Deloitte Canada announces Technology Fast 50 winners

17 November 2022 2 min. read

Deloitte Canada announced the winners of its 25th annual Technology Fast 50, Enterprise Fast 15, Clean Technology, and Companies-to-Watch awards.

Technology companies are ranked based on revenue percentage over the last four years of operation. Companies must be headquartered in Canada and must invest at least 5% of gross revenue in R&D and must own proprietary technology that is sold to customers and accounts for a majority of operating revenues.

The Enterprise 15 category recognizes enterprise-level TMT companies; Clean Technology recognizes clean innovators providing goods and services that reduce environmental impacts; and Companies-To-Watch ranks companies with potential to be future Fast 50 firms based on revenue growth percentage in their last three years of operation.

Nobul, a Toronto-based digital marketplace that connects home buyers and sellers with real estate agents, topped the 2022 Technology Fast 50. The firm had a three-year growth trajectory of 72,944%.

Hopper, a Montreal-based mobile-first travel marketplace, ranked first in the Enterprise 15 category with revenue growth of 859%.

Deloitte Canada announces Technology Fast 50 winners

Flashfood, a Toronto-based app that helps shoppers find discounted food that’s nearing its best before date, took the top spot in the Clean Technology category. Partnering with grocery retailers like Loblaws and Meijer, Flashfood has diverted more than 40 million pounds of food and fed hundreds of thousands of families.

Vancouver’s Thrive Health topped the Companies-to-Watch category with 4,221% revenue growth. The firm provides technology that enables enhanced access to patient data and helps providers design custom care workflows.

"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 Technology 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. It is inspiring to witness the accelerated innovations and the many technological advancements that position Canada as a leader on the global stage."

According to a survey of Technology Fast 50 executives, attracting and retaining talent remains their top challenge. Twenty-seven percent tagged the labour market as their most significant issue, followed by financial markets (18%) and changing consumer preferences (13%).

Access to capital is also tightening, with only 47% of respondents feeling their ability to access capital was improving – down from 78% in 2021.