April 14, 2021
Eleven years after its inception, Toronto incubator DMZ has reached an incredible milestone. The Ryerson-based non-profit incubator has a portfolio of current and alumni companies that have raised over $1 billion in funding. The $1 billion of funding is the cumulative total of 424 investments in 194 DMZ startups and alumni since 2011. DMZ’s top five most-funded startups (Borrowell, Snapcommerce, Sensibill, Ada Support and Flybits) account for more than half of that $1 billion.
DMZ reaches and surpasses this milestone with strong momentum. DMZ companies raised over $185 million in 2020 alone, and Abdullah Snobar, DMZ’s executive director, said that most of the $1 billion in funding has come within the last five years. Recently, Snapcommerce secured the largest single funding round ever for a DMZ company, raising $107 million. Investments in DMZ companies come from a variety of sources, including equity crowdfunding, government grants, pitch competition awards, and angel and venture capital investments.
Goodmans LLP has been Legal Counsel in Residence, at the DMZ since 2016 providing pro bono legal advice and mentorship to its founders. Goodmans is proud to have played a part in this monumental achievement and to continue to support the DMZ in its mission to boost the Canadian technology ecosystem on the world stage
Author: Jay Piett