• Valuation: $6.80B
• Industry: Enterprise Tech
• Investors: Slack Fund, Accel, Skip Capital
• Unicorn Milestone Date: 8/7/2021

About

1Password is a comprehensive password manager designed to securely store and manage all your sensitive information, including passwords, credit cards, software licenses, and more. It offers a robust suite of tools for individuals, families, and businesses to protect their digital identities and data.

Target Audience

1Password caters to a diverse range of users:

• Individuals: Those seeking to manage their personal passwords and sensitive data securely.
• Families: Families looking to share and manage passwords and other sensitive information across multiple devices.
• Businesses: Companies of all sizes, from small teams to large enterprises, requiring robust security and compliance solutions.

Business Model

1Password operates on a subscription-based model, offering various plans tailored to different user groups:

• Personal Plan: Suitable for individuals, offering unlimited storage and sync across multiple devices for £35.88 per year.
• Families Plan: Designed for families, providing five licenses for £59.88 per year.
• Business Plans: Customised for businesses, with pricing starting at £7.99 per user per month for small teams and scaling up for larger organisations.

Key Offerings

1Password provides a range of key features and services:

• Password Management: Secure storage and autofill of passwords across multiple devices.
• Digital Vault: Secure storage for sensitive documents, credit cards, and other sensitive information.
• Form Filler: Autofills web forms with saved login credentials.
• Secure Digital Wallet: Stores and manages payment cards and other financial information.
• Travel Mode: Temporarily hides sensitive data when travelling abroad.
• Watchtower: Alerts users to potential data breaches and weak passwords.
• Integrations: Seamless integration with various tools, including Microsoft, Okta, Google Workspace, and GitHub.

• Valuation: $2B
• Industry: Enterprise Tech
• Investors: Index Ventures, Salesforce Ventures, Section 32
• Unicorn Milestone Date: 2/5/2023

About

Cohere is a Canadian multinational technology company specialising in artificial intelligence (AI) for the enterprise, particularly large language models. Founded in 2019 by Aidan Gomez, Ivan Zhang, and Nick Frosst, Cohere is headquartered in Toronto and San Francisco, with offices in Palo Alto, London, and New York City. As one of the Unicorn Companies in Toronto, Cohere is at the forefront of AI innovation, driving advancements that cater to the complex needs of modern enterprises.

Target Audience

Cohere's primary target audience is businesses and organisations seeking to leverage AI technology to streamline operations, enhance productivity, and improve decision-making. This includes companies in various sectors, such as finance, healthcare, and technology, that require advanced language processing capabilities for tasks such as writing copy, moderating content, classifying data, and extracting information.

Business Model

Cohere operates on a managed service model, providing its AI technology through APIs and integrating it with platforms like Amazon SageMaker and Google's Vertex AI. This allows businesses to deploy Cohere's AI solutions without requiring extensive machine learning (ML) development expertise. The company's business model is centred around providing scalable and efficient AI applications tailored to meet the needs of enterprise use cases.

Key Offerings

• Command Models: Production-ready AI models designed for scalable and efficient applications.
• Embed Models: High-performing embedding models supporting over 100 languages.
• Retrieval and Rerank: Combines retrieval and reranking capabilities for reliable and up-to-date responses.
• Generative AI and Advanced Retrieval: Seamless integration of generative AI and advanced retrieval models for powerful applications.

Key Management

• Aidan Gomez: Co-founder and CEO
• Nick Frosst: Co-founder
• Ivan Zhang: Co-founder
• Martin Kon: President and COO

Investment Timeline 

• September 7, 2021: Raised $40 million in Series A funding.
• February 2022: Raised $125 million in Series B funding.
• June 2023: Raised $270 million in Series C funding, valuing the company at $2.2 billion.
• March 2024: Seeking to raise $500 million to $1 billion at a valuation of $5 billion.

• Valuation: $2B
• Industry: Financial Services
• Investors: Highland Capital Partners, Oak HC/FT Partners, Emergence Capital Partners
• Unicorn Milestone Date: 4/20/2021

About

Clearco is a financial technology company that provides funding to e-commerce businesses. Headquartered in Toronto, Canada, Clearco was originally known as Clearbanc. The company aims to make it easier for entrepreneurs to grow their businesses without giving up equity or pledging collateral.

Target Audience

Clearco's primary target audience is e-commerce businesses, particularly those that struggle to secure traditional financing options. The company focuses on providing working capital to these businesses, enabling them to scale their growth.

Business Model

Clearco's business model is centred around providing non-dilutive capital to e-commerce businesses. This involves funding invoices and receipts, allowing businesses to take only what they need to accelerate their growth. The company's investors fund Clearco because they believe in its mission of funding e-commerce businesses.

