Unicorn Companies in Canada in 2024

• Valuation: $1.60B
• Industry: Enterprise Tech
• Investors: OMERS Private Equity, T. Rowe Price, Technology Crossover Ventures
• Unicorn Milestone Date: 4/27/2021

About

Clio is a leading cloud-based legal practice management software company founded in 2008 and headquartered in Burnaby, Canada. As one of the notable unicorn companies in Canada, Clio achieved unicorn status in 2021 with a valuation of $1.6 billion and later became a centaur by surpassing $100 million in annual recurring revenue (ARR). Clio provides comprehensive software solutions to help law firms streamline their operations, improve client relationships, and increase efficiency.

Target Audience

Clio primarily serves legal professionals, including solo practitioners, small to medium-sized law firms, and legal departments. Its software is designed to meet the needs of various legal practices across different specialities.

Business Model

Clio operates on a Software-as-a-Service (SaaS) model, offering cloud-based legal practice management solutions on a subscription basis. The company generates revenue through recurring subscriptions to its software platform, which includes various features and integrations. Clio's business model focuses on providing value to legal professionals by offering tools that improve productivity, streamline workflows, and enhance client experiences. The company also invests in research and development to continually improve its offerings and expand its market share in the legal tech industry.

Key Offerings

• Practice management software for case organization and tracking
• Client intake and client relationship management (CRM) tools
• Time tracking and billing solutions
• Document management and automation
• Secure client portals for communication and file sharing
• Trust accounting features
• Reporting and analytics tools
• Mobile apps for on-the-go access
• Integration capabilities with over 250 legal and productivity apps

Key Management

• Jack Newton: Co-founder and CEO

Investment Timeline

• 2014: $20 million Series C round led by Bessemer Venture Partners
• 2019: $250 million venture capital financing round (largest for a Canadian company at the time)
• 2021: $110 million Series E round, valuing the company at $1.6 billion and achieving unicorn status

• Valuation: $3.20B
• Industry: Consumer & Retail
• Investors: Artiman Ventures, Plug and Play Ventures, Anthos Capital
• Unicorn Milestone Date: 05/05/2020

About

ApplyBoard is a Canadian educational technology company founded in 2015 by brothers Martin, Meti, and Massi Basiri. Headquartered in Kitchener, Ontario, ApplyBoard provides an AI-enabled recruitment platform that simplifies the process for international students to apply for post-secondary studies abroad. The platform connects students, recruitment partners, and educational institutions, aiming to make education accessible globally.

Target Audience

• International Students: Individuals seeking to study abroad in countries like Canada, the United States, the United Kingdom, Australia, and Ireland.
• Recruitment Partners: Agents and consultants who assist students in finding and applying to suitable educational programs.
• Educational Institutions: Schools, colleges, and universities looking to attract qualified international students and diversify their campuses.

Business Model

ApplyBoard operates on a B2B2C (Business-to-Business-to-Consumer) model:

• Platform Usage: Educational institutions and recruitment partners use ApplyBoard's platform to manage student applications and information.
• Application Processing: ApplyBoard processes applications, ensuring all documents are submitted correctly and communicating with institutions on behalf of students.
• Commissions: ApplyBoard earns commissions from educational institutions for each student successfully enrolled through their platform.
• Verification Services: Through ApplyProof, ApplyBoard offers document verification services to ensure the authenticity of acceptance letters and English proficiency test scores.

Key Offerings

• Application Platform: Centralized platform for students to discover and apply to programs at over 1,500 institutions.
• ApplyProof: Verification service for acceptance letters and English proficiency test scores.
• Support Services: Assistance with application processes, document submission, and communication with institutions.
• Scholarships: Access to exclusive scholarships for eligible students.
• Data Insights: Data-driven insights to help institutions understand application trends and student preferences.

Key Management

• Martin Basiri: Co-Founder and CEO
• Meti Basiri: Co-Founder and COO
• Massi Basiri: Co-Founder and CMO
• Jo Johnson: Chairman of the Advisory Board (former UK Minister of State for Universities, Science, Research and Innovation).

Investment Timeline

• 2021: Secured $300 million in Series D funding, reaching a valuation of $3.2 billion.

