Canadian startup news of the week (05/19/19)

wealthsimple

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

BetaKit

Power Financial now claims 89 percent stake in Wealthsimple following $30 million investment

Wealthsimple reported over $4.3 billion in assets under administration (AUA) as of March 31, a 26.4 percent quarter-over-quarter growth.


BetaKit

OneEleven to close Ottawa and London offices

Sources familiar with the matter confirmed with BetaKit that office doors will close July 31st as part of a refocus of the organization’s efforts in Toronto.


BetaKit

Ontario judge rules against Xtreme Labs co-founders, Chamath Palihapitiya in Tinder-focused lawsuit

“This is not a case of tough business tactics and clever negotiating strategy.”


Startup Milestones

  • Toronto Proptech Lane raises $2.5 million seed round (Read here)

  • PocketPills raises $2 million for its virtual pharmacy (Read here)

  • Koho’s $42 million Series B round led by Portag3 Ventures (Read here)

  • Cybersecurity startup Kobalt closes $1 million CAD founders round (Read here)

  • Breathe Life launches first product following latest seed round (Read here)

  • Google invests $500,000 in Canada’s largest STEM outreach (Read here)

  • Halifax’s SalesRight receives $250,000 in pre-seed funding (Read here)

  • Toronto-based FinTech Nest Wealth acquires Razor Logic Systems (Read here)


Must Reads

pwc

Five Canadian cities with highest volume of investment dollars and deals in 2018

PwC broke down the Canadian cities that saw the highest volume of dollars and deals in 2018: Toronto, Vancouver, Montreal, Quebec City, and Calgary.


BetaKit

Ask an Investor: How can I create optionality after I get an acquisition offer?

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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Caitlin Hotchkiss

Caitlin Hotchkiss

Content coordinator, social media smartypants, wordsmith, Human Workflow™. Exists primarily on coffee, cat pictures, German dance metal, and pro wrestling. I will fight for your right to the Oxford comma.