TORONTO, ONT., April 5, 2022 – From only two unicorns at the end of 2020 to 19 today shows incredible growth in just one year in the Canadian tech ecosystem. The Narwhal Project has been tracking this growth for the last six years and recently released its 2022 Narwhal List which showcases those private Canadian tech companies that are scaling successfully.

The 2022 list released recently by the Narwhal Project shows that:

  • Narwhals raised an astounding $6.9 billion last year, up from $1.1 billion the year before.

  • Employment levels in Narwhals increased 58% over the last two years from 17 thousand to over 29 thousand. 

  • In 2020 there were 52 companies that are scaling at a level that will potentially propel them to Unicorn status and the current list shows 151 companies at that level.

“The influx of foreign funds into Canada over the last several years is fueling this unprecedented growth,” says Charles Plant, founder of the Narwhal Project. “It is giving world class companies the chance to grow and stay Canadian.”

In addition to a list of Canadian unicorns, the Narwhal List showcases the 40 leading computer technology firms and 10 in each of health and clean and health technologies.

  • 2021 was an incredible year for Canadian Narwhals. In particular, eight companies from last year’s list went public. (Mindbeacon, Coveo, Dialogue, D2L, Thinkific, Q4, Medavail, Li-cycle). 

  • In a reversal of a long-term trend, only two companies were sold. (Ecobee and Precision Nano) 

  • Toronto is home to 26 Narwhals followed by Vancouver at 19 and Montreal at nine.

You can get a full copy of the list at:

About the Narwhal Project

The Narwhal Project ( is a strategic finance accelerator that studies the process of tech startup and scaling in order to help entrepreneurs acquire capital and accelerate their growth.


Charles Plant