About SaaS sector in Canada
The SaaS sector in Canada comprises 15.6K companies, including 2.34K funded companies having collectively raised $35.8B in venture capital money and private equity. Out of these, 1.33K are Series A+ funded, and 18 have achieved unicorn status.
SaaS sector in Canada has seen 814 acquisitions and 156 IPOs. This represents almost 6.2% of all such companies - which is higher than the 3.8% exit rate of tech companies in general.
This sector includes companies providing cloud-based, multi-tenant and subscription or on-demand B2B software applications.
SaaS sector is also known as SaaS Solutions, Advanced SaaS or Digital SaaS.
All B2B software that offers cloud-based, multi-tenant solutions for business functions like Marketing, HR, Sales, Business Intelligence, etc are included in this sector. 1. All On-premise B2B software are excluded. 2. All companies that do not offer their own proprietary software are excluded. 3. Services and Consulting firms are also excluded. 4. Resellers are also excluded.
Top SaaS Companies in Canada
There are 15,622 SaaS startups in Canada which include Shopify, Clio, AlayaCare, Cohere, Dayforce. Out of these, 2,339 startups are funded, with 1,328 having secured Series A+ funding, and 18 achieving unicorn status.
2026 has seen the creation of 848 SaaS startups in Canada. Over the past 10 years, an average of 768 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Toronto, University of Waterloo and McGill University.
Here is the list of top SaaS startups in Canada
1. Shopify
Provider of an all-in-one commerce platform for businesses of all sizes. The platform enables merchants to start, grow, market, and manage their retail operations. It offers tools to build brands, create websites, and customize online stores. The platform also provides solutions for selling products online, in person, and across various channels. It facilitates payment acceptance, marketing, customer management, and business analytics.
Key facts about Shopify
2. Clio
Platform offering legal practice management software. It offers features to run a law practice from intake to invoicing, with features to manage cases, clients, documents, dropbox integration, bills, appointment scheduling, time tracking, reporting, and accounting through integration with Xero and Quickbooks. It provides document and case management solutions.
Key facts about Clio
- Founded Year: 2008
- Location: Vancouver (Canada)
- Stage: Series G
- Total Funding till date: $1.79B
- Investors: T. Rowe Price, TCV and 22 Others
- Latest Funding Round: Series G, Nov 10, 2025, $*****
- Tracxn Score: 81/100 What is this?
- Competitors Rank: 1 of 1,237 Competitors
3. 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
4. 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
5. 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
Companies founded year-on-year in the SaaS sector in Canada
848 new startups have been founded so far in 2026 in the SaaS sector in Canada. 1,142 SaaS startups in Canada 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 | 848 |
2025 | 761 |
2024 | 743 |
2023 | 827 |
2022 | 529 |
2021 | 680 |
2020 | 1,142 |
2019 | 831 |
2018 | 687 |
2017 | 639 |
Stage-wise distribution of SaaS sector companies in Canada
Out of the total 15,622 SaaS companies in Canada, 2,339 have secured funding. Among them, 1,328 have reached Series A or higher, and 1,131 to Series B or beyond.
Founded - 15,622
Funded - 2,339
Series A+ - 1,328
Series B+ - 1,131
Series C+ - 1,051
Company Stage | No. of companies |
|---|---|
Founded | 15,622 |
Funded | 2,339 |
Series A+ | 1,328 |
Series B+ | 1,131 |
Series C+ | 1,051 |
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Funding Trends in the SaaS sector in Canada
Total funding year-on-year in the SaaS sector in Canada
The SaaS sector in Canada saw a total funding of more than $29.9B in the last 10 years. The most amount of funding was in 2021 at more than $5.66B. There has been a total funding of $1.21B in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $1.21B |
2025 | $3.14B |
2024 | $3.35B |
2023 | $1.93B |
2022 | $3.58B |
2021 | $5.66B |
2020 | $1.62B |
2019 | $2.61B |
2018 | $4.37B |
2017 | $2.38B |
Recent Funding Rounds in SaaS in Canada
In the year 2026, till October 2026, SaaS companies in Canada have raised $967M in equity funding across 91 rounds.
In the same period last year (i.e. till October 2025), SaaS companies in Canada had raised $1.87B across 123 rounds.
So, 2026 has seen a 48.35% drop in funding in SaaS companies in Canada as compared to 2025.
Here are some recent, important funding rounds in SaaS companies in Canada:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series E | 6753 | Oct 30, 2026 | ||
Seed | 7636 | Oct 28, 2026 | ||
Series A | 2619 | Oct 21, 2026 | ||
Seed | 7101 | Oct 16, 2026 | ||
Seed | 1496 | Oct 14, 2026 | and 1 more |
Top Investors in SaaS in Canada
Plug and Play Tech Center is the top investor in SaaS companies in Canada based on number of companies invested.
Here are some top investors in SaaS companies in Canada:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | ||
Menlo Park (United States) | ||
Montreal (Canada) | ||
London (United Kingdom) | ||
Toronto (Canada) |
M&A activity in SaaS sector in Canada
In the year 2026, till October 2026, 45 acquisitions happened in SaaS sector in Canada. Last year, in 2025, a total of 44 acquisitions happened in SaaS sector in Canada.
Here are some recent, important acquisitions in SaaS sector in Canada:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Oct 23, 2026 | ||
Business Acquisition | Oct 22, 2026 | ||
Business Acquisition | Oct 14, 2026 | ||
Business Acquisition | Sep 21, 2026 | ||
Business Acquisition | Sep 16, 2026 |
Acquisition trends in SaaS sector in Canada
Here are the acquisition trends in SaaS sector in Canada:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 45 |
2025 | 44 |
2024 | 54 |
2023 | 62 |
2022 | 98 |
2021 | 106 |
2020 | 65 |
2019 | 64 |
2018 | 58 |
2017 | 57 |
IPOs in SaaS in Canada
In the year 2026, till October 2026, 5 IPOs happened in SaaS sector in Canada.
Here are some recent, important IPOs in SaaS sector in Canada:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Oct 01, 2026 | Toronto Stock Exchange - Venture Exchange (TSX-V) | |
Jul 17, 2026 | Canadian Securities Exchange (CSE) | |
May 07, 2026 | Canadian Securities Exchange (CSE) | |
Apr 09, 2026 | Toronto Stock Exchange - Venture Exchange (TSX-V) | |
Mar 26, 2026 | Toronto Stock Exchange (TSX) |
Colleges which produce the most SaaS companies in Canada
Companies founded by alumni from top colleges in the SaaS in Canada
Most number of SaaS startups in Canada have been founded by alumni from University of Toronto, University of Waterloo and McGill University.
College | No. of companies |
|---|---|
University of Toronto | 229 |
University of Waterloo | 169 |
McGill University | 59 |
The University of British Columbia | 40 |
Queen's University | 39 |
York University | 32 |
Stanford University | 26 |
McMaster University | 23 |
Harvard University | 22 |
University of Oxford | 17 |
Total funding in SaaS companies founded by alumni from top colleges in Canada
In the last 10 years, University of Toronto graduates' SaaS companies in Canada have raised the most funding among top colleges. University of Cambridge alumni are second, and University of Waterloo alumni are third.
College | Total Funding |
|---|---|
University of Toronto | $5.09B |
University of Cambridge | $2.49B |
University of Waterloo | $1.81B |
University of Oxford | $1.75B |
The University of British Columbia | $655M |
McGill University | $578M |
McMaster University | $523M |
Harvard University | $504M |
Kellogg School of Management | $471M |
MIT Sloan School of Management | $397M |
Top News in SaaS in Canada
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