Waterloo-founded TextNow has surpassed $1 billion in cumulative revenue after 16 years of largely bootstrapped growth. The app-based phone service reached the milestone without venture capital or institutional backing beyond an initial $1.5 million seed round, while remaining profitable.
Founded in 2009, TextNow serves millions of consumers across North America with free nationwide talk and text over 5G, plus flexible paid data options. CEO and co-founder Derek Ting says the milestone demonstrates technology companies can scale without following the traditional fundraising playbook. TextNow is marking the achievement during Waterloo Tech Week with a permanent public sculpture celebrating entrepreneurship and independence.
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