Canadian startup news of the week (10/18/20)

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

Wealthsimple announces $114 million investment led by TCV, claims $1.4 billion valuation(BETAKIT)

The new financing comes on the heels of a busy year for Wealthsimple, which began expanding into new financial services verticals, including crypto assets as well as saving and spending.

Loblaw partners with League to launch new health-focused app(BETAKIT)

Loblaw Companies Ltd. has partnered with Toronto-based healthtech startup League to develop and launch the grocery giant’s new health-focused app.

Invest Ottawa receives $17 million to expand autonomous vehicle test facility(BETAKIT)

In addition to the $17 million, Invest Ottawa said it is leveraging anchor investments made to Ottawa L5 for Area X.O.

New proposed parameters for emergency wage subsidy that would be in place until December(BETAKIT)

These proposed changes would increase the budgeted cost of the wage subsidy program to $68.5 billion.

Latest Funding, Acquisitions, and Layoffs

  • Praemo raises $4.5M Series A (Read here)

  • Chronometriq rebrands to Pomelo Health and raises $5M in debt financing (Read here)

  • Provision acquires Crop Boss (Read here)

  • Terrestrial Energy receives $20M from federal government (Read here)

  • Knowledgehook raises $20M Series A (Read here)


What Today’s Tech Founders Can Learn From Companies That Survived The 2008 Financial Crisis(BETAKIT)

Like the 2008 financial crisis, the COVID-19 pandemic has caused massive upheaval. According to Cisco’s Small Business Resiliency Guide, 72 percent of all small business owners say that COVID-19 will have permanent effects on the way they run their business.

Carol Leaman, Axonify CEO and Kirk Simpson, Wave CEO share their insights with BetaKit on what today’s new founders need to do to survive the pandemic.


Leaders from Symend, Vendasta, Bold Commerce, and 54e Dev Studios join in a discussion on hiring, onboarding, and scaling culture pre- and mid-pandemic. Recorded at UPish 2020.


The best way to unpack all the new in front of us? Answering incredibly detailed and informed listener questions! This week’s episode of Black Swan features the return of our AMA format.

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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.

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