• Valuation: $4B
• Industry: Healthcare & Life Sciences
• Investors: Dragoneer Investment Group, Hellman & Friedman, JMI Equity
• Unicorn Milestone Date: 01/07/2021

About

PointClickCare Technologies Inc. is a leading healthcare technology company based in Mississauga, Ontario, Canada. As one of the unicorn companies in Canada, PointClickCare specializes in providing cloud-based software solutions for the long-term and post-acute care (LTPAC) and senior living sectors. Founded in 1995, PointClickCare aims to help care providers navigate the complexities of value-based healthcare by offering tools that enhance operational efficiency, financial health, and care coordination. The company serves over 21,000 healthcare facilities across North America and has been recognized as one of the top private cloud companies by Forbes.

Target Audience

PointClickCare primarily targets:

• Long-term care facilities
• Post-acute care providers
• Senior living communities
• Home health agencies

Business Model

PointClickCare operates on a Software-as-a-Service (SaaS) model, providing subscription-based access to its suite of cloud-based healthcare solutions. The company generates revenue by offering various software modules that cater to different aspects of healthcare management, including electronic health records (EHR), medication management, revenue cycle management, and business intelligence. By integrating these tools into a single platform, PointClickCare enables healthcare providers to streamline their operations, improve patient care, and enhance financial performance. The company also invests in continuous innovation and strategic acquisitions to expand its product offerings and market reach.

Key Offerings

• Electronic Health Records (EHR)
• Medication Management
• Revenue Cycle Management
• Business Intelligence
• Care & Utilization Optimization
• Community Health Outcomes
• Automated Care Messaging
• Companion and Connect Modules
• Document Manager
• Customer Relationship Management (CRM)

Key Management

• Dave Wessinger: Co-Founder and Chief Executive Officer
• Mike Wessinger: Co-Founder and Executive Chair
• Bill Dillane: Vice Chair
• Leslie Campbell: Audit Committee Chair
• Sameer Narang: Board Member
• Rob Eberle: Board Member

Investment Timeline

• February 2011: Private Equity Round
• February 2017: Venture Round
• February 2018: Venture Round
• January 2021: Private Equity Round with Hellman & Friedman LLC and increased investment from Dragoneer Investment Group

• Valuation: $5B
• Industry: Consumer & Retail
• Investors: Capital One Growth Ventures, Citi Ventures, OMERS Ventures
• Unicorn Milestone Date: 3/24/2021

About

Hopper is a Canadian travel technology company founded in 2007 and headquartered in Montreal. It became a unicorn in March 2021 after receiving a $170 million investment from Capital One, valuing the company at over $1 billion. Hopper's main product is a mobile app that uses big data and machine learning to predict and analyze airfare and hotel prices, helping travellers book trips at the optimal time to save money.

Target Audience

Hopper primarily targets leisure travellers, particularly younger millennials and Gen Z users who prefer using mobile apps for travel bookings. The company's focus on price prediction and fintech products appeals to budget-conscious travellers looking to optimize their travel costs and reduce anxiety related to price fluctuations.

Business Model

Hopper's business model is based on several revenue streams:

• Commission fees: Hopper earns commissions from airlines, hotels, and car rental companies for bookings made through its platform.
• Fintech products: The company offers various add-on financial products, such as price freeze options and cancellation protection, which generate additional revenue.
• Data licensing: Hopper leverages its vast travel data to provide insights and services to other businesses through its Hopper Technology Solutions (HTS) initiative.
• White-label solutions: The company partners with other businesses to power their travel booking portals, such as Capital One Travel.

Key Offerings

• Flight booking with price prediction and monitoring
• Hotel and vacation rental bookings
• Car rental reservations
• Short-term home rentals (Hopper Homes)
• Price freeze options for flights and hotels
• Cancellation and change protection
• Sustainability program (Hopper Trees) for carbon offset

Key Management

• Frederic Lalonde: Co-founder and CEO
• Joost Ouwerkerk: Co-founder
• Dakota Smith: Co-founder (joined in 2012)

Investment Timeline

• 2012: $12 million Series B funding
• 2016: $62 million funding round
• 2018: $100 million funding round
• March 2021: $170 million investment from Capital One (achieving unicorn status)
• August 2021: $175 million Series G funding round led by GPI Capital
• February 2022: Valued at $5 billion after a $35 million secondary share sale
• November 2022: $96 million additional investment from Capital One

