Fredericton’s Symbodi and Halifax’s Milk Moovement were named to Deloitte Canada’s 2022 Companies To Watch list, after reporting revenue growth of 3,084 percent and 246 percent respectively over the past three years.
The global services company named St. John's-based Mysa Smart Thermostat to its Clean Technology list after the company posted revenue growth of 307 percent over four years. Dartmouth's Meta Material also made the cleantech list with revenue growth of 223 percent. Atlantic Canada accounted for two of the 15 spots in the Clean Technology category.
Deloitte Canada on Wednesday released its 25th annual Tech Fast 50 list, which lists the 50 fastest growing tech companies in Canada to enter the competition. No Atlantic Canadian companies made the Fast 50 this year.
The Fast 50 winner was Toronto-based Nobul, an open digital marketplace connecting home buyers and sellers to real estate agents, with a three-year growth rate of 72,944 percent. Nobul is the first company in the award's history to move from the Companies-to-Watch category to the top of the Fast 50 ranking in just one year.
"The 2022 Technology Fast 50 winners are a testament to how the Canadian tech sector is thriving," said Anders McKenzie, partner and national leader for the Fast 50 program at Deloitte Canada. "Despite unpredictable economic and global climates, tech companies from around the country are seizing new opportunities and meeting rapidly evolving market demands. "
The region’s bestshowing was in the Companies To Watch Category, which ranks younger companies that can produce three years of revenue history. Symbodi places third in the category. Four years of revenue history were needed for the main Fast 50 category.
Symbodi is best known for manufacturing the Vertiball, a portable product that can be attached to virtually any wall and be used to massage the user’s back and ease back pain. The company, whose investors include Arlene Dickinson’s District Ventures Capital and whose CEO is Curtis Kennedy, increased its sales 3,084 percent during the allotted period.
The 15th spot was captured by Milk Moovement, which has developed software that improves efficiency in the supply chain in the dairy industry. Co-Founded by Robert Forsyth and Jon King, the company this summer raised a US$20 million (C$26 million) Series A round.
Mysa, which makes smart thermostats that it sells across North America, placed No. 10 in the Clean Technology category. Last November, Mysa raised a $20.3 million Series B funding round to scale up its marketing and finance an international expansion.
META, which placed 13th in the category, specializes in producing synthetic materials, especially those that affect light. The company raised almost C$200 million last year when it listed on the Nasdaq, and US$50 million earlier this year.
Being shut out of the top category can only be considered a disappointment for the Atlantic Canadian startup community after a strong showing in the past few years. Last year, Fredericton- and Miami-based Introhive became the first company from the region to be named to the Fast 50 three years in a row. And the year before that, Introhive, St. John’s-based Kraken Robotics and Halifax-based Proposify all made the main list.
Correction: We added information to this article after learning that we missed companies named in the cleantech category.