From safety razors to smarter cities, Waterloo’s top growing businesses are keeping their eyes on the prize. This year, 10 local companies snagged a spot on Globe and Mail’s “Canada’s Top Growing Companies” list – with two making it to the top ten.
The list, released last week, ranks 416 self-nominated Canadian businesses across sectors on their three-year revenue growth. To qualify, a business must have generated at least $2M CAD in revenue during their most recent fiscal year.
Let’s celebrate their incredible achievements and get inspired by their entrepreneurial spirit.
Editor’s note: Waterloo Region is made up of three cities (Kitchener, Waterloo and Cambridge) and four townships (Wilmot, Woolwich, Wellesley and North Dumfries). We’ve indicated each company’s location within the region in the summaries below.
1. Henson Shaving (#5)
Henson Shaving is the first local company to make the cut. This Kitchener-based company was born during the pandemic out of a machine shop that manufactured parts for the aerospace industry. Using the principles of precision engineering and longevity, Henson designed a razor that protects the skin and prevents irritation. The company has seen an astounding revenue growth of 8,997% in just three years. With a team of 10 employees, Henson is making a big impact, generating between $25-50M CAD in 2023.
2. Ascension Automation Solutions Ltd. (#9)
Operating in Cambridge since 2013, Ascension Automation Solutions specializes in industrial robotics programming and process automation, serving customers across Canada, the US and Mexico. With a whopping 4,872% revenue growth over the last three years, its team of 250 employees helped bring in revenues between $10-25M CAD in 2023.
3. RideCo (#91)
RideCo, headquartered in Waterloo, has been steering public transportation towards greener solutions since 2013. Its innovative software, which aims to reduce the environmental impact of public transit systems, is already solving transit challenges in 60 cities worldwide. With a team of 116 employees, the company experienced revenue growth of 472% during the last three years and revenues between $25-50M CAD in 2023.
4. Miovision (#121)
Miovision is another proud win for our region. Headquartered in Kitchener, the company is leading the charge towards smarter cities. With its proprietary tools, Miovision helps cities improve traffic management for a better, smoother experience for all. With 2023 revenues between $100-250M CAD, Miovision experienced a stunning 348% revenue growth over the last three years.
5. Kinsbrae Packaging (#241)
This full-service sustainable packaging company has sealed its place on the list for two years in a row. From cans to shipping boxes and labels to packing tape, Cambridge-based Kinsbrae Packaging takes pride in being a one-stop shop for sustainable packaging needs. With a small but mighty team of 14 employees working out of its 50,000-square-foot facility, the company enjoyed a revenue growth of 170% in the last three years, and revenues between $5-10M CAD in 2023.
6. Encircle Inc. (#272)
Encircle Inc. has made the list for the last five years, showing its commitment to growth and innovation. The Kitchener-based company was started in 2012 to modernize the property and casualty insurance industry and has become one of the most trusted brands for restorers in Canada, the US, the UK and Australia. With a 140% revenue growth over the last three years, 97 employees and $5-10M CAD in revenue last year, Encircle continues to tout the tech strengths in our region.
7. Prime Automation Inc. (#310)
Waterloo-based Prime Automation Inc. was founded in 2017 to provide automation solutions to manufacturing businesses like pharmaceuticals, food and beverage, automotive and consumer products. Its advanced automation technologies helped garner an impressive three-year revenue growth of 109% and revenues between $5-10M CAD in 2023.
8. FMF Metal (#337)
FMF Metal, a metal fabrication company based in Kitchener, grew by 97% revenue growth in the last three years. From design and engineering to production, finishing and assembly, FMF Metal provides an end-to-end solution to manufacturers in automotive, furniture, HVAC, appliances and more. It has 40 employees and achieved revenues between $2-5M CAD in 2023.
9. Smile.io (#375)
The world’s largest reward program provider for businesses, Waterloo-based Smile.io helps build customer loyalty. From cosmetics and fashion to food and beverage and apparel, Smile.io’s software serves businesses of all sizes. With a 75% growth in revenue and 2023 revenues of $10-25M CAD, Smile.io continues to stay ahead of the curve, thanks to a team of 49 who are powering the growth.
10. Cloudwifi (#387)
Kitchener’s Cloudwifi provides customized network solutions for high-density commercial and residential properties. This means reliable and fast speed internet and an overall enhancement of the property value (because no one wants spotty Wi-Fi). Its 15-person team has helped bring in a 70% revenue growth in the past three years and $2-5M CAD in 2023 revenue.
The full list of Canada’s Top Growing Companies is available here.
Waterloo is buzzing with brilliance
As we congratulate these ten companies, we also want to celebrate our collaborative ecosystem, excellent talent and incredible resources that make Waterloo the perfect place for business growth.
Here’s to dreaming big and achieving bigger!
Book a free consultation with our team to learn more about business expansion in Waterloo.