Yesterday it was announced (here, here, and here) that Toronto-based Top Hat has raised $22.5 million (USD) in Series-C funding. The round was led by New York-based Union Square Ventures.

I am always excited to see Toronto-based startups doing well and I am particularly excited by this remark in USV’s blog announcement:

“Also worth noting is that Toronto continues to impress us with its quality and diversity of companies. We now have five investments there, placing Toronto third as a location in the USV portfolio after New York and San Francisco.”

Here is another quote from Fred Wilson’s blog:

“Toronto is a great place for startups. In addition to five investments of ours that are HQ’d there, I know of at least one other USV portfolio company that has much of their engineering team in Toronto. The talent, mindset, and quality of the people in the Toronto/Waterloo tech/startup community is really top notch and we love investing there.”

Go Toronto. 

(Of course, Toronto really means Toronto-Waterloo. That’s the geography of the ecosystem.)