February 18, 2020
The GTA’s tech industry is on fire, as we’ve all come to know in recent years, with more major international tech firms and startups setting up shop in the city each month. On Friday afternoon, Toronto Mayor John Tory highlighted a new report on the GTA’s tech ecosystem in which it is revealed that a record-breaking $3.1 billion was invested into Toronto tech startups last year alone.
That’s up a walloping 68 per cent over the sum of money invested in 2018, with a significant portion of the funds going into life sciences companies.
Compiled by the local innovation hub OneEleven and a private market data provider called Hockeystick, the quarterly report looks exclusively at the state of tech in the GTA, this time around for Q4 of 2019.
Coming out on top in terms of funding for Toronto-based tech companies last quarter were the financing solution Clearbanc ($300M), password management software 1Password ($265M), POS system provider TouchBistro ($158M), genetic sequencing platform Geneseeq ($114M) and the millenial-targeted online investing platform WealthSimple ($100M).