• Valuation: $4.15B
• Industry: Consumer & Retail
• Investors: Sequoia Capital
• Unicorn Milestone Date: 06/08/2021

About

SSENSE (pronounced "essence") is a global technology platform headquartered in Montreal, Canada, operating at the intersection of culture, community, and commerce. As one of the unicorn companies in Canada, SSENSE was founded in 2003 by brothers Rami, Bassel, and Firas Atallah. The company specializes in the sale of designer fashion and high-end streetwear, featuring a mix of established and emerging luxury brands across womenswear, menswear, kidswear, and other categories. SSENSE is renowned for its innovative approach to e-commerce, combining a robust online retail platform with rich editorial content that covers fashion, music, art, design, and popular culture.

Target Audience

SSENSE primarily targets fashion-forward individuals aged 18 to 40 who are interested in luxury and high-end streetwear. The platform appeals to a global audience, delivering to over 150 countries and operating websites in multiple languages, including Chinese, French, English, Japanese, and Korean.

Business Model

SSENSE operates a multi-faceted business model that integrates e-commerce with cultural content creation. The company sells a curated selection of over 500 luxury labels, emerging designers, and streetwear brands. SSENSE's business model includes:

• E-commerce Platform: A robust online store that offers a wide range of high-end fashion products.
• Editorial Content: The platform produces daily editorial content to engage its community, covering various cultural topics and profiling influential creators.
• Physical Retail: SSENSE MONTRÉAL, a flagship retail store designed by David Chipperfield Architects, offers an experiential shopping environment with flexible merchandising and cultural programming.
• Technological Innovation: The company leverages advanced technology to enhance the shopping experience, including a custom-built internal app and AI-powered supply chain solutions.

Key Offerings

• Luxury Fashion: Products from brands like Gucci, Off-White, and Acne Studios.
• Emerging Designers: Support for smaller, innovative fashion labels.
• Streetwear: High-end streetwear brands.
• Editorial Content: Articles and features on fashion, music, art, and culture.
• Experiential Retail: SSENSE MONTRÉAL, a multi-purpose retail space.
• Sustainable Initiatives: Programs like recycling, sustainable transportation, and teaching kids to code.

Key Management

• Rami Atallah: Co-founder and CEO
• Firas Atallah: Co-founder
• Bassel Atallah: Co-founder

Investment Timeline

• 2021: Received a minority investment from Sequoia Capital, valuing the company at over $4 billion USD.

• Valuation: $1B
• Industry: Industrials
• Investors: Vista Equity Partners, Warburg Pincus, First Ascent Ventures
• Unicorn Milestone Date: 01/06/2022

About

Assent, a unicorn startup based in Ottawa, Canada, specializes in supply chain sustainability management. Founded in 2010, Assent has grown to become a leader in helping complex manufacturers manage supply chain risks, ensure product compliance, and meet environmental, social, and governance (ESG) standards. The company achieved unicorn status after raising $350 million USD in a Series D funding round led by Vista Equity Partners, valuing it at over $1 billion.

Target Audience

Assent primarily targets complex manufacturers across various industries, including:

• Electronics
• Medical devices
• Industrial equipment
• Automotive

Business Model

Assent operates on a Software-as-a-Service (SaaS) model, providing a comprehensive platform for supply chain data management. The platform offers:

• Subscription-based services: Clients pay recurring fees for access to the platform and its features.
• Professional services: Assent offers expert consulting to help companies implement and optimize their compliance and sustainability programs.
• Data management and analytics: The platform collects, centralizes, and analyzes supply chain data to provide actionable insights, helping manufacturers mitigate risks and improve compliance.

The business model focuses on long-term client relationships, with a significant portion of revenue coming from annual recurring revenue (ARR).

Key Offerings

• Product Compliance Solutions: Ensures that products meet regulatory requirements.
• ESG Supply Chain Solutions: Helps companies build and maintain sustainable supply chains.
• Trade Compliance Solutions: Manages trade compliance risks and opportunities.
• Deep Data Visualization: Provides accessible dashboards for navigating supply chain risks.
• Simplified Data Collection: Enhances data quality and efficiency.
• Streamlined Communications: Facilitates seamless engagement with customers and suppliers.
• Growth-Ready Scalability: Adapts to evolving business needs.

