Hidden Gems: Under-the-Radar Toronto Tech Companies Worth Knowing

Toronto is known globally as a thriving tech hotspot, home to big-name companies and renowned startups. But there's more to Toronto's tech scene than just the giants. Let’s dive into some lesser-known yet impressive Toronto tech companies making significant impacts in their industries.

1. Ada

• Industry: AI, Customer Support Automation
• Founded: 2016
• Employees: ~450 (2024)
• Funding: $190M
• Notable Clients: Zoom, Shopify, Mailchimp
• Why they're cool: Ada builds AI-driven chatbots that handle customer interactions, making support seamless and efficient.

2. Borrowell

• Industry: Fintech
• Founded: 2014
• Employees: ~130 (2024)
• Funding: $92.3M
• User Base: Over 2 million Canadians
• Why they're cool: They offer Canadians free credit scores, detailed reports, and tailored financial recommendations.

3. Ecobee

• Industry: IoT, Smart Home Tech
• Founded: 2007
• Employees: ~500 (2024)
• Funding: Acquired by Generac ($770M USD, 2021)
• Why they're cool: Ecobee is a pioneer in smart thermostats and home automation, making homes smarter and energy-efficient.

4. League

• Industry: Digital Health
• Founded: 2014
• Employees: ~250 (2024)
• Funding: $205M
• Notable Clients: Loblaws, Shopify
• Why they're cool: League's digital health platform simplifies employee healthcare, making wellness management intuitive and accessible.

5. KOHO

• Industry: Fintech
• Founded: 2014
• Employees: ~350 (2024)
• Funding: $210M
• User Base: Over 1 million Canadians
• Why they're cool: KOHO is reshaping banking with budgeting tools, prepaid Visa cards, and financial insights tailored for Canadian users.

6. Ritual

• Industry: Mobile Commerce, Food & Beverage
• Founded: 2014
• Employees: ~150 (2024)
• Funding: $127M
• Why they're cool: Ritual lets users seamlessly order and pay at local eateries, drastically cutting down waiting times.

7. Drop

• Industry: Fintech, Consumer Loyalty
• Founded: 2015
• Employees: ~100 (2024)
• Funding: $77M
• User Base: Over 5 million members
• Why they're cool: Drop rewards consumers for spending with partner brands, offering valuable insights into user spending behaviors.

8. Properly

• Industry: Proptech
• Founded: 2018
• Employees: ~120 (2024)
• Funding: $160M
• Why they're cool: Properly simplifies the home buying and selling process, providing instant valuations, financing options, and smoother transactions.

9. Setter

• Industry: Home Maintenance Tech
• Founded: 2016
• Employees: ~70 (2024)
• Funding: $20M
• Why they're cool: Setter uses tech to streamline home maintenance, repairs, and improvement projects, saving homeowners time and hassle.

10. Mejuri

• Industry: E-commerce, Direct-to-Consumer Jewelry
• Founded: 2015
• Employees: ~400 (2024)
• Funding: $29M
• Why they're cool: Mejuri revolutionizes the jewelry market with stylish, affordable luxury jewelry popular among millennial and Gen-Z shoppers.

Toronto’s tech ecosystem thrives because of these diverse, innovative companies. Keeping an eye on these hidden gems can reveal exciting opportunities, whether you're a developer looking for your next role or an investor scouting the next big trend.