Canadian startup news of the week (05/20/17)

Wattpad

Welcome to BetaKit’s startup stories of the week! Here, you will find the week’s most important news, features, and editorials published on BetaKit. If you prefer this update hit your inbox every week, make sure to subscribe to the BetaKit Newsletter using the form at the bottom of this page.

Top Stories of the Week

VarageSale

With Janet Bannister now on board, VarageSale touts traction as it seeks revenue (and funding)

VarageSale’s newfound product focus has led to traction, but the company will need to make (or raise) cash soon.


Wattpad

Wattpad lays off 10% of staff as it shifts focus to machine learning capabilities

All departments were affected by the layoffs, including product and engineering, marketing, and HR.


Jobber

Edmonton-based Jobber opens Toronto office to tap into sales and marketing talent

“It’s the biggest labour market in Canada, and the time zone is great for us from a sales and customer support perspective,” said Jobber CEO Sam Pillar.


Startup Milestones

  • Men’s clothing platform Bonsai raises $2.5 million seed round to scale technology arm (Read here)

  • GoFetch raises $1.4 million seed round, expands to Toronto (Read here)

  • Nymi raises $20 million Series B, founder Karl Martin moves back to CEO role (Read here)

  • OMX receives investment from Lockheed Martin for international expansion (Read here)

  • Visier partners with two Canadian universities to launch programs supporting youth in STEM (Read here)


Must Reads

BetaKit

PwC MoneyTree report: Q1 deal activity hits 2015 low, while foreign investment heats up

Deal activity dropped 25 percent through the quarter from Q4 2016, with deals in Q1 2017 hitting the lowest figure since Q3 2015.


BetaKit

Ask an Investor: How do I sell my company?

Start by asking yourself and your partners: “Why do I really want to sell the business at this point?”


CanCon Podcast Ep. 68: Google I/O and democratized malware

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Amira Zubairi

Amira Zubairi

Amira Zubairi is a staff writer at BetaKit. As a fourth-year journalism student who has written primarily about entrepreneurship, Amira has developed a growing interest in Canadian startup, business, and tech news. In her free time, Amira enjoys reading, baking and watching legal shows.