Canadian Startup News of the Week (7/3/22)

by admin
Canadian Startup News of the Week (7/3/22)


Also: Canadian tech companies extend support to US employees after Roe v. Wade.

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

With political upheaval on the horizon, is the party over for Alberta tech?

Alberta’s technology clearly has some steam. But with Premier Jason Kenney resigning and Minister Schweitzer announcing he doesn’t plan to run for re-election, the future of technology spending in the province could be up in the air.

Canadian tech companies extend support to US employees after Roe v. Wade

Canadian companies have been slower than their American counterparts to offer abortion support to their American employees, as within hours of the decision more than a dozen major American companies announced plans. In the week since the decision, more Canadian companies have come forward with similar measures.

Clutch lays off staff to extend track, citing market conditions

Online car retailer Clutch has laid off a significant number of employees in an effort to slow growth and expand its runway. Clutch CEO Dan Park said the decision was in response to current market conditions. With the move, Clutch joins a growing list of Canadian tech companies that have laid off staff in recent weeks, including Bonsai and Ritual.

Isaac Souweine leaves Real Ventures, joins Pender Ventures to support Vancouver firm’s expansion into Canada

Isaac Souweine has left Real Ventures and joined Pender Ventures as a partner to help the Vancouver-based VC group expand into Eastern Canada and help it raise $100 million for Fund II. Souweine’s departure from Real Ventures is the latest in a series of personnel changes to the Montreal-based venture capital firm’s investment team since 2020.

NACO reports that angel investment in Canada reached a record $262 million in 2021

The number of angel investments made in Canada in 2021 increased by 53 percent year-over-year, according to NACO. In total, over $262 million was invested in the Canadian startup ecosystem. These numbers represent a recovery from 2020, when COVID-19 first struck.

Three trends shaping the future of cybersecurity

Larger organizations with strong cybersecurity protocols and hundreds of cybersecurity employees can still be affected by attacks against one of the thousands of suppliers and partners in their supply chains.

Recent funding, acquisitions and layoffs

  • VAN – Finn AI acquired by Glia (read more)

  • VAN – Canada Drives secures $40 million from goeasy (read more)

  • CAL – IBM Canada provides $5 million for new innovation center (read more)

  • CAL – Mercator AI – $1M (read more)

  • SSK – Cadence – $1.2 million (read more)

  • OTT – XtremeEDA to be acquired by Accenture (read more)

  • OTT – Tablz – $3.2 million (read more)

  • MTL – Triptyq Capital Launches $40M Creative Economy Fund (read more)

  • MTL – Maxa – $2.9 million (read more)


“The worst outcome for Rodgers is a real genuine competitor like us. They know we’re going to drop prices and they don’t want prices to drop.”

Globalive co-founder and chairman Anthony Lacavera shares why he was forced to sell Wind Mobile and why it’s so difficult to buy it back as Freedom Mobile as part of the (contested) Rogers/Shaw merger. Welcome to Competitiontown.


“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.

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