Canadian Startup News of the Week (6/5/22)

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Canadian Startup News of the Week (6/5/22)


Plus: Shopify detects conflict minerals in its third-party components.

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

TikTok’s presentation shows Big Tech’s influence on the debate over Bill C-11

One government source characterized the lobbying effort as tantamount to a foreign technology company partnering with a Canadian organization to misrepresent the government’s policy positions and goals. “Disappointing is an understatement,” they said.

Shopify detects conflict minerals in its third-party components

Conflict minerals were identified in Shopify’s chip and swipe reader, its retail kit, and its tap and chip reader, all of which are manufactured by third parties. Conflict minerals also appeared in Shopify’s collaborative mobile bot, Chuck, according to an SEC filing.

Quebec’s innovation minister is “not happy” with the commercialization of R&D in the province

In an exclusive interview with BetaKit, Fitzgibbon laid out the provincial government’s five-year plan to boost research and development (R&D) and spur greater commercialization of public research through initiatives ranging from targeted tax credits to investments.

The Platform Innovation Center has pledged $3.3 million in provincial, municipal funding ahead of the official launch

The provincial funding announcement was made by Jobs, Economy and Innovation Minister Doug Schweitzer, who announced last week that he will not seek re-election. Schweitzer’s announcement came shortly after Premier Jason Kenney Kenny resigned as leader of the UCP.

Wealthsimple Launches FinTech Super App Combining Startup Financial Products

The move, which has been anticipated for some time, ensures that Wealthsimple users will access the startup’s core services, from trading stocks and crypto to spending, through a single interface.

Why Canalyst’s Damir Hot thinks every entrepreneur should have a co-founder

“Every time I left a company, I joined the next one at an earlier and higher position, with less money and more stock,” Hoth said. “And then eventually I had nowhere to go but start from scratch, and so I found an amazing co-founder and off we went.”

Recent funding, acquisitions and layoffs

  • VAN – Penny AI – $33.9 million (read more)

  • VAN – Parvis – $2.6 million (read more)

  • BC – Kardium, HTEC, Kobalt Security, Symvivo Secure Cumulative $11.1M (read more)

  • CAL – Platform Innovation Center pledges $3.3 million from the Province of Calgary (read more)

  • AB – Alberta Innovations invests $9.1 million in 15 projects (read more)

  • TOR – Pine – $27 million (read more)

  • TOR – Able Innovations – $7.5 million (read more)

  • TOR – Manzil Raises $2.44M, Acquires Muslim Will (read more)

  • MTL – Inossem – $3.5 million (read more)

  • MTL – Metrio to be acquired by Nasdaq (read more)


    “We don’t really have programming to train mentors, it’s all tribal.”

    Brice Sheschuk (Wind Mobile, Globalive) discusses the CDL session that gave him imposter syndrome, prompting the launch of MindFrame Connect to improve the craft of mentoring and create more resilient entrepreneurs.


    “I must note the huge sigh that was just expressed from Tony’s entire being.”

    RBCx’s Anthony Muchantaf (aka Tony Dagger) returns as a special guest to help answer listener-submitted questions about: the potential of VCCI funding freezes for Canadian venture capital; the bursting reality bubble currently hitting Canadian tech companies; and whether wearables are cool again.

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