Think of the last great story you read about tech. The one you shared with your friends or that blew up your DMs. Where did you read it?
The next time any Canadian is asked that question, it’s my job to ensure the answer is BetaKit.
My name is Sarah Rieger, and I’m BetaKit’s new managing editor. I’m an award-winning journalist who has spent more than a decade at publications like the CBC and The Huffington Post. For the last four years, I’ve worked at Wealthsimple Media, where I was the senior news writer for TLDR, the most-read business and finance newsletter in the country.
I like writing that untangles knots: taking a complex, stressful, or inscrutable topic and making it accessible to a broad audience. I also like to tell stories that aren’t being heard. In Canada, there are so many tech stories that need to be told, and I believe there’s no better time to tell them.
I’ve been a BetaKit reader for years because I know I’ll see reporting that other publications miss. Now, I’m simply hoping to help this team take its award-winning journalism to the next level. Expect more, better, and different stories from us.
I can’t wait for you to see what’s next, and I want you to help us inform and shape our journalism.
Do you have a Canadian tech story that needs to be told? Email me.
Sarah Rieger
Managing Editor
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Clio secures $500-million USD Series G as it completes vLex acquisition
Burnaby, BC-based legaltech Clio closed a $500-million USD Series G round this week, as well as another $350 million in debt, to complete a landmark acquisition of its Spanish-American peer vLex.
Coming in at a $5-billion USD post-money valuation, shortly after achieving $400 million USD in annual recurring revenue, the round further cements Clio’s status as one of Canada’s most valuable tech companies, placing it just behind the likes of Cohere, Hopper, Wealthsimple, and 1Password.
Fewer, larger financings give Canadian VC a boost in Q3 as domestic PE stays hot
The Canadian venture capital market showed some “positive signs” and continued challenges during the third quarter after a particularly bleak first half of 2025, according to a new report from the Canadian Venture Capital & Private Equity Association.
“We’re seeing increasing deal sizes, fewer deals, [and] just more intentional investing,” CVCA director of data and product David Kornacki told BetaKit, arguing that this signifies a market that is “selective but confident.”
Is SaaS dead? Tech leaders debate whether it’s time for requiem or rebirth
At the SAAS NORTH conference in Ottawa, founders, investors, and tech leaders reflected on how the conference’s namesake software-as-a-service industry has changed, and how founders can create value in a world once dominated by their business model.
In between Vidyard founder Michael Litt declaring SaaS to be “dead” and a Hot Tub Time Machine, this year’s conference also handed out $310,000 in funding through pitch competitions.
Shopify’s shuttered Indigenous entrepreneurship program will relaunch, says program co-founder
The former Shopify employee who co-founded its Build Native entrepreneurship program is relaunching the initiative after the e-commerce giant quietly shuttered it earlier this year.
Build Native 2.0 will launch in early 2026 with an expanded vision: “to create spaces where First Nations entrepreneurs can lead, innovate, and thrive globally — without compromising who we are,” according to the Centre for Native Nation Builders website.
Vistara Growth closes $321-million USD fund after “friend-raising to the max”
Vancouver-based Vistara Growth has closed its fifth private credit fund at $321 million USD, ending a nearly two-year fundraising process and freeing up the firm to focus its efforts exclusively on backing mid- and later-stage tech companies.
Sonder collapses after spending nearly $3.7 million on now-defunct Marriott deal
Sonder is winding down its operations following the termination of an unexpectedly costly licensing deal with hotel giant Marriott International.
The Canadian-founded, San Francisco-based alternative lodging company said it evaluated financing and other options, including a sale of its business and operations, but couldn’t close a viable transaction. SEC filings reveal that Sonder spent millions trying to integrate with Marriott’s systems in the first half of the year, and that co-founder Martin Picard entertained placing a bid on the company.
Leadership changes
- Lightspeed president JD Saint-Martin will step down from his post in March 2026, sticking around to ensure a smooth transition for new CRO Gabriel Benavides.
- Whitecap Venture Partners has added ex-Deep Sky CEO Damien Steel as a partner, bringing in the OMERS Ventures veteran in preparation for its sixth venture fund.
- Y Combinator alum Terminal has hired ex-BenchSci exec Eran Ben-Ari as COO to prepare for the move from startup to scaleup.
Minister Solomon: Canada’s AI and Buy Canadian strategies likely to launch in 2026
Canadian AI minister Evan Solomon stopped by Toronto innovation hub OneEleven this week to share that the Government of Canada’s AI and Buy Canadian strategies are both expected to launch in 2026, as well as some extra details.
Solomon told the media that the feds are considering forcing companies to buy from Canadian suppliers when they receive government funding for AI and digital technologies.
Cohere and OpenAI lose key motions in high-stakes copyright fights
Two major lawsuits alleging copyright infringement against Toronto-based AI scaleup Cohere and San Francisco-based AI giant OpenAI aren’t going their way, so far.
A judge in the Southern District of New York fully rejected Cohere’s motion to dismiss its lawsuit this week, one week after OpenAI lost its own motion to dismiss its case in the Ontario Superior Court of Justice.
FEATURED STORIES FROM OUR PARTNERS
- A group of 22 Canadian founders met with Canada’s Consul General in the UAE in October, as part of a delegation led by the Canada Startup Association. The lesson: unlearn what works at home.
- VCs shouldn’t just invest in AI, they should use it. CIBC Investment Banking has backed Montréal-based Vessel, as part of a “shared mission” to modernize the funds they finance.
- A new study by Intuit found that small business owners lose an average of 7.5 hours a week switching between finance, CRM, and project management tools. They redesigned QuickBooks to help.
🇨🇦 Weekly Canadian Deals, Dollars & More
- VAN – CereCura secures $1.4M to treat brain disorders
- VAN/CGY – Cement decarbonization startup Cura exits stealth
- TOR – Pet care software Digitail fetches $23M USD Series B
- TOR – NLPatent raises $3M USD to power patent research with AI
- TOR – Wealthsimple partners with Wise for cross-border payments
- BRA – MDA Space reports 45-percent YoY revenue growth in Q3
- MTL – Mila and BenchSci team up to develop AI for drug discovery
- MTL – Stingray to buy media streamer TuneIn for $175M USD
- MTL – Glowtify nabs $3.4M to improve e-commerce marketing
- STJ – CoLab Software secures $72M USD Series C
The BetaKit Podcast – Dominion Dynamics’ CEO thinks defence is a “generational opportunity” for Canadian entrepreneurs
“This is a generational opportunity for entrepreneurs. You have a chance to change a country.”
Dominion Dynamics founder and CEO Eliot Pence wants to build Canada’s first “defence prime.” On this episode of The BetaKit Podcast, he explains why defence tech matters to Canadian innovation and the future of the country before digging into the recent federal budget commitments. Recorded live on the BetaKit Keynote Stage at SAAS NORTH.
Take The BetaKit Quiz – Clio’s big raise, U of T’s special scholars, and BetaKit’s new managing editor
Think you’re on top of Canadian tech and innovation news? Time to prove it. Test your knowledge of Canadian tech news with The BetaKit Quiz for November 14, 2025.
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