About Enterprise Software sector in Toronto, Canada
The Enterprise Software sector in Toronto, Canada comprises 4.74K companies, including 1.04K funded companies having collectively raised $15.4B in venture capital money and private equity. Out of these, 560 are Series A+ funded, and 9 have achieved unicorn status.
Enterprise Software sector in Toronto, Canada has seen 344 acquisitions and 51 IPOs. This represents almost 8.3% of all such companies - which is higher than the 3.8% exit rate of tech companies in general.
This sector includes companies offering cloud-based or standalone software solutions for enterprises such as ERP, CRM, HR software, etc.
Enterprise Software sector is also known as Enterprise Software Solutions, Advanced Enterprise Software or Digital Enterprise Software.
Enterprise first application providers, Cloud or web-based enterprise applications are included in this sector. Consumer first software solution, Enterprise tech hardware solutions, Marketplace platform, Software development services providers, Digital transformation services are excluded.
Top Enterprise Software Companies in Toronto, Canada
There are 4,743 Enterprise Software startups in Toronto, Canada which include AlayaCare, Cohere, Dayforce, 1Password, Thomson Reuters. Out of these, 1,038 startups are funded, with 560 having secured Series A+ funding, and 9 achieving unicorn status.
2026 has seen the creation of 177 Enterprise Software startups in Toronto, Canada. Over the past 10 years, an average of 244 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Toronto, University of Waterloo and York University.
Here is the list of top Enterprise Software startups in Toronto, Canada
1. AlayaCare
Alayacare offers a cloud-based software platform for home healthcare practitioners. The platform features clinical documentation, back-office functionality, patient and family portals, remote patient monitoring, telehealth, and mobile care worker apps. It also helps in analyzing wearable devices to fetch patient data for processing through machine learning technology by giving real-time insights for the care professionals.
Key facts about AlayaCare
- Founded Year: 2014
- Location: Toronto (Canada)
- Stage: Series D
- Total Funding till date: $274M
- Investors: Inovia Capital, Generation Investment Management and 17 Others
- Latest Funding Round: Conventional Debt, Feb 20, 2026, $*****
- Tracxn Score: 80/100 What is this?
- Competitors Rank: 1 of 213 Competitors
2. Cohere
Developer of enterprise AI platform and multilingual language and retrieval models. The company provides tools for workplace productivity, intelligent search, and semantic text representation. It offers models for relevance-based result refinement and high-performance generative tasks. The platform supports customization and private deployments, catering to various industries. It also provides developer resources, including API access and technical documentation.
Key facts about Cohere
- Founded Year: 2019
- Location: Toronto (Canada)
- Stage: Series E
- Total Funding till date: $1.54B
- Investors: Inovia Capital, Sapphire Ventures and 39 Others
- Latest Funding Round: Series E, Oct 30, 2026, $*****
- Tracxn Score: 79/100 What is this?
- Competitors Rank: 4 of 192 Competitors
3. Dayforce
Developer of human capital management software providing HR and talent solutions. The company offers a platform delivering human resources, payroll, talent management, and workforce management functionalities. The platform provides reporting and analytics, helping organizations to manage their workforce. It focuses on streamlining processes and offering insights for decision-making.
Key facts about Dayforce
- Founded Year: 2008
- Location: Toronto (Canada)
- Stage: Acquired
- Total Funding till date: $30M
- Investors: Bridgescale, Ceridian and 3 Others
- Latest Funding Round: Series B, Feb 15, 2011, $*****
- Tracxn Score: 78/100 What is this?
- Competitors Rank: 4 of 3,410 Competitors
4. 1Password
Cloud based platform for remote access software. It stores passwords and provides document storage. It allows the user to control what information to make visible, delegate management roles, and get comprehensive usage reports. It offers features such as password manager, access management, two factor authentication, passkeys, and more. The app supports Mac, Windows, Android, iOS, and the web. The customers include Today, BBC, CNN, and Mashable.
Key facts about 1Password
- Founded Year: 2006
- Location: Toronto (Canada)
- Stage: Series C
- Total Funding till date: $920M
- Investors: Accel, Iconiq Capital and 39 Others
- Latest Funding Round: Series C, Dec 17, 2021, $*****
- Tracxn Score: 77/100 What is this?
- Competitors Rank: 2 of 574 Competitors
Cloud based legal enterprise management and data services for businesses. It provides data, insights, and information about different facets of the legal system, courts, case types, and more, and offers trading platforms, market data infrastructure, and open technology platforms that facilitate investment, wealth management, regulatory compliance, and enterprise risk management. The product modules include firm management, legal risk management software, and industrial news platforms. It uses AI to assist with process automation, integrated litigation analytics, and more. Its features include case, and practice management, marketing, issue tracking, contract management, and more.
Key facts about Thomson Reuters
- Founded Year: 2008
- Location: Toronto (Canada)
- Stage: Public
- Investors: Owl Capital Group, MidOcean Partners and 5 Others
- Latest Funding Round: Grant (prize money), Nov 01, 2019, $*****
- Tracxn Score: 75/100 What is this?
