Trudeau unveils $52.4 million in new scale-up funding
Prime Minister Justin Trudeau on Tuesday paid a visit to Communitech and came bearing federal funding – funding designed to help Canadian tech companies scale.
Trudeau unveiled $52.4 million of new money to be administered by three Ontario-based innovation hubs – including Communitech – for what the government is calling the “Scale-up Platform,” a program that aims to help 30 companies reach $100 million in annual revenue by 2024.
“The new Scale-up Platform will give more startups the support they need to grow,” Trudeau told a packed room on the second floor of the Tannery building.
“We expect these investments to create 18,000 good, well-paying middle-class jobs, generate $11 billion in revenues and attract more than $4 billion in investment.”
The money is being distributed by FedDev Ontario over five years. Communitech will receive $18 million, MaRS Discovery District in Toronto will receive $17.5 million and Invest Ottawa will get $16.9 million.
“Tech companies that generate more than $100 million in annual revenue will be Canada’s next generation of anchor firms,” said Communitech President and CEO Iain Klugman. “For the first time in decades, we have a crop of scale-ready firms that are on the path to $100 million. Our job – through the Scale-Up Platform – is to