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Plus: Faire, ApplyBoard, 1Password say downturn won’t slow growth.
Welcome to the BetaKit Startup Stories of the Week! Here you’ll find the week’s top news, features and editorials published on BetaKit. If you’d rather have this update delivered to your inbox every week, be sure to subscribe to the BetaKit newsletter using the form at the bottom of this page.
Top stories of the week
After raising over $1 billion USD in the past year, Faire’s CTO says the startup is poised for growth during a market downturn
After growing “very quickly” before the pandemic and adapting to see strong customer growth during COVID-19, Cortes believes current market conditions could once again play in Faire’s favor.
While Apple is trying to kill the password, 1Password’s CEO says he’s not worried
“Every time they introduced something, our business went up significantly as a result,” 1Password CEO Jeff Shiner told BetaKit at Collision 2022.
ApplyBoard’s CEO says market downturn isn’t slowing international expansion or IPO plans
Basiri expressed confidence that even in the current market, ApplyBoard’s IPO will generate a “very positive” response from investors. “I won’t worry about it at all,” he said. “It’s actually a good time for us because we can stand out more.”
Local tech leaders talk progress at #CollisionConf and ‘long way to go’
Jacqueline Jennings, venture partner at Raven Indigenous Capital Partners, convened the main stage panel focused on how indigenous innovation is fueling technology, the first of its kind in Collision’s history.
PitchBook predicts a decline in VC deal value and the number of deals to remain high as the market cools
“It’s not like you can just walk out the door and get tens of millions of dollars [anymore]” said Vanta CEO Cristina Cachopo.
Federal government unveils plans for $443 million for phase two of Pan-Canadian AI Strategy
“It’s a race to the top and I intend for Canada to own the podium,” said Francois-Philippe Champagne. The Canadian government created its national AI strategy in 2017, providing $125 million for this first phase.
Shopify officials said hiring will slow at City Hall
In a town hall meeting with Shopify CEO Toby Lüttke, officials heard that hiring will be delayed. Amid the market slump, other Canadian tech companies such as Bonsai and Ritual have laid off employees this week.
M&A is likely to be a significant driver of value for Canadian technology firms in 2022
Canada will soon come to the end of the first half of 2022 and already the initial public offering (IPO) market looks unrecognizable from that of 2021. PwC’s Canada-focused M&A report found that M&A activity across country saw similar explosive growth last year.
Why VC Deven Parekh doesn’t mind ‘overpaying’ for a good deal
Parekh and Insight Partners focus most on what he calls growth sustainability: how long a company can maintain its current growth trajectory.
Recent funding, acquisitions and layoffs
VAN – Autozen – $5.1 million (read more)
VAN – Impro.AI – $2.25 million (read more)
EDM – Areto Labs – $1 million (read more)
TAB – Alberta Innovates Launches $10 Million Agri-Food and Bio-Industry Funding Program (read more)
WAT – Axonify acquires Toronto-based Nudge (read more)
WEL – Vision Greens – $7 million (read more)
TOR – BlueCat Networks to be acquired by Audax Private Equity (read more)
TOR – Ataccama – $150 million (read more)
TOR – Bonsai makes more layoffs, cuts 55 percent of staff (read more)
TOR – Ritual lays off 16 percent of staff (read more)
TOR – Flipp Acquires Kitchener-Waterloo’s Reebee (read more)
TOR – Augmenta – $5.3 million (read more)
TOR – Parallelz – $3 million (read more)
OTT – Government of Canada invests $506 million in AI, computer science (read more)
MTL – Sagard Raises $400M for Private Equity Fund (read more)
MTL – Potloc – $35 million (read more)
MTL – Beehivr – $1 million (read more)
#COLLISIONCONF AMA: VIBE TECH CHECKOUT
“So you’re saying Canadian tech is underrated?”
Collision’s special edition of our monthly AMA episode, answering listener questions about: the current bearish mood, cool tech we saw at the conference, and the ROI of ecosystem events.
PADDY COSGRAVE ON COLLISION TALK SHOPS, TECH CRASHES AND MEANINGFUL RELATIONSHIPS
“There’s so much fire and uncertainty surrounding some of the big names in Canadian tech that I just don’t think people even know how to think about how they could participate in Collision without just getting slammed on stage.”
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