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AI beauty lab Omy raises $11 million CAD to expand personalized skin care product line in North America (BETAKIT)
In collaboration with dermatologists, Omy has developed an AI-powered virtual skin consultant, which is able to conduct consultations with users to find the best ingredients for their skin care products.
Omy has raised over $13 million in total funding to date, which includes $2 million in grants and subsidy funding, as well as raising $50,000 in equity financing in 2019.
Leaked document shows Shopify's plan to use 'stealth spear-fishing' recruiting tactics as it flattens its org (INSIDER)
The leaked document said that the company would do "less 'posting and praying' for the right people to apply and more active sourcing, bold experimentation around finding and attracting top talent." It also said it would employ "stealth 'spear-fishing' in unique and untapped areas."
Osler's market-leading Emerging and High Growth Companies Group has released its second annual Deal Points Report: Venture Capital Financings, a study of 353 anonymized venture capital and growth equity financings from 2020 to 2022, valued at more than US$6 billion.
This comprehensive report is a must read for founders, entrepreneurs, investors and advisors who are contemplating transactions in 2023 and beyond.
Read the Deal Points Report now.
General Assembly takes slice out of business, sells frozen pizza line (BETAKIT)
General Assembly, which is publicly traded on the TSX Venture Exchange, is selling its frozen pizza business to Piano Piano, a private Italian restaurant also located in Toronto.
According to General Assembly, the sale of its frozen pizza business removes substantial debt and financial obligations, providing “meaningful relief” to its balance sheet.
WeWork receives non-compliance notice from NYSE (REUTERS)
WeWork Inc. said on Tuesday that it had received a non-compliance notice from the New York Stock Exchange, as its stock closed below $1 on average over a consecutive 30 trading-day period.
The notice will not result in immediate de-listing and the company will have six months to regain compliance, WeWork said.
Yung Wu to depart as MaRS CEO at end of 2023 as innovation hub begins search for next leader (BETAKIT)
Over the past five-plus years, Wu guided MaRS through the pandemic, helped MaRS launch its flagship scale-up program, a climate impact program, biotech accelerator, cleantech accelerator, Graphite Ventures, a $100 million private venture capital fund, and open a new waterfront campus.
Chinese e-commerce giant Pinduoduo makes successful entry into Canadian market (BIV)
Pinduoduo's successful push into Canada has put more pressure on B.C. businesses, which already face challenges competing with Amazon and other e-commerce platforms. Pinduoduo offers a wide variety of products directly from China at competitive pricing – a phone charger cord for $2.88, for example, and five pairs of socks priced at $1.99.
Raghwa Gopal to retire as head of Innovate BC, kicking off search for new leader (BETAKIT)
Innovate BC has announced Raghwa Gopal, its president and CEO, is retiring in August.
Gopal was appointed to lead Innovate BC in 2019 after the organization’s previous CEO, Shirley Vickers, resigned at the beginning of that year.
SHEIN Plans Canadian Expansion With Multiple Temporary Retail Spaces (RETAIL INSIDER)
Angela Tucciarone, head of corporate communications in the U.S., for SHEIN, said the company in Canada and the U.S. has started a localization strategy over the last few years to place local teams closer to the communities where they operate from a marketing standpoint – and being close to the pulse of things.
Tab Commerce closes $1 million USD to help restaurants manage expenses (BETAKIT)
According to Tab co-founder and CEO Ty Wilson, many restaurants manage expenses in a “super manual, inefficient way,” spending hours at a desk compiling and organizing disparate PDFs and paper invoices.
“They’re operating in the dark a lot of times,” said Wilson.
Clothing retailers find new money in old threads (THE LOGIC )
Major clothing retailers are forging a new business in “re-commerce,” taking their products back from customers for a store credit, then reselling the items online. The tech startups that provide platforms to industry have garnered considerable venture capital interest, closing $2.8 billion USD worth of investment deals in 2021.
Online vehicle retailer E Inc. to delist from TSX citing limited trading volumes (BETAKIT)
According to E Inc., it decided to delist from the TSX because maintaining the listing doesn’t offer “substantial benefits” to the company and its shareholders. E Inc. said it expects to delist its shares from the TSX on or about May 24, at which point there will be no public market to trade the company’s shares.
Why Hopper asks for a ‘Tip’ when booking (SKIFT)
There are a number of innovative features that set Hopper apart from other online travel agencies: The fintech add-ons, like the option to cancel for any reason, is one of them — and how Hopper makes much of its money.
And, another unique feature is one that attracted some press this week for being "deceptive" — the tip button.
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