The Deloitte Technology Fast 50 has spent the past 25 years identifying and recognizing Canada’s leading tech companies. This year’s awards are open for entry and the process will soon begin to interview applicants and eventually crown the 2022 winners this November. Before then, we can take a quick look back at the list of winners announced last year, to see the profile of some of the top performers and what they all had in common.
Take even a glance at the Deloitte Technology Fast 50 list and one thing becomes pretty clear: Toronto is a hub for fast-growing tech startups. Of the top 50, 17 companies are from Toronto. Another 7 companies are from other cities in Ontario, while out of the top 25 fastest growing companies in the list, more than half (13) are based in Toronto, and in total 14 are based in the Ontario region.
The companies have all seen at least triple-digit percentage growth ranging from 258% at Etobicoke-based Think On Inc. to an incredible 33,614 percent growth for Ontario-based Snapcommerce.
Medtech, edtech, biotech, telehealth, and fintech startups are among those represented and dominating Canada’s startup scene. These firms are continuing to place Canada on the global stage and drive Canadian business growth by demonstrating resilience, dedication to innovation, adaptation, and business leadership.
Here is a brief snapshot of the top 7 Ontario-based companies on the list.
Toronto-based Snapcommerce is the number one company in the Tech Fast 50. Much of its recent growth can be put down to expanding from its original travel sector into other verticals.
Powered by AI, Snapcommerce works on the simple premise of allowing users to find and book hotels and flights through conversational tools like SMS and Facebook Messenger. It uses messaging to help customers find the right products for them at the price that suits their budget. It’s considered by many in the industry that this approach represents the future of commerce, and the figures back this up with the business recording revenue growth of 33,614%, according to Deloitte’s list.
Snapcommerce is working with ecommerce, consumer goods and fintech partners around the globe to provide shoppers with a better experience.
Maple is a Toronto-based telemedicine startup and made 2nd place on the Fast 50 list. With growth of 15,568%, it offers a sign of how the health tech landscape in Canada is gathering momentum.
The startup is also expanding its customer base to the US with proactive virtual mental health support services. Maple offers virtual doctor appointments for individuals as well as clients in both primary and specialized care, and also has partnerships with insurers and brokers. The company announced a partnership with California-based meditation app Headspace in August 2021.
3 Bolt Logistics
Canadian technology-enabled logistics firm Bolt is a delivery provider for businesses of all sizes. Bolt has experienced extraordinary 5,159% growth according to the Fast 50 report, and this has been fueled by its customer-centric and sustainable approach to fulfillment.
Bolt recently raised US$90m in funding, while the startup’s number of employees grew by almost 400% last year.
Kitchener-Waterloo-based ApplyBoard registered 5,089% growth and a valuation of US$3.2bn.
The edtech platform has a focus on software that helps international students apply to study abroad after its founders themselves had been through the process of traveling from Iran to study in Canada.
ApplyBoard has been quickly expanding to offer access to international educational programs in the UK, Australia, and the US and it plans to use recently acquired funding to expand its operations in India.
Apply board work with leading institutions not only in Canada but also in the United States, the United Kingdom, and Australia making it a truly international organization.
Bitbuy, a Toronto-based digital currency trading platform, seeks to make it simple for anybody to buy and sell digital currencies like Bitcoin.
The business procures Bitcoin from worldwide marketplaces in real-time using complex mathematics and proprietary technologies. It has seen growth of 3,379%, placing it 8th overall on the Fast 50 list.
6 Leap Tools
Leap creates innovative tools that make it faster and easier than ever for consumers to realize their vision. The company is the creator of Roomvo, a room visualizer, and has partners such as Alexanian’s, and Fortune 100 companies like Home Depot. The company has seen 2,888% growth.
Toronto-based Ada makes everyone feel like a VIP by bridging the divide between customers and brands. While most brand interactions fall short of expectations, and customers don’t get the help they need, Ada solves this problem.
Using advanced Interaction AI, Ada knows exactly what customers want, and integrates all systems to meet them across digital channels. Ada enables brands to be continuously available, consistent, and always helpful. Delivering these helpful experiences has led Ada to a surge in growth at 2,415%.
Future challenges facing Canada’s fastest-growing companies
Another thing the majority of fastest-growing companies have in common is that many business leaders believe that the labor market is the number one challenge they are facing right now. The Deloitte survey showed that 56 percent of the Fast 50 Executive Leadership cited the labor market as a continuing issue following the Covid-19 pandemic. 83% of the 2021 Fast 50 winners expect the majority of their employees to continue working from home for the foreseeable future, either full time or in a hybrid setup.
Tech businesses interested in applying for the 2022 awards can read the eligibility criteria and review the key dates on the Canada Technology Fast 50 page.
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