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.
Top Stories of the Week
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.
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.
“We wanted to build out that bench strength across the country, in Ontario [and] Québec in particular,” said Maria Pacella, Pender Venutres managing partner.
Jim Keller, who first joined Tenstorrent as president and CTO two years ago, is shifting roles with CEO Ljubisa Bajic.
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 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.
Younger generations value interesting work and team connection; they require structure and strong communication.
“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)
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“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.
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