June 'richest month' for region's tech industry as $1.1B invested in local companies
Communitech is calling June the "richest month" when it comes to investments in the local tech industry.
A combined $1.1 billion in private and public investment was made between fewer than 10 companies in Waterloo Region.
“We’re starting to get a lot of global attention. A lot of global bigger fund investments that are interested in putting capital in our region,” said Amber French, Communitech's director of strategic capital.
Satellite imagery company SkyWatch raised $21 million in investments in June.
Skywatch said that money will help with their plans to expand.
“We’re looking to get to about 60 people by the end of the year and about 120 by the end of next year,” said James Slifierz, the chief executive and co-founder of SkyWatch.
Another company looking to expand is Magnet Forensics from Waterloo. The digital investigation company is branching out to Halifax and Calgary.
“We’re growing across the company in almost every department. So a lot of investment in people and talent,” Adam Belsher, the CEO of Magnet Forensics said.
Magnet Forensics went public in May, leading to a $115 million investment through its IPO on the Toronto Stock Exchange.
Communitech said the local economy will benefit greatly from the investments in the local tech industry.
“We have over 500 companies that are growing in the region with over 5,000 job postings,” French said.
Communitech predicts this will continue to be a trend.
“It’s a place where people want to be in a place where people want to build their business,” said French.
Waterloo Region remains the second-largest tech hub in North America, Communitech says.
CTVNews.ca Top Stories
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.