Key Management

• Andrew Waitman: CEO

Investment Timeline

• 2014: $1 million seed round.
• 2016: $20 million CAD Series A round.
• 2017: $40 million CAD Series B round.
• 2018: $131 million CAD Series C round led by Warburg Pincus.
• 2022: $350 million USD Series D round led by Vista Equity Partners, achieving unicorn status.

• Valuation: $6.80B
• Industry: Enterprise Tech
• Investors: Slack Fund, Accel, Skip Capital
• Unicorn Milestone Date: 8/7/2021

About

1Password is a comprehensive password manager designed to securely store and manage all your sensitive information, including passwords, credit cards, software licenses, and more. Headquartered in Toronto, 1Password is a key player among unicorn companies in Canada, renowned for its robust suite of tools that protect digital identities for individuals, families, and businesses alike. The company's emphasis on security and user-friendliness has solidified its position as a leader in the digital security space.

Target Audience

1Password caters to a diverse range of users:

• Individuals: Those seeking to manage their personal passwords and sensitive data securely.
• Families: Families looking to share and manage passwords and other sensitive information across multiple devices.
• Businesses: Companies of all sizes, from small teams to large enterprises, requiring robust security and compliance solutions.

Business Model

1Password operates on a subscription-based model, offering various plans tailored to different user groups:

• Personal Plan: Suitable for individuals, offering unlimited storage and sync across multiple devices for £35.88 per year.
• Families Plan: Designed for families, providing five licenses for £59.88 per year.
• Business Plans: Customised for businesses, with pricing starting at £7.99 per user per month for small teams and scaling up for larger organisations.

Key Offerings

1Password provides a range of key features and services:

• Password Management: Secure storage and autofill of passwords across multiple devices.
• Digital Vault: Secure storage for sensitive documents, credit cards, and other sensitive information.
• Form Filler: Autofills web forms with saved login credentials.
• Secure Digital Wallet: Stores and manages payment cards and other financial information.
• Travel Mode: Temporarily hides sensitive data when travelling abroad.
• Watchtower: Alerts users to potential data breaches and weak passwords.
• Integrations: Seamless integration with various tools, including Microsoft, Okta, Google Workspace, and GitHub.

• Valuation: $2B
• Industry: Enterprise Tech
• Investors: Index Ventures, Salesforce Ventures, Section 32
• Unicorn Milestone Date: 2/5/2023

About

Cohere is a Canadian multinational technology company specialising in artificial intelligence (AI) for the enterprise, particularly large language models. Founded in 2019 by Aidan Gomez, Ivan Zhang, and Nick Frosst, Cohere is headquartered in Toronto and San Francisco, with offices in Palo Alto, London, and New York City.

Target Audience

Cohere's primary target audience is businesses and organisations seeking to leverage AI technology to streamline operations, enhance productivity, and improve decision-making. This includes companies in various sectors, such as finance, healthcare, and technology, that require advanced language processing capabilities for tasks such as writing copy, moderating content, classifying data, and extracting information.

Business Model

Cohere operates on a managed service model, providing its AI technology through APIs and integrating it with platforms like Amazon SageMaker and Google's Vertex AI. This allows businesses to deploy Cohere's AI solutions without requiring extensive machine learning (ML) development expertise. The company's business model is centred around providing scalable and efficient AI applications tailored to meet the needs of enterprise use cases.

Key Offerings

• Command Models: Production-ready AI models designed for scalable and efficient applications.
• Embed Models: High-performing embedding models supporting over 100 languages.
• Retrieval and Rerank: Combines retrieval and reranking capabilities for reliable and up-to-date responses.
• Generative AI and Advanced Retrieval: Seamless integration of generative AI and advanced retrieval models for powerful applications.

Key Management

• Aidan Gomez: Co-founder and CEO
• Nick Frosst: Co-founder
• Ivan Zhang: Co-founder
• Martin Kon: President and COO

Investment Timeline 

• September 7, 2021: Raised $40 million in Series A funding.
• February 2022: Raised $125 million in Series B funding.
• June 2023: Raised $270 million in Series C funding, valuing the company at $2.2 billion.
• March 2024: Seeking to raise $500 million to $1 billion at a valuation of $5 billion.

