Top Startups in Toronto (2026)
Toronto's tech scene is surging. From Waabi's $750M raise to Wealthsimple’s growth, see the 20 startups that led the city over the last year.
Published September 22, 2026 by Jacob Klionsky
- 01$750MSeries C
Autonomous-driving startup Waabi raised a $750 M Series C led by Khosla Ventures and G2 Venture Partners, with Uber and others participating, plus additional milestone-based funding from Uber.
- 02$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.
- 03$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.
- 04$169MEquity
AI-chip startup Taalas raised a $169m funding round from Quiet Capital, Fidelity, and Pierre Lamond.
- 05$100MEquity
Electric Mind, an AI-led financial-services engineering firm, secured a $100 million strategic investment from Motive Partners.
- 06$100MEquity
Delos Data, an AI infrastructure company, raised over $100 million (undisclosed round) from Matrix, Playground, Socratic Partners, Capricorn's Technology Impact Fund, Matter Venture Partners, IAG, and industry luminaries.
- 07$100MSeries D
Enterprise AI startup Cohere secured a $100 million extension round from BDC and Nexxus Capital, pushing its valuation to $7 billion.
- 08$93.3MSeries E
KOHO Financial, Canadian fintech, raised C$130 million in a financing at a C$1.33 billion valuation with participation from Mubadala, Savano Capital, Tobi Lütke, Michael Linford, Portage Ventures, Drive Capital, BDC Capital, HOOPP, and Eldridge.
- 09$90MSeed
Veeda AI, a multimodal world model startup, raised $90M in a seed round co-led by Khosla Ventures and Radical Ventures
- 10$70MEquity
Biossil, a biotech company reviving failed drug candidates using AI, raised approximately $70 million in equity funding from OpenAI, Founders Fund, and Staircase Ventures.
- 11$68MSeries B
Buf, a Protobuf tooling company, raised a $68M Series B co-led by Lux Capital and Tiger Global.
- 12$65MSeries B
Ollama, the developer platform for open-weight AI models, raised $65M in a Series B led by Theory Ventures with Benchmark, 8VC, Y Combinator, Pace Capital, 49 Palms and GTMFund participating.
- 13$59.8MSeries C
Float, Canada’s intelligent financial operating system, raised CAD $85 million in an all-equity Series C (valuation up 70%), led by Inovia Capital with participation from Goldman Sachs Alternatives, Garage Capital, BDC Capital and Northleaf.
- 14$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.
- 15$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.
- 16$50MEquity
Relay, a small business banking and money management platform, raised $50 million in a growth investment led by General Catalyst's Customer Value Fund.
- 17$35.1MSeries B Extension
LemFi, a fintech app for immigrants and global citizens, is raising a €30M Series B extension that adds to a $53M Series B closed in January 2025 led by Highland Europe and including Left Lane Capital, Palm Drive Capital, Endeavor Catalyst, and Y Combinator
- 18$35MSeries A Extension
Mecka AI, an embodied AI/data-for-robotics startup, raised $60 million across a $25 million Series A and a $35 million follow-on financing led by Framework Ventures and including Menlo Ventures, SV Angel, Kindred Ventures, and angel Ted Xiao.
- 19$27MSeries A
Maneva, a Palo Alto-based physical AI solution provider specializing in video-to-action intelligence for manufacturing, raised $27m in a Series A led by U.S. Venture Partners with participation from Bling Capital, Freestyle Capital and angel investors including Gokul Rajaram.
- 20$25MSeries A
Altis Labs, the AI endpoint company, raised $25 million in a Series A co-led by OrbiMed and Qiming Venture Partners USA with participation from Innovation Endeavors, Benchstrength, Fusion Fund, Lumira Ventures via the Cancer Breakthrough Fund, and others.
