Canadian startup news of the week (1/23/22)

1password
1Password goes Hollywood, makes history, while Sonder makes Nasdaq debut.

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


1Password claims $744 million CAD round is largest in Canadian history

Toronto-based password manager startup 1Password has closed a massive, Hollywood star-studded round of Series C financing at a $6.8 billion USD valuation, more than triple its valuation last summer.

The fresh funding follows a period of growth for the firm, which has increased its B2B business by more than 70 percent year-over-year over the past 24 months, and grown its customer base to more than 100,000 companies.


Shakepay secures $44 million Series A led by QED Investors to roll out more Bitcoin products

To date, the startup has grown to serve over 900,000 Canadian users with only $1 million CAD in venture financing. But over the past year, Shakepay co-founder and CEO Jean Amiouny said the company realized “the opportunity is much, much bigger” than it initially thought.


2048 Ventures bags $67 million USD Fund II for Canada, US investments

United States-based venture firm 2048 Ventures has secured $67 million USD for its second fund, to continue pursuing investments outside of Silicon Valley. The venture firm has been actively investing north of the border over the past couple of years, amassing a Canadian portfolio that includes startups like Nomic Bio, PainWorth, and Eli Health.


Sonder makes Nasdaq debut following close of SPAC deal

Sonder began trading on the Nasdaq after completing its previously announced business combination with California-based SPAC Gores Metropoulos II. The Montréal-founded startup moved to San Francisco in pursuit of international investors, but has sought to expand its presence in Canada once more over the past couple of years.


Emmertech closes $60 million to grow “dominant” Canadian AgTech companies

Emmertech, the AgTech fund Conexus Venture Capital launched last year, has secured an additional $15 million CAD in its final closing, bringing its total fund size to $60 million. The fund’s investments to date include crop management startup Ukko Agro and fertilizer-focused Lucent Biosciences.


Tech sees progress in promoting women to executive roles, but still lags behind other sectors

The review shows that compared to other industries technology companies have the second lowest number of women on boards at 74 percent. In contrast, manufacturing boasts 95 percent.


What jobs at Apple, Xerox, and HP taught Vena Solutions COO Tina Goulbourne about building a startup

On the #CIBCInnovationEconomy Podcast, Tina Goulbourne shared how her previous jobs at global tech giants set her up for success at Vena Solutions.


Latest Funding, Acquisitions, and Layoffs

  • VAN – Canalyst – $70M (read more)

  • VAN – Ionomr Innovations – $18.7M (read more)

  • CAL – Goodlawyer – $1M (read more)

  • EDM – Wyvern – $4.5M (read more)

  • EDM – PainWorth – $2.1M (read more)

  • WAT – Hyivy Health – $1.1M (read more)

  • TOR – Maropost acquires Retail Express (read more)

  • TOR – Diversio – $8.13M (read more)

  • TOR – Funnelytics – $1.85M (read more)

  • MTL – XMachina AI acquires Bain Public (read more)

  • FRE – New Brunswick Innovation Foundation launches federally-backed AI fund (read more)


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WHAT CAN THE METAVERSE LEARN FROM ACCESSIBILITY LEADERS?

“When you design for the edges, you get the middle for free.”

Maayan Ziv (AccessNow) and Samuel Proulx (Fable) discuss the process of improving accessibility in both the real and virtual worlds.


WHY EVERY SAAS COMPANY WILL BECOME A FINTECH

BetaKit associate editor Meagan Simpson leads a panel conversation with JD St-Martin (Lightspeed) and Joost Ouwerkerk (Hopper) about the desire (or need?) for SaaS companies to offer new financial services.


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Josh Scott

Josh Scott

Josh Scott is a BetaKit staff writer who loves to tell Canadian business and tech stories. His coverage is more complete than his moustache.

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