Since 2015, Canada has become a lot more hospitable to start-ups. Big tech companies now have a presence. Corporate investment is flowing in across the country.
Innovative business ideas are bubbling up in this emerging start-up mecca that is now rivaling Silicon Valley. It’s not surprising that five Canadian companies made the 2019 CNBC Upstart 100 list unveiled on Tuesday. The ranking of the world’s most promising start-ups included Deep Genomics [Toronto]; Attabotics, Calgary; Nobul, Toronto: Cmd, Vancouver and; RenoRun, Montreal. Collectively these fledglings raised over $77 million in venture capital.
Their funding success is indicative of a broader phenomenon. Canadian venture capital funds poured about $2.2 billion into 249 financings in the first half of 2019, according to the Canadian Venture Capital Report, published by CPE Media Analytics. The growth has been driven by scale-ups like Sonder Canada, an Airbnb partner, which raised the equivalent of $250 million in funding this past summer, the report found.