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 has learned that Hootsuite is finalizing its preparations to go public on the Toronto Stock Exchange before the end of the year. Sources told BetaKit that Hootsuite is looking to raise $200 million CAD capital through an IPO to make additional acquisitions in the social commerce and customer care space.
Following a poor Q2 for tech investment, Calgary bounced back in the third quarter. Elsewhere, Toronto startups broke venture funding records again, Montréal and British Columbia continued to see strong results, and Waterloo Region saw deal volume hit a two-year low.
Despite downsizing its offering and experiencing an underwhelming Toronto Stock Exchange debut, Q4 Inc. is not deterred. In an interview with BetaKit, Q4’s founder and CEO Darrell Heaps spoke about how the investor relations software firm got here, and why he isn’t concerned about the size of the IPO or the company’s opening day share price.
D2L cuts size, pricing of TSX IPO(BETAKIT)
Kitchener-Waterloo-based edtech firm D2L, which first filed to go public on the Toronto Stock Exchange earlier this month, has cut the size and pricing of its IPO, becoming the second Canadian tech firm to do so in the past week, after Q4 Inc.
This week, Shopify shared its Q3 earnings, which noted a continued rise in revenue and gross profits, as well as a small operating loss. The Ottawa-based e-commerce giant also added former Slack leader Allan Leinwand as chief technology officer.
Legaltech startup Clio has announced the launch of Clio Payments and a new fund, as the Burnaby-based unicorn joins a growing herd of companies spicing up their SaaS offerings with a pinch of FinTech.
BetaKit has teamed up with Cisco Designed for a live-streamed conversation with Canadian tech and business leaders, taking place Wednesday, November 3 at 3:30 pm EST.
Kitchener-Waterloo-based digital investigation software firm Magnet Forensics plans to raise up to $950 million CAD, according to a preliminary short form base shelf prospectus the company filed this week. The news follows Magnet’s Toronto Stock Exchange debut in April.
Latest Funding, Acquisitions, and Layoffs
VIC – aDolus – $3M (read more)
VAN – Funtech Software acquired by GrubMarket (read more)
KEL – Two Hat acquired by Microsoft (read more)
CAL – Link Investment Management – $2.4M (read more)
SSK – CalendarHero acquired by Vendasta (read more)
TOR – Bridgit – $24M (read more)
TOR – Propel Holdings – $9.1M (read more)
OTT – Fellow.app – $24M (read more)
MTL – White Star Capital secures $446M for third fund (read more)
MTL – BrainBox AI – $24M (read more)
MTL – Optina Diagnostics – $24M (read more)
MTL – Practice – $12.4M (read more)
MTL – Crewdle – $2.15M (read more)
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Kyle Gibson, CEO and co-founder of Wheelhouse, explains how the company went from running a suite of cycling studios to betting heavily on Instagram, in-home rentals, and VimoOTT.
Elizabeth Yin, General Partner and Co-Founder at Hustle Fund, talks about the firm’s new Angel Squad, designed to foster a diverse group of new investors.
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