Key Offerings

• Growth Capital: Clearco offers growth capital to e-commerce businesses, enabling them to scale their operations without giving up equity or pledging collateral.
• Invoice Funding: The company funds invoices and receipts, allowing businesses to access the funds they need to grow.
• Pay-As-You-Grow Model: Clearco's unique pay-as-you-grow model allows businesses to only pay back what they have earned, ensuring they retain more cash during strong sales periods.

Key Management 

• CEO: Andrew Curtis
• Co-Founders: Michele Romanow and Andrew D’Souza
• VP, Capital Markets: Sajee Sivasooriyan

• Valuation: $1.40B
• Industry: Financial Services
• Investors: Bonfire Ventures, Two Sigma Ventures, FJ Labs
• Unicorn Milestone Date: 12/20/2021

About

Figment is a blockchain infrastructure provider that has achieved unicorn status with a valuation of over $1 billion after raising $110 million in a Series C funding round. The company develops back-end systems and infrastructure that provide yield on tokens for proof-of-stake (PoS) blockchains. As one of the prominent Unicorn Companies in Toronto, Figment is making significant strides in the blockchain space, offering innovative solutions that enhance the efficiency and profitability of PoS networks.

Target Audience

Figment's primary target audience is the Web 3 ecosystem, which includes decentralised networks and blockchain-based applications. This includes developers, businesses, and investors involved in the creation and use of decentralised technologies.

Business Model

Figment's business model revolves around providing infrastructure and services that facilitate the growth and adoption of Web 3 technologies. The company generates revenue through the development and maintenance of its back-end systems, which provide yield on tokens for PoS blockchains.

Key Offerings

• Blockchain Infrastructure: Figment offers a range of blockchain infrastructure solutions, including back-end systems and infrastructure that support the growth of decentralised networks.
• Yield Generation: The company's infrastructure provides yield on tokens for PoS blockchains, allowing users to generate returns on their investments.

Investment Timeline

• Series C: Figment raised $110 million in a Series C funding round, which took the company's valuation to $1.4 billion.
• Series B: The company previously raised $50 million in a Series B round, led by Senator Investment Group and Liberty City Ventures.

• Valuation: $1.20B
• Industry: Enterprise Tech
• Investors: Version One Ventures, Bessemer Venture Partners, FirstMark Capital
• Unicorn Milestone Date: 7/5/2021

About

Ada is a digital performance marketing agency that blends data with human ingenuity to build powerful strategies and supercharge growth for its clients. It operates globally, offering services in 250 languages, and is trusted by several prominent brands.

Target Audience

Ada primarily targets ambitious brands seeking to expand their digital presence and grow their business. This includes companies looking to engage key stakeholders, build trust, and advance human rights.

Business Model

Ada's business model revolves around providing digital performance marketing services, including strategic planning, media choices, and growth acceleration. It leverages industry partnerships to offer priority access to new digital products and insights from influential platforms.

Key Offerings

• Digital Performance Marketing: Ada combines data-driven insights with human expertise to develop tailored marketing strategies that drive business growth.
• Industry Partnerships: The agency provides access to cutting-edge digital products and insights from leading platforms, ensuring its clients stay ahead of the curve.

• Valuation: $1B
• Industry: Enterprise Tech
• Investors: BDC Capital, Georgian, Bessemer Venture Partners
• Unicorn Milestone Date: 9/11/2022

About

Xanadu is a Canadian quantum computing company that aims to make quantum computing commercially available to everyday users. Founded in 2016 by Christian Weedbrook, Xanadu is headquartered in Toronto, Canada, and has been a significant player in the quantum computing space since its inception. As one of the notable Unicorn Companies in Toronto, Xanadu is pioneering advancements in quantum technology, striving to bring the power of quantum computing to a broader audience and revolutionise various industries.

Target Audience

Xanadu's primary target audience is individuals and organisations seeking to leverage quantum computing for various applications. This includes researchers, developers, and businesses looking to harness the power of quantum computing for tasks such as simulation, optimisation, and machine learning. The company's mission is to make quantum computing accessible and useful for people everywhere, which aligns with its focus on commercialising quantum technology.

Business Model

Xanadu operates by providing a range of products and services centred around quantum computing. The company offers a cloud-based platform, Xanadu Cloud, which provides hardware, software, and applications for quantum computing. This includes tools like PennyLane, an open-source library for building quantum applications, and Strawberry Fields, a software framework for simulating quantum systems. Additionally, Xanadu offers exclusive access to photonic quantum computers through its Borealis cloud service.

Key Offerings

• Xanadu Cloud: A comprehensive platform for quantum computing, offering hardware, software, and applications.
• PennyLane: An open-source library for building quantum applications.
• Strawberry Fields: A software framework for simulating quantum systems.
• Borealis: Exclusive access to photonic quantum computers.

