CB Insights recently published its list of private, venture-backed technology companies with valuations over $1 billion. It identified 56 such companies, many of which will be familiar to those who follow the tech sector, including Uber ($17 billion), AirBnB, and Dropbox (both $10 billion) along with some upstarts that receive a lot less press. There is also a name on the list that will be familiar to those who follow the Canadian tech sector: Shopify was listed with a valuation of $1 billion.
We are of course pleased to see a Canadian company on a list like this but we were also a little perplexed by the absence of another well known Canadian tech company: Hootsuite. Shopify received its billion-dollar valuation following its $100 million Series C round of financing in December 2013, bringing its total funding to $122 million. Hootsuite has raised nearly $285 million in funding, including a $60 million Series D one month ago. That level of funding would point towards a billion-dollar-plus valuation given current market conditions, so we were surprised to see it excluded from this list.
Regardless of whether or not Canadian companies make it onto a list like this, we remain very pleased to see our country’s tech start-ups raising significant rounds of capital. This includes Desire2Learn, which raised an $85 million Series B this past August, bringing its total capital to $165 million; BuildDirect, which has raised over $62 million through four rounds of fundraising; and Vision Critical, which has raised $42.5 million to date. We hope that this trend continues and that it is a sign of good times ahead for Canada’s tech industry.