Toronto’s startup ecosystem continues to flourish as a dynamic hub for innovation across multiple sectors — from artificial intelligence (AI) and sustainability to fintech and ecommerce. The city’s diverse talent pool, strong technical infrastructure, and supportive business environment have given rise to numerous promising ventures that are solving real-world problems in creative ways. From inventory management software to food waste prevention solutions, these are the top Toronto startups to watch.
Best Startups in Toronto to Follow
Every year, new startups pull to the forefront of their industry through exciting innovation, tech, and industry-disrupting business models. We’ve rounded up the top Toronto startups of 2024 that startup-lovers, investors, and aspiring entrepreneurs should follow.
Disclaimer: With so many exciting Toronto startups launching and growing, we aren’t able to cover them all. Furthermore, the startups listed below are not officially ranked and appear in no particular order.
1. Moselle
- Industry: Fintech, AI
- Founder(s): Lakhveer Singh Jajj
- Founded In: 2019
- Funding: Seed, $2.16 Million
- Investors Include: Top Knot Ventures, Rebellion Ventures, AQC Capital
Moselle is modernizing inventory and supply chain management with an innovative platform. The company offers a comprehensive solution that unifies sales forecasting, production planning, and inventory replenishment in a single, integrated system. By consolidating these crucial business operations into one platform, Moselle helps businesses optimize their inventory levels, improve production efficiency, and make data-driven decisions about stock replenishment.
2. InVintory
- Industry: Food & Beverage, Software
- Founder(s): Jeff Daiter, Josh Daiter
- Founded In: 2018
- Funding: Seed, $1.5 Million
- Investors Include: JJ Redick, Josh Hart
InVintory is an innovative wine collection management platform that caters to both serious wine collectors and enthusiasts. The startup has developed a sophisticated mobile app that allows users to track their wine collections, receive personalized recommendations, and manage their cellar inventory with precision. The platform includes a sommelier-managed database as well as features like label scanning, market value tracking, and drinking window predictions.
3. Fable
- Industry: SaaS, Business-to-Business (B2B)
- Founder(s): Alwar Pillai, Abid Virani
- Founded In: 2018
- Funding: Series B, $39.7 Million
- Investors Include: Five Elms Capital, Disruption Ventures, Difference Partners
Fable is a technology company focused on making digital accessibility easier and more achievable for organizations. The startup’s platform helps companies test and improve their digital products for accessibility compliance, ensuring websites and applications are usable by people with disabilities. The company works with major enterprises to provide both automated and manual testing services, combining technology with insights from users with disabilities to create more inclusive digital experiences.
4. Humi
- Industry: HR Tech, SaaS
- Founder(s): Kevin Kliman, Matthew Loszak
- Founded In: 2016
- Funding: Series B, $49.8 Million
- Investors Include: Y Combinator, Flex Capital, Telus Global Ventures
Humi is a leading, all-in-one human resources (HR) platform designed specifically for Canadian businesses. The company provides a comprehensive suite of tools for HR management, including payroll, benefits administration, time off management, and more. Humi’s cloud-based solution helps streamline HR processes while ensuring compliance with Canadian labor laws and regulations, making it easier for growing companies to manage their workforce effectively.
5. Flashfood
- Industry: Food Tech, Food & Beverage
- Founder(s): Josh Domingues
- Founded In: 2016
- Funding: Series A, $13.5 Million
- Investors Include: General Catalyst, Food Retail Ventures, S2G Ventures
Flashfood is an innovative mobile marketplace that tackles food waste by connecting consumers with discounted food items approaching their “best before” date at major grocery retailers. The app allows users to browse deals at nearby participating stores and purchase food items at significantly reduced prices, helping them reduce food waste and save money on groceries. Since its launch, the company has diverted millions of pounds of food from landfills while helping customers save substantially on their grocery bills.
6. SWTCH
- Industry: Greentech, Energy
- Founder(s): Carter Li
- Founded In: 2016
- Funding: Series B, $39.9 Million
- Investors Include: Blue Earth Capital, Active Impact Investments, Alantra
SWTCH is an innovative cleantech company focused on electric vehicle charging solutions for multi-tenant properties. The company develops and deploys smart electric vehicle (EV) charging systems specifically designed for residential and commercial buildings, addressing the unique challenges of urban charging infrastructure. The SWTCH platform combines hardware and software solutions to manage power delivery, billing, and access control while providing building owners and property managers with tools to monitor usage and maintain their charging networks efficiently.
7. Carbon6
- Industry: Martech, Machine Learning (ML)
- Founder(s): Naseem Saloojee, Justin Cobb, Kazi Ahmed
- Founded In: 2021
- Funding: Series AA, $105 Million
- Investors Include: MidCap Financial, Financial Ventures Group, Feld Ventures
Carbon6 is a rapidly growing ecommerce software company that provides a comprehensive suite of tools for Amazon sellers and other online marketplace entrepreneurs. The company’s platform offers solutions for product research, inventory management, competitor analysis, and business optimization. Through a collection of acquired and developed software tools, Carbon6 helps ecommerce businesses streamline operations, improve profitability, and scale their online presence across multiple marketplaces.
