Canadian startup news of the week (10/31/21)

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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


Hootsuite plans to IPO before Christmas, raise $200 million on TSX

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.


Neo Financial’s Series B leads Calgary’s venture funding bounce back in Q3

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.


Q4 Inc. CEO downplays IPO concerns after going public, sets sights on M&A to fuel growth

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

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.


Shopify increases revenues and gross profits, posts operating loss in Q3 2021

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.


Clio expands into VC, FinTech with payments product, investment fund

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 Live: The State of Canadian Startups on November 3rd

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.


Magnet Forensics files for $950 million CAD offering for “financing flexibility”

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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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.