• Valuation: $2B
• Industry: Financial Services
• Investors: Highland Capital Partners, Oak HC/FT Partners, Emergence Capital Partners
• Unicorn Milestone Date: 4/20/2021

About

Clearco is a financial technology company that provides funding solutions to e-commerce businesses. Based in Toronto, Canada, and formerly known as Clearbanc, Clearco has emerged as one of the innovative unicorn companies in Canada. The company focuses on empowering entrepreneurs by offering capital without requiring them to give up equity or pledge collateral, thus fostering growth in the e-commerce sector with flexible financing options.

Target Audience

Clearco's primary target audience is e-commerce businesses, particularly those that struggle to secure traditional financing options. The company focuses on providing working capital to these businesses, enabling them to scale their growth.

Business Model

Clearco's business model is centred around providing non-dilutive capital to e-commerce businesses. This involves funding invoices and receipts, allowing businesses to take only what they need to accelerate their growth. The company's investors fund Clearco because they believe in its mission of funding e-commerce businesses.

Key Offerings

• Growth Capital: Clearco offers growth capital to e-commerce businesses, enabling them to scale their operations without giving up equity or pledging collateral.
• Invoice Funding: The company funds invoices and receipts, allowing businesses to access the funds they need to grow.
• Pay-As-You-Grow Model: Clearco's unique pay-as-you-grow model allows businesses to only pay back what they have earned, ensuring they retain more cash during strong sales periods.

Key Management 

• CEO: Andrew Curtis
• Co-Founders: Michele Romanow and Andrew D’Souza
• VP, Capital Markets: Sajee Sivasooriyan

• Valuation: $1.40B
• Industry: Financial Services
• Investors: Bonfire Ventures, Two Sigma Ventures, FJ Labs
• Unicorn Milestone Date: 12/20/2021

About

Figment is a blockchain infrastructure provider that has achieved unicorn status with a valuation of over $1 billion after raising $110 million in a Series C funding round . The company develops back-end systems and infrastructure that provide yield on tokens for proof-of-stake (PoS) blockchains.

Target Audience

Figment's primary target audience is the Web 3 ecosystem, which includes decentralised networks and blockchain-based applications. This includes developers, businesses, and investors involved in the creation and use of decentralised technologies.

Business Model

Figment's business model revolves around providing infrastructure and services that facilitate the growth and adoption of Web 3 technologies. The company generates revenue through the development and maintenance of its back-end systems, which provide yield on tokens for PoS blockchains.

Key Offerings

• Blockchain Infrastructure: Figment offers a range of blockchain infrastructure solutions, including back-end systems and infrastructure that support the growth of decentralised networks.
• Yield Generation: The company's infrastructure provides yield on tokens for PoS blockchains, allowing users to generate returns on their investments.

Investment Timeline

• Series C: Figment raised $110 million in a Series C funding round, which took the company's valuation to $1.4 billion.
• Series B: The company previously raised $50 million in a Series B round, led by Senator Investment Group and Liberty City Ventures.

• Valuation: $1.20B
• Industry: Enterprise Tech
• Investors: Version One Ventures, Bessemer Venture Partners, FirstMark Capital
• Unicorn Milestone Date: 7/5/2021

About

Ada based in Toronto, is an artificial intelligence (AI) company that joined the ranks of unicorn companies in Canada in May 2021 with a valuation of $1.2 billion USD. Founded in 2016 by Mike Murchison and David Hariri, Ada excels in AI-powered customer service automation. Its platform allows businesses to develop and deploy advanced chatbots and AI agents capable of managing customer inquiries across multiple channels, including web chat, mobile apps, and social media platforms. Ada's innovative technology streamlines customer interactions, enhancing efficiency and user experience.

Target Audience

Ada's primary target audience is large businesses and enterprises looking to streamline their customer service operations. The company serves over 350 businesses across various industries, including technology, finance, e-commerce, telecommunications, and entertainment.

