Top Startups in Toronto
Toronto is booming. See how Wealthsimple and Cohere are leading the charge in our breakdown of the city's top 20 startups and their latest funding.
- 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.
