Business Brief: Welcome to the US$100-million club

Good morning. I’m Sean Silcoff. I write about technology and life sciences, and this weekend we published my months-long deep dive into a new wave of scaled-up tech companies. Unlike Canadian tech names of the past, these players have options to run as stand-alone companies. In fact, many of them seem likely to head toward a splashy initial public offering. More on those successes below, but first:on how the government will tackle the threat of U.S.

I convinced my editors that we should really lean into covering the sector, because I felt these trends would power an explosion of successful software companies around the world – and Canada would have its share of them.Clio’s US$900-million secondary financing this year led by New Enterprise Associates was larger than most Canadian tech IPOs, valuing the company at US$3-billion.By the 2020s, it was evident that this had come to pass.

The US$100-million club features some of Canada’s best-known tech brands: 1Password, Wealthsimple Technologies Inc., Questrade Wealth Management Inc. and Hopper Inc., the world’s third-largest online travel agency. Why does a story on Canada’s US$100-million club matter? The narrative about Canada’s tech sector has been exceedingly negative this year. To be sure, the sector over all is in a funk.

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