Business Model

Ada operates on a Software-as-a-Service (SaaS) model, providing its AI-powered customer service platform to businesses on a subscription basis. The company's revenue is generated through

• Platform Subscriptions: Businesses pay to access and use Ada's AI-powered customer service automation tools.
• Customization and Integration Services: Ada offers tailored solutions and integrations with existing customer service systems, which may involve additional fees.
• Training and Support: The company provides training and ongoing support for businesses using its platform, potentially as part of premium service tiers.
• Volume-based Pricing: Pricing may scale based on the number of customer interactions or the size of the business.
• Upselling Advanced Features: Ada may offer premium features or additional AI capabilities for an extra cost.

Key Offerings

• AI Agent: A generative AI-powered chatbot that can reason and provide customized responses to customer inquiries.
• Scripted Chatbot: A traditional chatbot using natural language understanding for predefined customer service scenarios.
• Multi-channel Support: Integration with various platforms including web chat, mobile apps, social media, SMS, and voic.
• Analytics and Performance Tracking: Tools to measure chatbot effectiveness and customer service metrics.
• Customization and Branding: Ability to tailor the AI's responses and appearance to match company branding.
• Low-code/No-code Platform: Drag-and-drop interface for easy bot creation and management.
• AI Safety and Quality Assurance: Proprietary systems to ensure safe, relevant, and accurate responses.

Key Management

• Mike Murchison: Co-founder and CEO
• David Hariri: Co-founder

Investment Timeline

• March 2020: $63.7 million CAD Series B round.
• May 2021: $130 million USD Series C round, reaching unicorn status with a $1.2 billion valuation.

• Valuation: $1B
• Industry: Enterprise Tech
• Investors: BDC Capital, Georgian, Bessemer Venture Partners
• Unicorn Milestone Date: 9/11/2022

About

Xanadu is a Canadian quantum computing company that aims to make quantum computing commercially available to everyday users. Founded in 2016 by Christian Weedbrook, Xanadu is headquartered in Toronto, Canada, and has been a significant player in the quantum computing space since its inception.

Target Audience

Xanadu's primary target audience is individuals and organisations seeking to leverage quantum computing for various applications. This includes researchers, developers, and businesses looking to harness the power of quantum computing for tasks such as simulation, optimisation, and machine learning. The company's mission is to make quantum computing accessible and useful for people everywhere, which aligns with its focus on commercialising quantum technology.

Business Model

Xanadu operates by providing a range of products and services centred around quantum computing. The company offers a cloud-based platform, Xanadu Cloud, which provides hardware, software, and applications for quantum computing. This includes tools like PennyLane, an open-source library for building quantum applications, and Strawberry Fields, a software framework for simulating quantum systems. Additionally, Xanadu offers exclusive access to photonic quantum computers through its Borealis cloud service.

Key Offerings

• Xanadu Cloud: A comprehensive platform for quantum computing, offering hardware, software, and applications.
• PennyLane: An open-source library for building quantum applications.
• Strawberry Fields: A software framework for simulating quantum systems.
• Borealis: Exclusive access to photonic quantum computers.

Key Management

• Christian Weedbrook: Founder and CEO of Xanadu.

• Valuation: $1B
• Industry: Enterprise Tech
• Investors: Eclipse Ventures, Fidelity Investments, Moore Capital Management
• Unicorn Milestone Date: 5/5/2021

About

Tenstorrent is a Canadian startup, founded in 2016, that focuses on developing specialized hardware for deep learning in the AI and machine learning industries. Headquartered in Toronto, Tenstorrent is among the notable unicorn companies in Canada, providing cutting-edge products tailored to the needs of data centers and edge computing. The company's innovative solutions are designed to accelerate deep learning processes, positioning it as a key player in the evolving landscape of AI hardware.

Target Audience

Tenstorrent's primary target audience includes companies and organisations that rely heavily on artificial intelligence (AI) and machine learning (ML) applications. This includes data centers, cloud computing providers, and edge computing solutions for various industries such as finance, retail, and autonomous vehicles.

Business Model

Tenstorrent operates on a business model centred around designing and manufacturing high-performance AI chips. The company offers customisable software solutions and dense AI/ML data center systems. It aims to provide these solutions at an accessible price point to drive innovation and adoption of AI technology.