8. Tailscale
- Industry: Cybersecurity, Software
- Founder(s): Avery Pennarun, David Carney, David Crawshaw
- Founded In: 2019
- Funding: Series B, $117 Million
- Investors Include: Insight Partners, Accel, Uncork Capital
Tailscale is a network security startup that’s reimagining virtual private networks (VPNs) for the modern era. The company has developed a zero-config VPN solution built on the WireGuard® protocol that makes secure networking remarkably simple and accessible. Tailscale’s technology enables organizations to create secure networks between their devices, servers, and cloud resources without the complexity of traditional VPN infrastructure, effectively making private networks as easy to manage as a local network.
9. Beekeeper’s Naturals
- Industry: Wellness, Food & Beverage
- Founder(s): Carly Stein
- Founded In: 2014
- Funding: Later Stage, $42.3 Million
- Investors Include: Vibrant Ventures, Access VC, Access Capital
Beekeeper’s Naturals is a wellness company that’s modernizing the natural health industry through science-backed bee products. The company develops innovative health products that use propolis, royal jelly, and other bee-derived ingredients combined with modern functional ingredients. This startup’s product line includes natural alternatives to traditional over-the-counter medicines, focusing on immune support, cognitive enhancement, and overall wellness while maintaining sustainable and ethical beekeeping practices.
10. Float
- Industry: Fintech, Software
- Founder(s): Rob Khazzam, Ruslan Nikolaev
- Founded In: 2019
- Funding: Debt Financing, $84.4 Million
- Investors Include: Tiger Global Management, Golden Ventures, Susa Ventures
Float is a fintech startup working to change the way Canadian businesses manage their corporate spending. This startup provides corporate cards and spend management software that gives companies real-time visibility and control over their expenses. Float’s solution eliminates the need for expense reports, simplifies reconciliation, and allows businesses to set dynamic spending controls for their employees — all while integrating seamlessly with popular accounting software platforms to automate bookkeeping processes.
11. Ideogram
- Industry: Apps, AI
- Founder(s): Mohammad Norouzi, William Chan, Chitwan Saharia, Jonathan Ho, Jacob Lu, Jenny Lei, Shayaan Abdullah
- Founded In: 2022
- Funding: Series A, $96.5 Million
- Investors Include: Andreessen Horowitz, Redpoint Ventures, Pear VC
Ideogram is an innovative AI startup developing advanced text-to-image generation technology. The company has created a powerful AI model capable of producing high-quality, commercially usable images from text descriptions with a particular focus on accurate text rendering and brand consistency. The company’s platform aims to democratize creative content generation while maintaining ethical AI development practices and addressing common challenges in AI image generation, such as accuracy, consistency, and creative control.
12. Cartage
- Industry: Big Data, Supply Chain Management, Logistics
- Founder(s): Abdul Basharat, Harman Sahota, Josh Lampen
- Founded In: 2023
- Funding: Seed, $3.8 Million
- Investors Include: Y Combinator, GarageCapital, Wayfinder Ventures
Cartage is a logistics technology company revolutionizing the way businesses handle freight processes with AI. The company’s platform connects businesses with a network of vetted drivers and vehicles, providing real-time tracking, automated dispatching, and dynamic routing optimization. Cartage’s solution particularly focuses on helping retailers and ecommerce businesses manage same-day and next-day deliveries efficiently while providing transparency and reliability throughout the delivery process.
13. Rebelstork
- Industry: Ecommerce, Sustainable
- Founder(s): Emily Hosie
- Founded In: 2020
- Funding: Series A, $23.6 Million
- Investors Include: Serena Ventures, GarageCapital, Marcy Venture Partners
Rebelstork is a pioneering resale marketplace specifically designed for baby gear and children’s items. The platform uses a proprietary algorithm to determine fair market values for second-hand baby products, helping parents both buy and sell pre-loved items with confidence. The company’s service includes quality verification, professional cleaning, and a white-glove pickup service in select areas, making it easier for parents to participate in the circular economy while saving money on essential baby gear.
14. ODAIA
- Industry: Digital Health, Healthtech
- Founder(s): Philip Poulidis, Helen Kontozopoulos, Gaël Bernard, Periklis Andritsos
- Founded In: 2018
- Funding: Series B, $42.8 Million
- Investors Include: Threshold Ventures, Monograph Capital, Wittington Ventures
ODAIA is a data analytics company using AI to transform commercial operations in the pharmaceutical and healthcare industries. The company’s flagship platform combines AI and customer intelligence to help pharmaceutical companies optimize their commercial strategy and sales operations. The technology analyzes complex datasets to provide actionable insights about healthcare providers’ preferences and behaviors, enabling more targeted and effective engagement strategies while maintaining compliance with healthcare regulations.