Communitech gets $1.2 million in new funding partnership for start-ups and high-growth companies

Communitechwill be receiving$1.2 million in new funding that will provide support for startups and high-growth companies.

TheinvestmentwillhelpexpandtheStartupServicesprogram,whichprovidesmentoringtrainingandconnectionsformore than 500 startups a year.

"We've now got room to do a lot of things we couldn't do before," Communitech CEO Ian Klugman said during the funding announcement Thursday.

"Like a dedicated space just for all of our startup programs and our accelerators ... We've got more room for more corporate partners that we can bring into this facility and into this community."

Collaborative support

The Communitech Hub takes up 80,000 square feet of space at the former Lang Tannery location in downtown Kitchener.The expanded hub will offer more work space for startups and small to mid-size businesses and innovation zones to allow for more collaboration. As well, there will be a corporate innovation program designed to help global brands increase the speed of new products to the market.

The expansion is a partnership between Google Canada, Communitech, the University of Waterloo, City of Kitchener and the province.

Kitchener Mayor Berry Vrbanovic said these kinds ofcollaborations "builds strong cities."

Communitech vital partner for government

Minister of Research, Innovation and Science Reza Moridi said it's important for the government to support Communitech so it cansupport economic growth and the innovation economy.

Moridi was joined by Deb Matthews the Minister Responsible for Digital Government and Minister of Economic Development and Growth Brad Duguid for Thursday's announcement.

"We're standing in, what I think, represents the future of Ontario's globally competitive economy,"Duguid said.

"It's organizations like Communitech that are helping ensure that startup companies are able to drive some of the disruption happening in the global economy."