Canada’s Narwhal List has a New Number One

Canada’s most uniquely named tech list has been updated and there is a new whale on top.

The Narwhal List is a compilation of Canada’s fastest scaling private tech companies.

The term “narwhal” is a play off unicorn, a designation coined by venture capitalist Aileen Lee given to startups that have crossed the billion dollar valuation mark.

This list shows private Canadian venture capital backed companies with the highest Financial Velocity and is put together by The Impact Centre.

Financial Velocity is the amount of funding a firm has raised divided by the number of years it has been in existence. It is expressed in millions of dollars per year. This measure reports the rate at which companies raise and consume capital.

If a company wants to scale to world class it will need to acquire significant investment capital. The more it acquires, the more it can grow. And the faster it can acquire capital, the faster it can grow. So Financial Velocity is a way to track private companies who are trying to scale to world class size.

With this week’s update, Toronto’s Ritual has supplanted Vancouver’s Hootsuite in the #1 spot thanks to its $70 Million Series C round last month.

Check out the complete list here.