Toronto is establishing itself as a world-class tech hub with a myriad of companies ready to welcome the Meta expansion into the fold. Post City has gathered the top 10 hottest tech companies that call Toronto home.
Meta, formerly known as Facebook, plans to open a new Canadian engineering hub in Toronto and hire 2,500 new employees across Canada over the next five years.
The growth plans are to help build the “metaverse,” a virtual world Meta is banking on will be the future of the internet and social media, where avatars can interact with each other in an immersive experience.
Meta’s expanded presence in Canada will also establish the country’s first WhatsApp, Messenger and Remote Presence engineering teams, according to a press release.
“Canada has always been important to Meta,” Garrick Tiplady, VP and Country Director at Meta in Canada, said in a statement.
“We’re looking forward to continuing to support the Canadian economy and innovation ecosystem with these investments.”
Wealth Simple
After a $750 million capital boon last year, this fintech startup is definitely on the rise. Specializing in digital financial products, including ETFs and now cryptocurrency, the company has the support of some big name celebrities, including Drake, Michael J. Fox and Ryan Reynolds.
Ada
With the rise of e-commerce, fueled by the COVID-19 pandemic, chatbots seem here to stay to help curious customers with basic questions. Ada is one Toronto company leading the pack with a valuation over $1 billion in 2021, making it a rare “unicorn” startup.
Maple
Maple is another Toronto tech company that has seen huge growth since the beginning of the pandemic offering newly in-demand services — in this case, virtual health care from the comfort of your home. Not satisfied with just providing basic health needs, the company now is seeking to be an all-in-one stop for health care, including mental health services through a partnership with popular meditation app, Headspace.
Shopify
It’s hard to talk about Toronto tech without mentioning Shopify. Coming off of a huge capital raising spree, the company with deep Toronto roots is investing heavily in the city with a new office space in downtown’s The Well building. It is now a global player in e-commerce platforms, helping businesses of all sizes transition into online shopping as bricks-and-mortars have taken a hit from COVID-19 restrictions.
Wattpad
This is one Canadian tech company not short on ambition, with CEO Allen Lau famously saying he wants the platform to be the “next Disney.” Once a hub for self-publishing writers tending towards romance and fan-fiction, the company now calls itself a “multi-platform entertainment company” and has seen some of its stories turn into huge blockbusters, including Netflix’s The Kissing Booth.
Loopio
Banking on software as a service, Loopio seems to have nowhere to go but up with its streamlined response process for business documents such as Requests for Proposals (RFPs). The company currently has over 800 clients, including powerhouses Thomson Reuters and IBM.
Clearco
Formerly known as Clearbanc, this Toronto tech darling partly led by Dragon Den’s Michele Romanow has come off a fresh fundraising round that has pushed its value over $2 billion. The company’s AI-based capital lending focuses largely on e-commerce startups, providing an important pillar to Toronto’s tech scene.
1Password
As more of life becomes digital, security is a huge concern that 1Password aims to address with its management system that now includes an option for a “crypto wallet.” The company recently raised USD$620 million, which it claims is the largest capital raising effort ever for a Canadian company.
Properly
Any tool to help house hunters navigate Toronto’s vexing housing market is welcome, and Properly is here to help. The platform, which has recently paired up with the Property Brothers Drew and Scott, aims to address typical home sale pitfalls, such as expensive repairs.
Flipp
With inflation hitting shoppers’ grocery bills, Flipp offers users a much-needed chance to save money by compiling coupons and flyers from over 2,000 stores in Canada.