- Competitors Rank: 1 of 2,700 Competitors
Companies founded year-on-year in the Enterprise Software sector in Toronto
177 new startups have been founded so far in 2026 in the Enterprise Software sector in Toronto. 391 Enterprise Software startups in Toronto were founded in 2020 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | 177 |
2025 | 183 |
2024 | 201 |
2023 | 201 |
2022 | 164 |
2021 | 244 |
2020 | 391 |
2019 | 346 |
2018 | 284 |
2017 | 253 |
Stage-wise distribution of Enterprise Software sector companies in Toronto
Out of the total 4,743 Enterprise Software companies in Toronto, 1,038 have secured funding. Among them, 560 have reached Series A or higher, and 467 to Series B or beyond.
Founded - 4,743
Funded - 1,038
Series A+ - 560
Series B+ - 467
Series C+ - 433
Company Stage | No. of companies |
|---|---|
Founded | 4,743 |
Funded | 1,038 |
Series A+ | 560 |
Series B+ | 467 |
Series C+ | 433 |
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Funding Trends in the Enterprise Software sector in Toronto
Total funding year-on-year in the Enterprise Software sector in Toronto
The Enterprise Software sector in Toronto saw a total funding of more than $13.5B in the last 10 years. The most amount of funding was in 2021 at more than $3.15B. There has been a total funding of $1.28B in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $1.28B |
2025 | $2.18B |
2024 | $1.45B |
2023 | $958M |
2022 | $1.94B |
2021 | $3.15B |
2020 | $581M |
2019 | $861M |
2018 | $715M |
2017 | $404M |
Recent Funding Rounds in Enterprise Software in Toronto
In the year 2026, till October 2026, Enterprise Software companies in Toronto have raised $1.18B in equity funding across 35 rounds.
In the same period last year (i.e. till October 2025), Enterprise Software companies in Toronto had raised $1.42B across 53 rounds.
So, 2026 has seen a 17.18% drop in funding in Enterprise Software companies in Toronto as compared to 2025.
Here are some recent, important funding rounds in Enterprise Software companies in Toronto:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series E | 5093 | Oct 30, 2026 | ||
Series A | 7078 | Oct 21, 2026 | ||
Seed | 5670 | Oct 16, 2026 | ||
Seed | 4332 | Oct 07, 2026 | ||
Series A | 6021 | Sep 28, 2026 |
Top Investors in Enterprise Software in Toronto
Plug and Play Tech Center is the top investor in Enterprise Software companies in Toronto based on number of companies invested.
Here are some top investors in Enterprise Software companies in Toronto:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | ||
Toronto (Canada) | ||
San Francisco (United States) | ||
New York City (United States) | - | |
Toronto (Canada) |
M&A activity in Enterprise Software sector in Toronto
In the year 2026, till October 2026, 23 acquisitions happened in Enterprise Software sector in Toronto. Last year, in 2025, a total of 21 acquisitions happened in Enterprise Software sector in Toronto.
Here are some recent, important acquisitions in Enterprise Software sector in Toronto:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Oct 23, 2026 | ||
Business Acquisition | Oct 19, 2026 | ||
Business Acquisition | Oct 09, 2026 | ||
Business Acquisition | Oct 08, 2026 | ||
Business Acquisition | Oct 05, 2026 |
Acquisition trends in Enterprise Software sector in Toronto
Here are the acquisition trends in Enterprise Software sector in Toronto:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 23 |
2025 | 21 |
2024 | 27 |
2023 | 14 |
2022 | 41 |
2021 | 55 |
2020 | 28 |
2019 | 40 |
2018 | 26 |
2017 | 18 |
IPOs in Enterprise Software in Toronto
In the year 2026, till February 2026, 1 IPO happened in Enterprise Software sector in Toronto.
Here are some recent, important IPOs in Enterprise Software sector in Toronto:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Feb 18, 2026 | Toronto Stock Exchange (TSX) | |
Jul 08, 2024 | Canadian Securities Exchange (CSE) | |
Oct 06, 2023 | Frankfurt Stock Exchange (FRA) | |
Mar 16, 2023 | Toronto Stock Exchange - Venture Exchange (TSX-V) | |
Nov 21, 2022 | Canadian Securities Exchange (CSE) |
Colleges which produce the most Enterprise Software companies in Toronto
Companies founded by alumni from top colleges in the Enterprise Software in Toronto
Most number of Enterprise Software startups in Toronto have been founded by alumni from University of Toronto, University of Waterloo and York University.
College | No. of companies |
|---|---|
University of Toronto | 244 |
University of Waterloo | 93 |
York University | 25 |
McGill University | 21 |
Queen's University | 19 |
Harvard University | 16 |
Ivey School of Business | 14 |
McMaster University | 14 |
Harvard Business School | 11 |
Massachusetts Institute of Technology | 11 |
Total funding in Enterprise Software companies founded by alumni from top colleges in Toronto
In the last 10 years, University of Toronto graduates' Enterprise Software companies in Toronto have raised the most funding among top colleges. University of Oxford alumni are second, and University of Waterloo alumni are third.
College | Total Funding |
|---|---|
University of Toronto | $5.55B |
University of Oxford | $1.72B |
University of Waterloo | $478M |
Queen's University | $402M |
McMaster University | $268M |
Ivey School of Business | $225M |
Harvard University | $224M |
Imperial College London | $212M |
Kellogg School of Management | $209M |
Stanford University | $206M |
Top News in Enterprise Software in Toronto
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