An Edmonton tech company has secured a US$60 million investment and says it hopes to nearly double its staff in the next year.
Jobber provides software to small businesses which manages things like proposals, schedules and invoices. The company has been growing steadily over the last decade. It has more than 100,000 clients but company executives hope this investment will allow Jobber to grow even faster.
“It’s a big deal,” says Sam Pillar, Jobber’s CEO.
“This is going to enable us to really compete on the global stage, the way we have been but with more aggression and intention to dominate.”
Right now, Jobber employs about 250 people with 184 at the company’s Edmonton head office. Pillar says the new investment will allow Jobber to hire 200 more people in the next year.
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This growth is a bright spot in the middle of a business-killing pandemic and, says Jobber, highlights an economic shift.
Jobber offers products for home service companies. These are small businesses, often operated out of a person’s home. A recent report says these businesses fared better than many others during pandemic lockdowns. Many owners are also looking for new ways to avoid contact with clients and companies like Jobber offer such options.
Jobber’s payment processing service grew by more than 80 per cent in 2020. The company also reports new recurring revenue increased by 90 per cent.
“We’re just getting started. There’s an opportunity to build a truly massive-scale, small-business-focused tech company,” says Pillar.
This kind of investment is important for more than just the company getting the money, according to University of Alberta School of Business professor Tony Briggs.
“A high growth company like Jobber can make all the difference to a region.
“Those people go off and start other companies and it also increases salaries across the board because now they have more and more options. So it’s generally all great news.”
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Briggs specializes in startup companies – something Jobber was not too long ago. A success story encourages other entrepreneurs.
“The fact that new capital is coming here enhances the trust that others will have to bring new capital here and supporting our companies,” he says.
New, growing businesses also help expand the area’s economic base, although Briggs points out there’s still a long way to go to diversify.
“It’ll take a while before those high-growth sectors displace the economic losses out of the more established sectors. I think fundamentally, entrepreneurs do that, innovators do that and that’s why we need to invest in them more.”
Earlier this year, Startup Edmonton said the number of startups in the city has dramatically increased in 2020.
“Obviously more of the same isn’t going to work in the future so we’re happy to be contributing to another way,” says Pillar.
“I hope it inspires entrepreneurs to realize that you can build companies like this anywhere. In fact, there are a lot of advantages to having an HQ in a place like Edmonton.
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“We can do this kind of thing here and it can be an element of a successful mix for the future, economically.”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
