Deloitte has announced the 2023 winners of its Technology Fast 50, a list meant to highlight Canadian companies demonstrating rapid revenue growth.
Other notable companies on the list include Aquanow, ZayZoon, d1g1t, Ada, Jane App, and Tribe Property Technologies.
Deloitte said this year’s Technology Fast 50 winners have an average three-year revenue growth rate of 2,213 percent, a significant reduction from last year’s average of 3,093 percent.
This year’s contingent still had its standouts, with Dapper Labs topping the list at a whopping 16,910 percent.
The Vancouver-based Web3 firm may have grown rapidly with the rise of non-fungible tokens (NFTs) in recent years, raising $319.1 million CAD ($250 million USD) in 2021, but has dealt with multiple rounds of layoffs and a lawsuit since. While a stand-out in this year’s list, Dapper was well-below Nobul’s list-topping 72,944 percent from last year’s Fast 50.
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This year’s top three was rounded out by Noibu, an error-detection startup for e-commerce websites, in second place with a 12,865 percent three-year growth rate and BioRender, a Canva-like platform for scientific-modeling, in third.
Following Dapper Labs, there was a considerable presence of FinTech companies on the Fast 50 this year. Montréal-based online mortgage lender Nesto, which raised an $80-million CAD Series C round in December 2021, placed seventh with a three-year revenue growth rate of 2,186 percent. Other notable FinTech companies in the list below Nesto were Brim Financial at 20th, Trolley at 23rd, KOHO Financial at 25th, and Plooto and 38th place.
Certn, a background screenings software provider that recently acquired Trustmatic, came in 10th this year sporting a 2,045 percent three-year revenue growth rate, down from the 6,047 percent rate that placed it second on the list last year.
“This year’s thriving cohort of winners have delivered outstanding revenue growth, despite prevailing uncertainties in the economy and marketplace,” said Deloitte Canada partner and national leader for the Technology Fast 50 program, Anders McKenzie, in a statement. “These companies are paving the way as catalysts in their respective sectors”
Other notable companies on the list include Aquanow, ZayZoon, d1g1t, Ada, Jane App, and Tribe Property Technologies.
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Deloitte also revealed the winners of its subcategory lists: Enterprise – Industry Leaders (formerly the Enterprise Fast 15), Companies-to-watch, and Clean Technology. The lists follow similar criteria to the main list except the Enterprise – Industry Leaders category has higher minimum revenue requirements, Companies-to-watch has lower, and Clean Technology focuses on companies that provide products with positive environmental impact.
Alphawave Semi, which builds wired connectivity solutions that enable data travel, earned the best ranking in the Enterprise—Industry leaders category with a three-year growth rate of 1,547 percent. Hopper was close behind, taking second place on the list at a 1,440 percent rate after receiving a $5 billion valuation last November and making deep staff cuts earlier this year.
Toronto’s Flashfood lost its top spot in the Clean Technology category, with its 608 percent growth rate earning it eighth place after featuring an 11,869 percent growth rate last year.
Finally, Calgary-based Neo Financial took first place in the Companies-to-watch category. Neo, with a 81,732 three-year growth rate, has taken the title to heart over the past year having placed at the top of Start Alberta’s Tech Awards and LinkedIn’s top 15 Canadian startups list. The FinTech startup has recently gone all-in on embedded finance, launching partner cards with brands such as Tim Hortons, Intuit, and Hudson’s Bay.
The full list of 2023 Fast 50 winners can be found here.
