News roundup: Downturn worries grow and Wealthsimple launches new app

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News roundup: Downturn worries grow and Wealthsimple launches new app



Startups prepare for a downturn: The Globe and Mail spoke with Canadian tech leaders to get their thoughts on preparing for a potential economic downturn. Some companies are announcing layoffs as sales slow due to rising inflation and ongoing supply chain challenges. “We’ve seen tremendous growth over the past few years, and while we’re still in a position to continue our growth, we’d be naive to think it’s going to be clear,” said DMZ Incubator CEO Abdullah Snobar.

Wealthsimple launches new app: Wealthsimple has launched a new mobile app that combines its trading, investing and payout services. In a blog postWealthsimple said this is the first step towards their goal of democratizing finance for everyone.

Jennifer Couldry is stepping down from the Upside Foundation: After six years with the Upside Foundation, Jennifer Couldry has announced that she is stepping down from her role as executive director. During that time, the foundation raised $3 million for good causes by encouraging Canadian technology companies to invest in charity.

Tales of money

Kruzee raises $500K in pre-seed: Online driver training platform Kruzee has announced $500,000 in pre-funding with backers including N49P, Wattpad founder Ivan Yuen, and Juno founder Heather Payne. Founded by University of Toronto alumni Mikael Cataldo and Osama Siddique, Kruzee connects student drivers with instructors and online courses.

Manzil Announces Seed Funding of $2.44M: Halal financial services company Manzil has secured a $2.44 million seed round to expand its services across Canada. Manzil provides alternative mortgage and investment services that meet ethical and Islamic religious requirements, such as not charging interest on loans.

Startup Digital Mortgage Companies: Proptech startup Pine has come out of stealth mode and launched in Ontario. The startup, which has raised $27 million to date, now offers Ontarians a “fully digital mortgage experience” from filling out an application to securing a loan. CEO Justin Herlick told BetaKit that it plans to expand into Canada by the end of the year.

I do it

Entrepreneurs with disabilities are often overlooked: The Globe & Mail spoke with entrepreneurs with disabilities about their struggles in getting products to market and getting funding. While 22 percent of Canadians live with a disability, a 2021 BDO survey report showed that only 0.5 percent of small or medium-sized businesses in Canada are owned by a person with a disability.

Help for Ukrainians to find housing in Canada: Canada has taken in more than 28,000 Ukrainians since the start of the war in Ukraine, but finding housing for all remains a challenge. Proptech startup Soulroom has gathered 25 partners to build a platform to help Ukrainian refugees find housing in Canada, including Toronto-based RentSync. “If we all come together as an industry, we can make a positive impact in an unimaginable time,” RentSync CEO Max Steinman told BetaKit.

Five things every food entrepreneur should know: Launching a new food product requires more than a home kitchen and a pretty logo. Foodpreneur Lab founder Janice Bartley shares five things every food entrepreneur needs to know to build a successful business.

Get the latest startup news, business advice, industry updates and success stories from Toronto entrepreneurs on our news page.


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