In 2014, Brent Holliday of the Vancouver-based Garibaldi Capital Advisors began referring
to Canadian technology companies that had reached a valuation of $1 billion or above as
Narwhals, a playful reference to US Unicorns. He published data sets showing the most
valuable Canadian tech firms in his Narwhal Club and also identified emerging Narwhals.
Since the list produced by Brent Holiday had not been kept up to date, he graciously
allowed us to use the term he originated. As a result, we are pleased to publish an updated
Narwhal List with the top 50 Canadian companies in terms of Financial Velocity (Table 2).

Read more on Impact Centre here, page 6, table 2.