The 50 Top Growth Startups in Canada
Canadian Business and PROFIT revealed today the 50 fastest-growing new companies in Canada. Although Ontario-based companies dominated the list, it was Kelowna’s Strawhouse that earned the top spot.
The young company scales customer acquisition for high growth companies. In the past two years, Strawhouse has grown revenue by 3,034 per cent, nearly double the second rank top growth startup.
“We are evolving an industry by creating technology that generates incredibly accurate, actionable market insight. Leveraging this insight has resulted in tremendous scale and ROI for our partners,” said co-founder Jason Kryski. He and Naveed Ramadan started Strawhouse just four years ago and has become the largest direct response video advertiser on Facebook globally.
Vancouver’s Article was the second highest ranked company in the list, a 40-person startup that sells modern and Scandinavian-inspired furniture online. Their two-year revenue growth was 1,927 per cent, just beating Toronto’s ForeverSpin who nabbed the third spot with 1,889 per cent growth for the company’s metal spinning tops.
Out of the STARTUP 50, 30 were from Ontario, 10 from B.C., and seven from Quebec. Toronto-based companies saw the best growth, earning 15 of the 50 spots. Six Vancouver startups also made the annual list.
Here’s the STARTUP 50 top ten, listed with each startup’s two-year revenue growth (in per cent).
1. Strawhouse (Kelowna): 3,034
2. Article (Vancouver): 1,927
3. ForeverSpin (Toronto): 1,889
4. Cluep (Toronto): 1,836
5. CHICC (Mississauga): 1,775
6. HonkMobile (Toronto): 1,431
7. KAI Innovations (Whitby): 1,324
8. Masontops (Toronto): 1,172
9. Prodigy Game (Burlington): 1,168
10. Oaple Forest Products (Markham): 1,069
In addition to an impressive revenue growth, Toronto’s HonkMobile saw their two-year user growth exceed 2,000 per cent.
Honk’s mobile app allows drivers to search, pay and top-up parking in 800 locations and 150,000 parking spaces across North America, growth the company attributes to consumer demand.
“The 2017 STARTUP 50 ranking is a testament to the great customer service we’ve been offering parkers and parking operators over the past 4 years,” said Honk CEO Michael Back in a release.
Montreal’s TrackTik and their integrated security operations management software earned the company the number 15 slot with 826 per cent growth. This week, the company also took home the Startup Canada Global Entrepreneurship Award for the Quebec Region.
CEO Simon Ferragne said in a statement their software has become the leader in their industry “by driving efficiency and growth through automation and accurate data.”
Native advertising engine StackAdapt more than tripled their digital growth in two years, coming in at number 39 on the list. The Toronto startup’s co-founder Vitaly Pecherskiy said that while “growing a startup is hard,” the city’s budding technology industry is an exciting place to be for entrepreneurs.
“I have been involved in the Canadian startup ecosystem over the last seven years and the Toronto tech scene is making significant strides on the world stage. I foresee Toronto becoming an industry leader in artificial intelligence, blockchain and fintech,” he said in a statement.
The complete STARTUP 50 list—including estimated total valuations and employee numbers—can be viewed here.
