Derek Ting’s TextNow unveils a sculpture to mark $1 billion in revenue

TextNow marked cumulative revenue above $1 billion by unveiling a public sculpture at its headquarters in the David Johnston Research and Technology Park on Waterloo’s north campus. Derek Ting (BASc ’10) launched the company in 2009 as a co-op placement, to help pay his bills while he earned his computer engineering degree.

Its app-based free phone service has attracted millions of users and is described as the largest ad-supported free wireless service in the United States, offering a local number plus nationwide talk and text, with wireless data available for a flexible fee. TextNow also has an office in San Francisco.

The company has grown without venture capital beyond its initial seed funding, staying close to the local technology ecosystem. Ting, a co-founder and its CEO, said the milestone is less about the number than what it represents. “We have shown there is another way,” he said.

The company calls the sculpture a lasting marker of what was built in Waterloo and an invitation to the next generation of founders.