How Are Toronto’s Service Industry Startups Shaping Canada’s Economy in 2023?

The thriving and entrepreneurial heart of Canada-Toronto is abuzz with an array of startups on the rise. Let’s take a pause to appreciate the innovation driving Toronto’s bustling service sector. From digital platforms converting complex financial transactions into simple processes, to bringing niche products and services at your doorstep, Toronto entrepreneurs are continuously innovating to simplify our daily lives.

In this article, we shine a spotlight on 15 promising service industry startups based in Toronto, who are redefining the landscape through their groundbreaking ideas and hard work. These startups are not only creating innovative solutions but also generating ample job opportunities and contributing to the economic growth of Toronto.

Let’s delve into these exciting startups, learn more about their offerings and the minds behind them.

BOXX Insurance

BOXX Insurance resides at the intersection of financial services, risk management, and service industries. Founded by Michael Senechal and Vishal Kundi, BOXX Insurance specializes in crafting risk management solutions catered to small-to-medium-sized businesses.


Co-founded by Jeremy Koven, Justin D. Hartzman, and Michael Koral, CoinSmart is a crypto trading platform providing financial services for the digital age.

Panda Hub

First, there was on-demand taxi’s. Now Panda Hub, co-founded by Abdullah Sharief and Mark Ahee, brings you on-demand mobile car care, revolutionizing the automotive industry and on-demand service industry.

VAE Energy

VAE Energy offers an instant remedy to those who require an immediate boost of energy. Their energy spray is specifically designed for high performers.


Founded by Khushboo Jha, BuyProperly is an AI-driven online exchange platform for fractional alternate asset investments, mainly Real Estate.

Eddy Travels

Eddy Travels is an AI-powered Travel Assistant Application. Co-founded by Adomas Baltagalvis, Edmundas Balčikonis, and Pranas Kiziela.


Founded by Ricky Gill, Reefreshed is an online platform providing around-the-clock access to goods and services with delivery within minutes.


Cohesys, founded by Michael Floros, is revolutionizing the medical industry by creating biocompatible adhesives for surgical applications.

Atlys Networks

Atlys Networks, a startup by Amir Noorafkan, serves as a unique mobile application platform integrating business intelligence, data storage, and more.


InWork360 is a digital platform that assists job seekers to find work and helps employers identify suitable candidates.

8Twelve Mortgage Corporation

The 8Twelve Mortgage Corporation is a team of dedicated mortgage brokers and agents aimed at guiding consumers in the home market. founded by Yogesh Soni, operates in the domain of SaaS, E-Commerce, and Social Commerce.

Lightbound 3D

Lightbound 3D provides superior building information services, utilizing 3D technology in construction.


Globeia offers advanced identity solutions, aiming to revolutionize personal and professional identity verification processes.


CoursePivot pioneers in providing Online Tutoring and Homework Help, making education more accessible.

Each of these startups brings their unique idea to Toronto’s service industry, driving innovation and growth in the sector. It’s always enlightening to witness the journey of promising startups and see how their novel ideas unfold to shape market trends.

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Canada Venture News is a Canadian venture magazine that covers startups, business, technology, and innovation in Canada. The online publication provides news, insights, and resources for entrepreneurs, investors, and business professionals, featuring articles, interviews, and analysis of the latest trends and developments in the Canadian startup ecosystem.