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Waterloo tech company funding jumps 387%

Hockeystick's newest quarterly tech ecosystem update highlights massive new raises from ApplyBoard, Faire and more.

The newest report from Hockeystick and [b] has revealed that Waterloo-based tech companies raised an astounding $749.7 million in Q2 2021, representing a 387% jump from the same period in 2020. The results were achieved via just seven new investment deals, highlighting the big-raise potential of Waterloo’s fastest growing tech companies.

As we’ve previously reported, ApplyBoard and Faire both announced substantial raises in June, taking their valuations to $4 billion and $7 billion, respectively. Tulip Retail also announced a $34 million Series C raise and SkyWatch announced a $21 million Series B.

“These are absolutely exceptional results, and are really a validation of the hard work by our founders over a long period of time,” Communitech CEO Chris Albinson told BetaKit. “​​There’s no question we’re on an exponential curve of growth right now, the likes of which the region has never seen before.”

Also of note, Magnet Forensics launched its IPO in Q2, raising more than $115 million, while two Waterloo companies also announced private equity deals – $60 million for Dejero Labs and $313 million for Axonify. These figures aren’t included in the Hockeystick/[b] total for Waterloo, though they are mentioned in the report itself.

One deal that wasn’t included is Arctic Wolf’s $150 million Series F raise that brought the company’s value to $4.3 billion. This deal just missed the end-of-June cut-off, but would suggest that Waterloo’s Q3 results are already on a solid footing.

The Waterloo tech community appears to have found a new gear in 2021. Our tech companies are raising incredible amounts of money, one of our universities, the University of Waterloo, just cracked the global top-40 for engineering and technology (as well as the top-25 for computer science) and our community just welcomed new investments from global brands like MasterClass and EPAM Systems. In July, CBRE recognized us as the top small tech talent market in North America.

If you’re looking for a new location for your tech companies, in Waterloo you’ll find a community that is firing on all cylinders and ready to invent the future.

Ready to learn more?

Contact the Waterloo EDC team today.