Spellbook Ranks No. 7 on Deloitte Fast 50 With 5,826% Growth

Spellbook grew revenue 5,826 percent between 2022 and 2025, earning seventh place on Deloitte's 2026 Technology Fast 50 list of Canada's fastest-growing companies. Fellow St. John's startup CoLab AI placed 23rd with 1,075 percent growth.

The two companies reached the ranking after raising a combined US$122 million in 2025, a sum that led venture capital funding for their region.

How the Fast 50 ranking works

Deloitte's program recognizes Canada's 50 fastest-growing technology companies by revenue-growth percentage over four years. The list has become a benchmark for high-growth companies in Canada because it measures actual revenue data across multiple years rather than short-term hype.

This is Spellbook's first appearance on the list. CoLab returned after placing 19th in 2025.

What do the two companies actually build?

Spellbook builds AI infrastructure that helps lawyers produce contracts. Scott Stevenson, the company's co-founder and CEO, framed the opportunity in a statement: "Trillions of dollars in deals sit within contracts that still get read line by line. We were first to put AI in lawyers' hands, and now we're powering contracts end to end so businesses can unlock revenue and move faster. More teams choose Spellbook than any other AI tool for contracts, and our revenue shows it."

CoLab, founded in 2017 by CEO Adam Keating and CTO Jeremy Andrew, makes collaboration software for 3D modelling. Last year it launched its first AI agent, called AutoReview.

Where did the money come from?

Both companies closed major rounds in 2025:

• CoLab raised a US$72 million Series C led by Toronto-based Intrepid Growth Partners.
• Spellbook raised a US$50 million Series B led by Khosla Ventures, one of Silicon Valley's top venture capital firms.

Those two deals made Spellbook and CoLab the region's venture capital leaders for the year.

What has Spellbook shipped this year?

The company launched Autonomous Contract Management, an AI system that powers contracts from intake to repository. It also released Compare to Market, a tool that shows lawyers how their terms stack up against real-time market data during negotiation.

More than 10 million contracts have been reviewed on the Spellbook platform, the company said. Its headcount reflects the expansion: Spellbook has doubled its Canadian staff to 197 people this year, spread across Toronto, Calgary, St. John's and Vancouver, with headquarters in St. John's and Toronto.

The Fast 50 placement is not the company's only recent recognition. Report on Business magazine ranked Spellbook No. 3 on its Canada's Top Growing Companies list.

Who topped the list, and what does Deloitte expect next?

Toronto-based Finni Health took first place this year. Its platform is said to be transforming access to autism care, and its revenues rose 46,574 percent over the four-year measurement period.

Amanda Perran, co-leader of the Fast 50 program, said the winners have shifted posture: "This year's winners are moving from cautious ambition to bold execution. Their focus is increasingly commercial: winning customers, funding growth, building talent and pursuing strategic opportunities. The next phase will depend on pairing that ambition with the capital, skills and AI-ready capabilities needed to turn rapid growth into lasting advantage."

Her comment points to the next test for both Newfoundland companies: converting venture-backed growth into durable market position as AI contract tools and 3D collaboration software attract more competitors.