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Meet the Technology Fast 50
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Published in Science and Technology on Thursday, October 23rd 2025 at 6:02 GMT by The Globe and Mail🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Meet the Technology Fast 50: Canada’s Most Rapidly Growing Innovation Hubs
Every year, Rob magazine’s “Fast 50” list has become the benchmark for Canadian small‑ and medium‑sized technology firms that are redefining the industry’s growth trajectory. The latest edition of the list, released on March 2, 2023, spotlights 50 companies that have posted the steepest revenue expansion over the past three years, according to data gathered from the Canada Revenue Agency. The criteria are strict: a minimum of $1 million in revenue, no significant acquisitions that could skew growth, and a growth rate that places the firm in the upper echelon of Canadian tech enterprises.
The Methodology Behind the Numbers
Rob’s research team pulls audited financials and revenue reports from the CRA’s Business Registries, ensuring that the figures reflect real, sustainable growth rather than one‑off spikes. Companies are ranked by the compound annual growth rate (CAGR) over the period from 2019 to 2021, a timeframe that captured the full spectrum of the pandemic’s impact on digital services and e‑commerce. A company must also demonstrate that its revenue growth stems from organic expansion rather than a strategic merger or acquisition.
The list is segmented into categories—Enterprise Software, Digital Media, Health Tech, FinTech, and others—so readers can quickly see which sectors are heating up. The top spot is reserved for the firm with the highest CAGR; the rest of the rankings follow in descending order.
Highlights from the Top 10
Lumin – AI‑Powered Data Analytics
Lumin, based in Toronto, is a cloud‑native analytics platform that uses machine learning to help enterprises uncover hidden patterns in their data. With a 2021 revenue of $12 million and a CAGR of 122 %, Lumin moved to the top of the Fast 50. Founder and CEO Sarah Kim noted that the company’s growth was fueled by “the increasing need for real‑time insights in a post‑COVID world.”
Website: https://lumin.aiZego – Insurance for the Gig Economy
Zego provides flexible insurance solutions for gig workers and delivery companies. Their 2021 revenue jumped from $3 million to $9 million, a CAGR of 111 %. CEO Mark Leahy highlighted that Zego’s partnership model with major ride‑share platforms is a key growth lever.
Website: https://www.zego.comWeave – CRM for Hospitality
Weave’s conversational AI platform serves hotels and restaurants with booking, messaging, and marketing tools. With a 2021 revenue of $8 million, Weave’s CAGR hit 104 %. Weave’s growth was attributed to the surge in online reservations during the pandemic.
Website: https://www.weave.comToggl – Time‑Tracking and Analytics
Toggl, a global SaaS company with Canadian roots, recorded a CAGR of 99 % between 2019 and 2021. The platform’s expansion into new markets and the introduction of a productivity suite helped it reach $10 million in 2021.
Website: https://www.toggl.comGong – Conversation Analytics for Sales
Gong’s AI‑driven conversation analytics platform has helped sales teams close deals more efficiently. Gong achieved a 95 % CAGR, driven by its cloud‑first strategy and expansion into the U.S. market.
Website: https://www.gong.ioMaven – Data‑Driven Marketing
Maven focuses on B2B marketing automation and has seen its revenue climb from $2 million to $7 million, a 93 % CAGR. The company’s AI‑enabled campaign management tools are a primary reason for its surge.
Website: https://www.maven.comNuvia – Digital Transformation Services
Nuvia assists enterprises in transitioning to digital workflows. With a 2021 revenue of $6 million and a 92 % CAGR, the company’s consulting arm and software products are the twin engines powering growth.
Website: https://www.nuvia.caKinetic – Agri‑Tech Solutions
Kinetic’s precision agriculture platform has helped farmers increase yields while reducing input costs. The firm saw a 90 % CAGR, partly due to increased investment in sustainability initiatives.
Website: https://www.kinetic.agHealthBridge – Telehealth Platform
HealthBridge connects patients with specialists via video consultations. Its revenue grew from $1.5 million to $5 million, a 88 % CAGR, as the demand for remote health services surged.
Website: https://www.healthbridge.caCloudNova – Cloud Infrastructure Management
CloudNova’s suite of tools for monitoring and managing cloud resources achieved a 85 % CAGR, as more Canadian companies migrated to hybrid cloud environments.
Website: https://www.cloudnova.com
Broader Trends and Insights
The Fast 50 list paints a clear picture of where Canadian tech innovation is headed. The majority of the companies are headquartered in Toronto and Vancouver, but notable entries also come from Calgary, Montreal, and Halifax, indicating a growing geographic spread of high‑growth tech ecosystems.
A common thread among the top performers is the adoption of AI and machine learning to deliver predictive, real‑time solutions across industries. Whether it’s Lumin’s data analytics or Gong’s sales conversations, AI is the engine behind the rapid scalability of these firms.
The pandemic’s acceleration of digital transformation remains a key driver. With remote work, e‑commerce, and online services becoming the norm, companies that offer cloud, AI, and SaaS solutions found a fertile environment to expand.
Funding dynamics also played a role. Several Fast 50 firms—such as Zego, Weave, and Toggl—raised significant venture capital in 2022, giving them the runway to scale product development and go‑to‑market strategies. Investors are increasingly looking to Canadian startups for high‑return opportunities, especially in fintech, health tech, and AI.
What the Future Looks Like
The Fast 50 list is not just a celebration; it’s a barometer for the health of Canada’s tech ecosystem. By identifying companies that can sustain high growth rates, the list offers investors, talent, and policymakers a clear view of where to channel resources.
Rob magazine’s next edition will likely see the rise of companies in emerging fields such as quantum computing, renewable energy tech, and cybersecurity—areas where Canada is already carving out a niche. As Canadian tech firms continue to mature, the Fast 50 list will evolve from a snapshot of growth to a longitudinal study of how innovation ecosystems develop over time.
For more detailed company profiles and the complete Fast 50 rankings, readers can visit Rob’s official page: https://www.rob.com/fast-50.
Read the Full The Globe and Mail Article at:
[ https://www.theglobeandmail.com/business/rob-magazine/article-meet-the-technology-fast-50/ ]
