Startups in Toronto: Top 20 Funded Companies (2026)
Toronto is booming. See how Wealthsimple and Cohere are leading the charge in our breakdown of the top 20 startups in Toronto and their latest funding.
Published January 15, 2026 by Jacob Klionsky
- 01Financial Services • Lending and Investments•Ontario$538.6MEquity
Wealthsimple, a consumer fintech platform, raised up to CAD $750 million in equity (CAD $550 million primary plus up to CAD $200 million secondary) co-led by Dragoneer Investment Group and GIC with participation from CPP Investments, Power Corporation of Canada, IGM Financial, ICONIQ, Greylock and Meritech.
- 02Artificial Intelligence (AI) • Data and Analytics•Ontario$500MEquity
Enterprise LLM provider Cohere raised a $500M round led by Radical Ventures and Inovia Capital; AMD Ventures, Nvidia, Salesforce Ventures, and Healthcare of Ontario Pension Plan participated
- 03Information Technology•Ontario$320MEquity
Canadian vertically integrated data‑centre developer Urbacon Data Centre Solutions raised a $320M green financing, oversubscribed 4.81× by Canadian and U.S. institutional and private investors; Fitch assigned an A (Asf) rating.
- 04Other • Science and Engineering•Ontario$250MSeries B
Beacon Software, an AI holding company transforming real-world industries, raised a $250 million Series B round co-led by General Catalyst, Lightspeed Venture Partners and D1 Capital.
- 05Advertising • Artificial Intelligence (AI)•Ontario$235MEquity
AI-based programmatic advertising platform StackAdapt raised a $235M equity growth round led by Teachers' Venture Growth; Intrepid Growth Partners and four unnamed investors participated.
- 06Information Technology • Other•Ontario$168.7MSeries C
Identity-first networking startup Tailscale raised a $160M Series C led by Accel; CRV, Insight Partners, Heavybit, Uncork Capital, and angels George Kurtz and Anthony Casalena participated.
- 07Artificial Intelligence (AI) • Data and Analytics•Ontario$122MSeries D
GenAI tax research platform Blue J raised a $122M Series D led by Oak HC/FT and Sapphire Ventures; Ten Coves Capital, CPA.com, and Intrepid Growth Partners participated.
- 08$100MEquity
Electric Mind, an AI-led financial-services engineering firm, secured a $100 million strategic investment from Motive Partners.
- 09Apps • Information Technology•Ontario$100MEquity
Identity-security provider 1Password received a $100 million secondary investment at a $6.8 billion valuation from Halo Fund, Flume Ventures, Sun Microsystems founder Scott McNealy, and former Zscaler CSO Manoj Apte.
- 10Artificial Intelligence (AI) • Data and Analytics•Ontario$84MEquity
AI video models startup Moonvalley raised an $84M round led by General Catalyst; CAA, CoreWeave, Comcast Ventures, Khosla Ventures and Y Combinator participated
- 11$53MSeries C
Virtual care provider Felix Health raised a $53 million Series C round combining equity and debt led by Canadian Business Growth Fund, with participation from BDC Capital, BMO Capital Partners, Whitecap Venture Partners, H Venture Partners and debt support from Scotiabank.
- 12Artificial Intelligence (AI) • Data and Analytics•Ontario$50MSeries B
Spellbook, an AI contract-review platform for lawyers, raised a $50 M Series B equity round led by Khosla Ventures with participation from Threshold Ventures, Inovia Capital, Bling Capital, Moxxie Ventures, Path Ventures and Jean-Michel Lemieux.
- 13Community and Lifestyle • Health Care•Ontario$36.7MSeries A
Canada's leading men's digital clinic Phoenix raised a CAD 50M Series A led by Valspring Capital; Y Combinator and CIBC Innovation Banking participated.
- 14Financial Services • Other•Ontario$25MSeries B
Fintech invoice factoring platform FundThrough raised $25M in equity led by Klister Credit and acquired financial-solutions provider Ampla.
- 15Financial Services•Ontario$24.2MEquity
Keep, a Canadian all-in-one small-business finance platform, raised C$108M (C$33M equity, C$71M credit facility, C$4M venture debt) led by Tribe Capital; Rebel Fund, Liquid2, Cambrian, Assurant Ventures and others investors.
- 16Commerce and Shopping • Other•Ontario$23MEquity
Quadshift, acquirer of vertically focused B2B software, raised up to $23M in a growth equity round led by BDC Growth Equity Partners; Celtic House Venture Partners and other minority investors participated.
- 17Financial Services•Ontario$22MEquity
Canadian digital insurance provider PolicyMe raised CAD $30M through equity and debt tranches from Blue Cross Life and Securian Canada
- 18Financial Services • Lending and Investments•Ontario$21.5MSeries A
Venn, an all-in-one financial platform for Canadian businesses, raised a $21.5 million Series A equity round led by Left Lane Capital with participation from XYZ Venture Capital, Intact Ventures, and Gradient.
- 19Artificial Intelligence (AI) • Data and Analytics•Ontario$20MSeries A
AI-native hardware startup Looki raised an over $20 million Series A led by Ant Group with participation from Meituan Long-Zhu, Huaden, Zhongguancun Capital, BAI Capital, Alpha Commune and Tongge Ventures.
- 20Community and Lifestyle • Financial Services•Ontario$20MSeries A
Micruity, an infrastructure startup for retirement and lifetime income solutions, raised a $20 M Series A led by Rebalance Capital and Nationwide Ventures.
