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
Communitech reduces staff after provincial funding cut greater than anticipated(BETAKIT)
Communitech’s provincial funding was extended throughout the fiscal year following a 30 percent cut. Additional funding will be under review this fall.
Hootsuite lays off 100 employees, 10 percent of its staff(BETAKIT)
One source said the layoffs included more than 30 marketing staff and more than a dozen sales staff.
Shopify reports $320.5 million revenue in first quarter of 2019(BETAKIT)
Since releasing its financial results Shopify’s stock price jumped more than 6 percent to $323.84 CAD, at the time of publication.
Lightspeed receives $30 million stand-by acquisition loan from CIBC(BETAKIT)
Along with the acquisition loan, the Montreal-based company also entered into a $25 million demand revolving operating credit facility.
Startup Milestones
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Techstars Toronto cohort company MadLipz raises $671,000 CAD (Read here)
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Parity raises $5 million to make urban living sustainable (Read here)
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Webware raises $2 million CAD following brick-and-mortar partnership with Staples (Read here)
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Cybersecurity startup Kobalt closes $1 million CAD founders round (Read here)
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Fine jewelry ecommerce company Mejuri closes $30 million CAD Series B (Read here)
Must Reads
3 things I wish I’d known before scaling tech companies(BETAKIT)
Cameron Burke founded two SaaS businesses and was a senior leader at Hootsuite. Here’s what he learned along the way.
Ask an Investor: How can I create optionality after I get an acquisition offer?(BETAKIT)
No matter what stage your business is in, optionality is something you can be proactively driving towards before an acquisition comes your way.
Why 2019 will reveal Canada’s new tech darling (CanCon ep. 139)
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