About SaaS sector in Toronto, Canada
The SaaS sector in Toronto, Canada comprises 3.65K companies, including 740 funded companies having collectively raised $11.1B in venture capital money and private equity. Out of these, 413 are Series A+ funded, and 7 have achieved unicorn status.
SaaS sector in Toronto, Canada has seen 252 acquisitions and 34 IPOs. This represents almost 7.8% of all such companies - which is higher than the 4.0% 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 Toronto, Canada
There are 3,652 SaaS startups in Toronto, Canada which include AlayaCare, Cohere, Dayforce, 1Password, Thomson Reuters. Out of these, 740 startups are funded, with 413 having secured Series A+ funding, and 7 achieving unicorn status.
2026 has seen the creation of 197 SaaS startups in Toronto, Canada. Over the past 10 years, an average of 187 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 SaaS 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: 79/100 What is this?
- Competitors Rank: 1 of 198 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 D
- Total Funding till date: $1.54B
- Investors: Inovia Capital, Sapphire Ventures and 37 Others
- Latest Funding Round: Series D, Sep 24, 2025, $*****
- Tracxn Score: 78/100 What is this?
- Competitors Rank: 4 of 182 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 2 Others
- Latest Funding Round: Series B, Feb 15, 2011, $*****
- Tracxn Score: 77/100 What is this?
- Competitors Rank: 6 of 3,368 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: 76/100 What is this?
- Competitors Rank: 2 of 563 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 2,449 Competitors
Companies founded year-on-year in the SaaS sector in Toronto
197 new startups have been founded so far in 2026 in the SaaS sector in Toronto. 251 SaaS 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 | 197 |
2025 | 169 |
2024 | 198 |
2023 | 221 |
2022 | 132 |
2021 | 171 |
2020 | 251 |
2019 | 201 |
2018 | 179 |
2017 | 159 |
Stage-wise distribution of SaaS sector companies in Toronto
Out of the total 3,652 SaaS companies in Toronto, 740 have secured funding. Among them, 413 have reached Series A or higher, and 338 to Series B or beyond.
Founded - 3,652
Funded - 740
Series A+ - 413
Series B+ - 338
Series C+ - 311
Company Stage | No. of companies |
|---|---|
Founded | 3,652 |
Funded | 740 |
Series A+ | 413 |
Series B+ | 338 |
Series C+ | 311 |
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Funding Trends in the SaaS sector in Toronto
Total funding year-on-year in the SaaS sector in Toronto
The SaaS sector in Toronto saw a total funding of more than $9.72B in the last 10 years. The most amount of funding was in 2021 at more than $2.37B. There has been a total funding of $288M in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $288M |
2025 | $1.5B |
2024 | $1.2B |
2023 | $733M |
2022 | $1.75B |
2021 | $2.37B |
2020 | $511M |
2019 | $540M |
2018 | $554M |
2017 | $283M |
Recent Funding Rounds in SaaS in Toronto
In the year 2026, till September 2026, SaaS companies in Toronto have raised $236M in equity funding across 27 rounds.
In the same period last year (i.e. till September 2025), SaaS companies in Toronto had raised $1.31B across 40 rounds.
So, 2026 has seen a 82.02% drop in funding in SaaS companies in Toronto as compared to 2025.
Here are some recent, important funding rounds in SaaS companies in Toronto:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series A | 8598 | Sep 28, 2026 | ||
Seed | 2036 | Sep 21, 2026 | ||
Series A | 9736 | Aug 11, 2026 | ||
Seed | 4810 | Aug 11, 2026 | ||
Seed | 9674 | Aug 04, 2026 |
Top Investors in SaaS in Toronto
Plug and Play Tech Center is the top investor in SaaS companies in Toronto based on number of companies invested.
Here are some top investors in SaaS companies in Toronto:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | ||
Toronto (Canada) | ||
San Francisco (United States) | ||
Toronto (Canada) | ||
New York City (United States) | - |
M&A activity in SaaS sector in Toronto
In the year 2026, till July 2026, 13 acquisitions happened in SaaS sector in Toronto. Last year, in 2025, a total of 15 acquisitions happened in SaaS sector in Toronto.
Here are some recent, important acquisitions in SaaS sector in Toronto:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Jul 28, 2026 | ||
Business Acquisition | Jul 13, 2026 | ||
Business Acquisition | Jul 07, 2026 | ||
Business Acquisition | Jun 23, 2026 | ||
Business Acquisition | Jun 2026 |
Acquisition trends in SaaS sector in Toronto
Here are the acquisition trends in SaaS sector in Toronto:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 13 |
2025 | 15 |
2024 | 18 |
2023 | 13 |
2022 | 37 |
2021 | 37 |
2020 | 20 |
2019 | 28 |
2018 | 18 |
2017 | 15 |
IPOs in SaaS in Toronto
In the year 2026, till March 2026, 1 IPO happened in SaaS sector in Toronto.
Here are some recent, important IPOs in SaaS sector in Toronto:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Mar 26, 2026 | Toronto Stock Exchange (TSX) | |
Jul 08, 2024 | Canadian Securities Exchange (CSE) | |
Oct 06, 2023 | Frankfurt Stock Exchange (FRA) | |
Oct 28, 2022 | Frankfurt Stock Exchange (FRA) | |
Feb 25, 2022 | Toronto Stock Exchange - Venture Exchange (TSX-V) |
Colleges which produce the most SaaS companies in Toronto
Companies founded by alumni from top colleges in the SaaS in Toronto
Most number of SaaS 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 | 165 |
University of Waterloo | 65 |
York University | 24 |
Queen's University | 21 |
McGill University | 16 |
Harvard University | 12 |
Ivey School of Business | 10 |
McMaster University | 10 |
Harvard Business School | 9 |
Stanford University | 7 |
Total funding in SaaS companies founded by alumni from top colleges in Toronto
In the last 10 years, University of Toronto graduates' SaaS 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 | $4.74B |
University of Oxford | $1.72B |
University of Waterloo | $447M |
Queen's University | $332M |
Harvard University | $222M |
Imperial College London | $212M |
Kellogg School of Management | $209M |
Stanford University | $200M |
McMaster University | $172M |
York University | $168M |
Top News in SaaS in Toronto
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Point S International Expands Own-Brand Tyre Range with EV-Compatible 4 Seasons 3Tyrepress•Sep 23, 2026•Points
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Cority Named a Leader in Verdantix Green Quadrant for EHS Software for Seventh Consecutive YearThe Canadian Press•Sep 21, 2026•Cority
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Q4 Inc. Enhances Investor Relations Platform with AI-Powered Intelligence and Automated Earnings Call FeaturesFinancial Post•Sep 21, 2026•Q4
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New Varicent Research Finds Revenue Plan Design Is the Strongest Predictor of Revenue PerformanceBusiness Wire•Aug 20, 2026•Varicent
