Canadian startup news of the week (11/07/21)

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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


Ecobee to be acquired by US-based Generac for $770 million

Generac Holdings is set to acquire Toronto smart thermostat startup Ecobee for up to $770 million USD. In an interview with BetaKit, Ecobee founder and CEO Stuart Lombard said the startup agreed to the deal given the two companies’ shared mission and the chance to leverage Generac’s energy products and global presence.


Coveo latest Canadian tech company to file for TSX IPO

Québec City-based artificial intelligence-powered retail tech startup Coveo has joined a growing list of Canadian tech companies that have filed to go public on the Toronto Stock Exchange (TSX).

Meanwhile, citing “adverse and challenging” market conditions, Montréal-based ad exchange Sharethrough has postponed its TSX IPO plans.


Tiger Global the latest suitor of corporate card startup Float in new $37 million CAD Series A

Less than four months after closing its seed round, Toronto-based FinTech startup Float has banked $37 million in Series A funding amid sizeable interest in the Canadian market for its no personal guarantee corporate cards and spending management platform.


Why Trulioo’s Steve Munford thinks “we don’t need more unicorns”

Speaking with BetaKit ahead of his talk at SAAS NORTH, Steve Munford shared what he thinks is the right approach to growth for Canadian tech founders.


Despite reduced offering, D2L founder says public markets present "tremendous opportunity" for tech firms

Kitchener-Waterloo EdTech company D2L made its Toronto Stock Exchange debut earlier this week, raising $150 million CAD. Despite downsizing its initial public offering (IPO) amid a mixed market for Canadian tech IPOs, D2L’s John Baker said he’s “thrilled with the outcome.”


Lightspeed posts record revenues in second quarter of fiscal 2022

Lightspeed announced total revenues of $133.2 million USD for its second quarter 2022, an increase of 193 percent year-over-year, a record high for the company despite a recent short seller’s report criticizing the company ahead of its earnings call.


San Francisco AI startup Sama eyes Montréal R&D expansion with $70 million Series B round

Following its latest funding round, Sama’s focus is on building out its R&D efforts in Montréal, where it aims to invest $100 million USD over the next three years.


Back for second cohort, Ryerson Venture Zone in Brampton expands program beyond healthcare into smart mobility

Speaking with BetaKit, Usha Srinivasan, the Executive Director of RVZ, explained how the expansion came to be, how RVZ differs from other incubators and accelerators, and what the program looks for in startup applicants.


Hubdoc founders ready to help New Zealand’s A2X become as big as Shopify

“The complexity of accurately doing that accounting creates a big opportunity for us. I think we’re well-positioned to win the category.”


Latest Funding, Acquisitions, and Layoffs

  • VAN – Owl.co – $30M (read more)

  • WAT – Uvaro – $14.8M (read more)

  • TOR – Shakudo – $4.2M (read more)

  • TOR – Fluence Technologies acquires XLCubed (read more)

  • TOR – Trufan – $2M (read more)

  • OTT – Attain Insight to acquire assets from Integeo (read more)

  • MTL – AlayaCare acquires Delta Health Technologies (read more)

  • MTL – GHGSat – $20M (read more)

  • STJ – Mysa – $20.3M (read more)


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THE CDL MENTORING SESSION THAT GAVE BRICE SCHESCHUK IMPOSTER SYNDROME

Brice Scheschuk (Wind Mobile, Globalive) explains the motivation behind his new initiative to improve the craft of mentorship and create more resilient entrepreneurs.


HOW WHEELHOUSE PLANS TO TAKE ON TECH’S FITNESS GIANTS

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.


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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.