Canadian startup news of the week (1/29/23)

Broken piggy bank
Plus: Another Shopify C-suite exec departs.

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

Investor liquidity issues are putting the squeeze on Canadian startups

The immediate harm is to Canadian startups that are looking to fundraise—including those that had closed rounds, only to never see the funds materialize or be clawed back.

Shopify CTO Allan Leinwand to depart company, citing “personal reasons”

BetaKit broke the news Friday morning that Leinwand is leaving the Ottawa-based e-commerce giant next month. He marks the third C-Suite exec to leave since September.

Pender Ventures closes first half of $100 million target for second venture fund

“We wanted to build out that bench strength across the country, in Ontario [and] Québec in particular,” said Maria Pacella, Pender Venutres managing partner.

Tenstorrent swaps CEOs as Apple, AMD, Intel alum takes helm of AI chip unicorn

Jim Keller, who first joined Tenstorrent as president and CTO two years ago, is shifting roles with CEO Ljubisa Bajic.

Delphia places co-founder on leave over sexual assault allegations, lawsuit from former employee

The lawsuit, which has been filed in California, alleges that Delphia co-founder and CTO Cameron Westland “sexually assaulted and harassed” the now-former employee at a work retreat on August 17, 2022.

Nuula sold to Nav Technologies following collapse of Series A round

Nuula CEO Mark Ruddock wrote that “the vast majority” of Nuula’s technology team, in addition to its core data science, accounting, and marketing talent from its Canadian office, rejoined Nav following the acquisition.

How to turn new grads into successful employees

Younger generations value interesting work and team connection; they require structure and strong communication.

StoryTap founder Bernadette Butler on how she overcame the “shocks” of entrepreneurship

“I would question anybody that claims they got it right out of the gate,” said StoryTap founder Bernadette Butler.

Latest Funding, Acquisitions, and Layoffs

  • VIC – Tiny Capital & WeCommerce to merge, go public (read more)

  • VAN – Traction Complete – $6.7M (read more)

  • CAL – SVG Ventures Thrive announces new $75M fund (read more)

  • EDM – DeepMind shutters Edmonton office (read more)

  • TOR – Xanadu secures $40M from federal government (read more)

  • TOR – Smile Digital Health – $30M (read more)

  • TOR – PartnerStack lays off 20 percent of staff (read more)

  • TOR – Venngage lays off 20 percent of staff (read more)

  • TOR – #paid lays off 17 percent of staff (read more)

  • MTL – Blockstream – $125M (read more)

  • MTL – SSENSE lays off seven percent of staff (read more)

  • MTL – Shakepay lays off 25 percent of team (read more)

  • NY – AtomicJar – $25M (read more)


    More Top Startups Choose AWS

    There’s a reason more top startups, like Ada Support or Neo Financial, choose to build on AWS. Whether you're looking to solve a technical challenge, hire the right engineers, or finalize a round of funding, we've got all the resources you need to get started. From inception to IPO, AWS helps Canadian startups succeed.

    Click here to start your AWS cloud journey today!


    “I honestly feel as though 2023 is going to be one of those years in Canadian tech where companies are going to have to be accountable.”

    Award-winning Amber Mac returns to the award-nominated BetaKit Podcast for the first AMA episode of 2023, answering listener questions about: mass tech layoffs and CEO departures; VCs killing rounds because LPs can't (won't?) pay up; opportunities for tech growth in Atlantic Canada; and the essential 10 minutes talking ChatGPT and 'Next Big Things'.


    “What we're dealing with here is something so profound that the changes it's going to bring are not the kind of thing that the government can alter.”

    Generative AI could be a wonderful tool. What will be lost in its wake? Canadian novelist, essayist, and cultural commentator Stephen Marche joins to discuss.

    Subscribe to B|K: The BetaKit Newsletter

    Subscribe to B|K using the form below to ensure the best from BetaKit hits your inbox every week.

    * indicates required

Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

0 replies on “Canadian startup news of the week (1/29/23)”