Toronto has never seen momentum like it’s experiencing right now. In September alone, the city drew over $1.4 billion in investment from U.S. and Canadian companies, ranging from global tech giants to local startups.
Discussion surrounding Toronto’s position as one of the world’s major tech hubs is nothing new, especially with Sidewalk Labs moving in and Amazon announcing the city as one of the top finalists for an HQ location. To prove this even further, a recent study showed that Toronto has created more tech jobs than the San Francisco Bay area, Seattle and Washington, D.C. combined in the last year.
Recent announcements of investment (and the associated job gains) include:
- Microsoft announced $570 million in investments, along with 500 new full-time jobs;
- Uber is launching its newest engineering hub in Toronto, expanding its self-driving R&D centre and investing $200 million locally;
- Canadian-based Shopify announced up to $500 million in investments and a new Toronto office to house thousands of employees;
- Other major tech players, including Intel, Pinterest, Instacart and WeWork Labs all announced new Toronto offices as well, bringing in hundreds of job opportunities.
With all of the capital flow coming into the city, one thing remains clear: Corporate partners alongside startups can raise the Toronto tech ecosystem together.
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