled by entrepreneur Charles Plant, who analyzed data from over 1,000 private Canadian tech firms. (The Logic)
Talking point: The Narwhal List divides the amount a firm has raised by the number of years for which it’s existed to determine how likely it is to become a unicorn. However, raising money does not necessarily equal success. This year’s top five computer technology list includes Element AI, North and Hootsuite, all of which have had negative staff growth in the past year. But the list does provide a sense of how many Canadian firms are bringing in significant sums. The number of firms with similar growth rates as unicorns in the U.S. jumped from 28 in 2018, 18 in 2017 and 10 in 2016. For the first time, the list includes a section on cleantech firms, which shows that seven are on track to go public.