Toronto-based Elevate raises $5 million to launch global innovation hub

The City of Toronto and other investors provided the funding


Toronto tech festival Elevate has partnered with Design Exchange (DX) to launch the Elevate Social Innovation Exchange (Elevate SIX).

To help with the launch, the firms have secured more than $5 million in funding from the City of Toronto and other investors.

According to Elevate, the hub was envisioned to help Canada in a post-COVID-19 world hub and will “empower the tech and innovation community to tackle the complex social, economic, and environmental challenges facing our region and the world.” Elevate SIX also comes in the wake of the cancellation of Elevate’s in-person conference this year.

Specifically, the hub will offer year-round programming to Canadian innovators, which will include an accelerator program for ventures related to the United Nations Sustainable Development Goals (UN SDGs). Further, the hub intends to help small startups collaborate through a digital media lab.

Elevate SIX will operate out of 234 Bay Street at the heart of Toronto’s financial district. That said, the hub will mix digital and live programming and initiatives to better support more than 100,000 social innovators every year.

To that end, Elevate says “all in-person programming and resources will align with the most current government social distancing regulations” amid the COVID-19 pandemic and beyond.

Image credit: Elevate

Source: Elevate