As Toronto’s tech market continues to grow at a rapid rate with new startups, incubators, and AI Centres opening, Shopify has solidified its commitment to the city with a half-a-billion-dollar investment.
The Ottawa-based e-commerce platform announced it’s investing as much as $500 million in Canada’s biggest city to lease a 254,000-sq-ft office at The Well, one of Toronto’s biggest office developments, which is located at Front and Spadina and slated to open in 2022.
Fantastic news from @Shopify this morning with a $500 million investment to expand their operations in Toronto. Our city is the fastest growing market for tech careers in the world and Shopify’s investment into Toronto is further proof of that. https://t.co/WnCq0odlRs
— John Tory (@TorontosMayor) September 28, 2018
“We have deep roots in the Toronto entrepreneur community and are committed to helping shape the city’s recognition as a global tech hub,” said Craig Miller, Chief Product Officer at Shopify, based in Toronto.
“We know this is only possible by hiring the best and the brightest homegrown talent and continuing to build innovative solutions for our global merchants.”
Shopify currently has three offices across the city and a team of about 700 workers in Toronto alone and plans to expand that headcount and double its footprint in the city in the years to come.
Shopify’s Toronto expansion follows a month of rapid growth in the city’s tech sector.
Earlier this month, Uber announced that it was opening a new engineering hub in 2019, investing more than $200 million over five years, while Microsoft unveiled it’s opening a new Canadian corporate headquarters in downtown Toronto in the fall of 2020.