Key Offerings

• Grayskull E150: A 150W PCIe Gen4 board featuring a single Tenstorrent 'Grayskull' chip, targeted at GPU workstations and rack enclosures.
• Galaxy Systems: High-performance AI compute systems built on an Ethernet-based mesh of 32 Tenstorrent Wormhole processors, designed for seamless scaling.
• TT-Buda and TT-Metalium Software: Two distinct approaches to software, enabling users to run any model immediately or access and customise the software fully.

Key Management

• Jim Keller: Chief Technology Officer, former senior executive at Intel and AMD, known for his expertise in chip architecture.
• Ljubisa Bajic: Founder and Chief Executive Officer, with a background in AI silicon development and a vision for the next generation of computing infrastructure.

Investment Timeline

• 2016: Founded by Ljubisa Bajic.
• 2021: Raised $200 million, achieving unicorn status with a valuation of $1 billion.
• 2024: Continues to develop and expand its product offerings, including the launch of a cloud-based service for AI model development.

• Valuation: $1B
• Industry: Enterprise Tech
• Investors: Accomplice, Oak Investment Partners, Georgian Partners
• Unicorn Milestone Date: 10/8/2021

About

FreshBooks is a cloud-based accounting software designed primarily for small and medium-sized businesses (SMEs) in the United Kingdom and other countries. Founded in 2004 by Mike McDerment, Levi Cooperman, and Joe Sawada in Toronto, Canada, FreshBooks offers a comprehensive suite of tools for invoicing, expense tracking, time tracking, and financial reporting. The company is known for its user-friendly interface and robust features, making it a popular choice among business owners and their teams.

Target Audience

FreshBooks primarily targets small and medium-sized businesses, including freelancers, entrepreneurs, and small business owners. The software is designed to help these businesses manage their financial operations efficiently, streamline administrative tasks, and focus on growth and profitability. FreshBooks supports multiple tax rates and currencies, making it suitable for businesses operating across different regions and countries.

Business Model

FreshBooks operates on a subscription-based model, offering various plans tailored to the needs of different businesses. The software is accessible through a web-based platform, allowing users to access their financial data from anywhere. FreshBooks also integrates with over 100 other apps, enabling seamless connections with other business tools and services. The company generates revenue through recurring subscription fees and supports its customers through extensive customer support and training resources.

Key Offerings

• Invoicing and Billing: FreshBooks provides a robust invoicing system, allowing businesses to create professional-looking invoices and track payments.
• Expense Tracking: The software includes tools for tracking and managing business expenses, making it easier to keep records and claim tax deductions.
• Time Tracking: FreshBooks offers time tracking features, enabling businesses to monitor employee hours and generate accurate payroll reports.
• Financial Reporting: The software provides detailed financial reports, including balance sheets, income statements, and cash flow statements, to help businesses make informed financial decisions.
• Integration with Other Apps: FreshBooks integrates with a wide range of third-party apps, enhancing its functionality and flexibility.

Key Management

• Mike McDerment: Co-founder and former CEO of FreshBooks, responsible for the company's early development and growth.
• Don Epperson: Current CEO of FreshBooks, who joined the company in 2019 and has led its expansion and strategic development.

Investment Timeline

• 2004: FreshBooks was founded by Mike McDerment, Levi Cooperman, and Joe Sawada.
• 2014: The company raised $30 million in Series A funding.
• 2017: FreshBooks secured $43 million in additional funding.
• 2021: FreshBooks raised $80.75 million in Series E funding and $50 million in debt financing, reaching a valuation of over $1 billion.

• Valuation: $7.60B
• Industry: Media & Entertainment
• Investors: Union Square Ventures, Venrock, Andreessen Horowitz
• Unicorn Milestone Date: 3/30/2021

About

Dapper Labs is a Vancouver-based blockchain technology company founded in 2018. As one of the prominent unicorn companies in Canada, it has gained prominence for its innovative approach to blockchain technology, decentralized finance (DeFi), and non-fungible tokens (NFTs). Valued at $7.6 billion, Dapper Labs has revolutionized the digital collectibles space with its popular platforms and proprietary blockchain technology.

