The Canadian Tech Scene: A Look at the Fastest-Growing Startups in 2022
The Canadian tech scene is booming, with new startups emerging and established companies expanding at a rapid pace. But which startup saw the most growth last year? The answer is not straightforward.
Determining the “most growth” can be measured in various ways, such as revenue growth, user base expansion, funding rounds, or overall company valuation. Here’s a look at some of the top contenders for the title of Canada’s fastest-growing tech startup in 2022, based on different metrics:
Revenue Growth
- BenchSci: This life sciences company saw a staggering 10,000% increase in revenue in 2022, thanks to its AI-powered platform that helps researchers find the right antibodies for their experiments.
- Clearco: This e-commerce financing platform grew its revenue by 300% in 2022, fueled by the increasing demand for its services from online businesses.
- League: This healthtech startup that connects patients with virtual healthcare providers experienced a 250% revenue increase in 2022, driven by the growing adoption of telehealth services.
User Base Expansion
- Wealthsimple: This fintech company saw its user base grow by over 2 million in 2022, making it one of the largest investment platforms in Canada.
- Hopper: This travel booking app added over 10 million new users in 2022, becoming one of the most popular travel apps in the country.
- Faire: This wholesale marketplace for independent retailers saw its user base grow by 500% in 2022, as more businesses turned to online platforms for their inventory needs.
Funding Rounds
- Faire: This wholesale marketplace raised a massive $260 million in Series E funding in 2022, bringing its total valuation to $7 billion.
- BenchSci: This life sciences company raised $100 million in Series D funding in 2022, valuing the company at $600 million.
- Clearco: This e-commerce financing platform raised $150 million in Series C funding in 2022, valuing the company at $2 billion.
Overall Company Valuation
- Faire: As mentioned above, Faire’s $7 billion valuation makes it one of the most valuable tech startups in Canada.
- BenchSci: With a $600 million valuation, BenchSci is another highly valued Canadian tech startup.
- Clearco: Clearco’s $2 billion valuation rounds out the top three most valuable Canadian tech startups.
It’s important to note that this is not an exhaustive list, and there are many other Canadian tech startups that experienced significant growth in 2022. The “most growth” ultimately depends on the specific metric used to measure it.