Key Management

• Christian Weedbrook: Founder and CEO of Xanadu.

• Valuation: $1B
• Industry: Enterprise Tech
• Investors: Eclipse Ventures, Fidelity Investments, Moore Capital Management
• Unicorn Milestone Date: 5/5/2021

About

Tenstorrent is a Canadian startup founded in 2016 that focuses on developing specialised hardware for deep learning within the AI and machine learning industries. It offers a range of products designed to cater to the needs of the data center and edge computing sectors.

Target Audience

Tenstorrent's primary target audience includes companies and organisations that rely heavily on artificial intelligence (AI) and machine learning (ML) applications. This includes data centers, cloud computing providers, and edge computing solutions for various industries such as finance, retail, and autonomous vehicles.

Business Model

Tenstorrent operates on a business model centred around designing and manufacturing high-performance AI chips. The company offers customisable software solutions and dense AI/ML data center systems. It aims to provide these solutions at an accessible price point to drive innovation and adoption of AI technology.

Key Offerings

• Grayskull E150: A 150W PCIe Gen4 board featuring a single Tenstorrent 'Grayskull' chip, targeted at GPU workstations and rack enclosures.
• Galaxy Systems: High-performance AI compute systems built on an Ethernet-based mesh of 32 Tenstorrent Wormhole processors, designed for seamless scaling.
• TT-Buda and TT-Metalium Software: Two distinct approaches to software, enabling users to run any model immediately or access and customise the software fully.

Key Management

• Jim Keller: Chief Technology Officer, former senior executive at Intel and AMD, known for his expertise in chip architecture.
• Ljubisa Bajic: Founder and Chief Executive Officer, with a background in AI silicon development and a vision for the next generation of computing infrastructure.

Investment Timeline

• 2016: Founded by Ljubisa Bajic.
• 2021: Raised $200 million, achieving unicorn status with a valuation of $1 billion.
• 2024: Continues to develop and expand its product offerings, including the launch of a cloud-based service for AI model development.

• Valuation: $1B
• Industry: Enterprise Tech
• Investors: Accomplice, Oak Investment Partners, Georgian Partners
• Unicorn Milestone Date: 10/8/2021

About

FreshBooks is a cloud-based accounting software designed primarily for small and medium-sized businesses (SMEs) in the United Kingdom and other countries. Founded in 2004 by Mike McDerment, Levi Cooperman, and Joe Sawada in Toronto, Canada, FreshBooks offers a comprehensive suite of tools for invoicing, expense tracking, time tracking, and financial reporting. The company is known for its user-friendly interface and robust features, making it a popular choice among business owners and their teams. As one of the successful Unicorn Companies in Toronto, FreshBooks continues to innovate and expand its offerings, providing essential accounting solutions that help businesses manage their finances more efficiently.

Target Audience

FreshBooks primarily targets small and medium-sized businesses, including freelancers, entrepreneurs, and small business owners. The software is designed to help these businesses manage their financial operations efficiently, streamline administrative tasks, and focus on growth and profitability. FreshBooks supports multiple tax rates and currencies, making it suitable for businesses operating across different regions and countries.

Business Model

FreshBooks operates on a subscription-based model, offering various plans tailored to the needs of different businesses. The software is accessible through a web-based platform, allowing users to access their financial data from anywhere. FreshBooks also integrates with over 100 other apps, enabling seamless connections with other business tools and services. The company generates revenue through recurring subscription fees and supports its customers through extensive customer support and training resources.

Key Offerings

• Invoicing and Billing: FreshBooks provides a robust invoicing system, allowing businesses to create professional-looking invoices and track payments.
• Expense Tracking: The software includes tools for tracking and managing business expenses, making it easier to keep records and claim tax deductions.
• Time Tracking: FreshBooks offers time tracking features, enabling businesses to monitor employee hours and generate accurate payroll reports.
• Financial Reporting: The software provides detailed financial reports, including balance sheets, income statements, and cash flow statements, to help businesses make informed financial decisions.
• Integration with Other Apps: FreshBooks integrates with a wide range of third-party apps, enhancing its functionality and flexibility.

Key Management

• Mike McDerment: Co-founder and former CEO of FreshBooks, responsible for the company's early development and growth.
• Don Epperson: Current CEO of FreshBooks, who joined the company in 2019 and has led its expansion and strategic development.

Investment Timeline

• 2004: FreshBooks was founded by Mike McDerment, Levi Cooperman, and Joe Sawada.
• 2014: The company raised $30 million in Series A funding.
• 2017: FreshBooks secured $43 million in additional funding.
• 2021: FreshBooks raised $80.75 million in Series E funding and $50 million in debt financing, reaching a valuation of over $1 billion.