Target Audience

Dapper Labs caters to a diverse audience, including:

• Sports fans and collectors interested in digital memorabilia
• Blockchain enthusiasts and developers
• Gaming communities
• Brands and organizations looking to enter the NFT space

Business Model

Dapper Labs has a multifaceted business model centered around blockchain technology and digital collectibles:

• Flow Blockchain: Dapper Labs developed its own blockchain platform, Flow, which supports high-performance decentralized applications (dApps) with minimal transaction fees.
• Digital Collectibles: The company generates revenue through the sale of limited edition or special collection NFTs, particularly through its NBA Top Shot platform.
• Transaction Fees: Dapper Labs earns fees from user activities such as purchasing, trading, or transferring digital collectibles on the Flow blockchain.
• Partnerships and Licensing: The company collaborates with sports leagues, entertainment franchises, and brands to create officially licensed digital collectibles.
• Developer Ecosystem: Dapper Labs fosters a developer community on the Flow blockchain, potentially generating revenue through revenue-sharing models or platform usage fees.
• Secondary Market Activities: The company may earn revenue from transaction fees or commissions on secondary market sales of its digital collectibles.
• Brand Partnerships and Sponsorships: Dapper Labs leverages its user base to secure brand partnerships and sponsorships, diversifying its revenue streams.

Key Offerings

• NBA Top Shot: A platform for collecting and trading officially licensed NBA highlight moments as NFTs.
• Flow Blockchain: A purpose-built blockchain for NFTs and dApps.
• CryptoKitties: A blockchain-based game for collecting and breeding digital cats.
• NFL All Day: An NFL-licensed digital collectables platform.
• LaLiga Golazos: A platform for collecting iconic moments from Spain's top soccer league.

Key Management

• Roham Gharegozlou: Co-founder and CEO
• Mik Nayeem: Co-founder
• Dieter Shirley: Co-founder

• Valuation: $3.20B
• Industry: Financial Services
• Investors: AME Cloud Ventures, Future Perfect Ventures, Blockchain Capital
• Unicorn Milestone Date: 8/24/2021

About

Blockstream is a blockchain technology company and unicorn startup based in Victoria, Canada, with a focus on building infrastructure for the emerging Bitcoin economy. Founded in 2014, Blockstream has become a global leader in Bitcoin and blockchain technology, developing innovative solutions to enhance the Bitcoin ecosystem and make financial markets more efficient by reducing reliance on trust.

Target Audience

Blockstream's products and services cater to a diverse range of clients, including:

• Individual Bitcoin users
• Businesses and enterprises looking to leverage blockchain technology
• Financial institutions and exchanges
• Developers working on Bitcoin and blockchain projects

Business Model

Blockstream's business model revolves around creating and offering cutting-edge blockchain infrastructure and services based on Bitcoin. The company generates revenue through:

• Licensing and implementation of its proprietary technologies.
• Offering subscription-based services for its blockchain solutions.
• Providing consulting and support services to businesses adopting blockchain technology.
• Selling hardware products like satellite kits for Bitcoin network access.

Key Offerings

• Liquid Network: A Bitcoin sidechain for fast, confidential transactions and asset issuance
• Blockstream Satellite: Global Bitcoin blockchain broadcasting via satellite
• Cryptocurrency market data feed (in partnership with ICE)
• Blockstream AMP: Platform for issuing and managing digital assets
• Elements: An open-source blockchain platform for building sidechain
• Green Wallet: A secure wallet for managing Bitcoin and Liquid assets

Key Management

• Dr. Adam Back: Co-founder and CEO, inventor of Hashcash
• Erik Svenson: Co-founder, President, and CFO
• Lawrence Nahum: Chief Architect
• Jeff Boortz: Head of Product

Investment Timeline

• 2008: MIH Holdings (Naspers subsidiary) takes a minority stake
• 2014: Raises $55 million (Series D) from Innova Capital, Jorge Paulo Lemann, and FINEP
• 2015: Receives $40 million (Series E) from Naspers and Innova Capital
• 2016: Raises $40 million (Series F) from Naspers and Innova Capital
• 2017: Secures $53 million (Series G) from Naspers and Innova Capital
• 2018: Raises $500 million for its iFood delivery app
• 2021: Receives $200 million in funding from Prosus