Dapper Labs lead way as Canada's top unicorn company: Report

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A new report has found video game developer Dapper Labs is the No. 1 unicorn company in Canada with its worth pegged at more than $7.6 billion.

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A unicorn company refers to a privately held company valued at more than $1 billion

Founded in 2018, Dapper Labs specializes in creating blockchain-based games.

The company reached unicorn status on March 30, 2021.

“Using data from the business analytics platform CB Insights, the team at BestBrokers found that as of 2024, Canada is home to 21 of the world’s 1,241 billion-dollar startups. Collectively, these Canadian unicorns boast an impressive valuation of $52.2 billion with nearly half operating in the enterprise tech industry,” CB Insights said in a release.

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As of 2024, Canada ranked eighth in the world with 21 unicorn companies.

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The United States topped the list with 662 unicorn companies, followed by China with 169, India with 71, the U.K. with 54, Germany with 31, France with 27 and Israel with 25.

Canadian unicorn companies made up 1.69% of the global total and contributed $52.2 billion to the world’s overall unicorn valuation, which came in at $3.899 trillion.

Of the 21 Canadian unicorn companies this year, 10 (47.62%) were in enterprise tech, four (19.05%) were in financial services, three (14.29%) in consumer and retail, two in industrials (9.52%) and one each in media and entertainment (4.76%) and health care and life sciences (4.76%).

Toronto stood as Canada’s unicorn capital with eight companies, followed by Vancouver with five. Montreal and Waterloo each had two, while Mississauga, Kitchener, Burnaby and Ottawa each had one representative.

Canada’s second-rated unicorn company was Toronto’s 1Password, worth $6.8 billion, followed by Montreal’s Hopper at $5 billion and SSENSE at $4.15 billion and and Mississauga’s PointClickCare at $4 billion.