June “richest month” for the region’s tech industry with $ 1.1 billion invested in local businesses
WATERLOO – Communitech calls June the “richest month” for investments in the local tech industry.
A total of $ 1.1 billion in private and public investment was made between less than 10 businesses in the Waterloo region.
“We’re starting to get a lot of global attention. Lots of investments from larger global funds looking to invest capital in our region, ”said Amber French, Director of Strategic Capital at Communitech.
Satellite imagery firm SkyWatch raised $ 21 million in investments in June.
Skywatch said the money will help them with their expansion plans.
“We’re looking to reach around 60 people by the end of the year and around 120 by the end of next year,” said James Slifierz, CEO and co-founder of SkyWatch.
Magnet Forensics of Waterloo is another company looking to grow. The digital investigation company is expanding its operations in Halifax and Calgary.
“We are growing across the company in almost every department. So a lot of investment in people and talent, ”said Adam Belsher, CEO of Magnet Forensics.
Magnet Forensics went public in May, resulting in an investment of $ 115 million as part of its IPO on the Toronto Stock Exchange.
Communitech said the local economy will benefit greatly from investments in the local tech industry.
“We have over 500 businesses growing in the region with over 5,000 job openings,” French said.
Communitech predicts that 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,” French said.
The Waterloo region remains the second largest technology hub in North America, according to Communitech.