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
Meta mass layoffs hit Canada less than a year after major expansion plans
The layoffs come eight months after Meta made a commitment to hire up to 2,500 people across Canada.
FTX’s fall could have implications for more Canadian orgs than just Ontario Teachers’
The fast fall of FTX has been felt around the world, with Canadian organizations not immune to the fallout.
With Passage acquisition 1Password prepares to battle tech giants for passwordless future
Acquisitions, exec turnover, and new tech mark transition period for 1Password. CEO Jeff Shiner sounds ready.
Hopper closes $96 million USD from Capital One at more than $5 billion valuation
Hopper president Dakota Smith said the firm plans to invest in Hopper Cloud, social commerce, & international market expansion.
FinTech investor Holt Xchange launches fund at intersection of Web3, sports media, entertainment
Through the newly announced fund, Holt Xchange plans to invest in Web3 startups at the seed and Series A stages that are using digital collectibles, blockchain tech, smart contracts, and NFTs to disrupt existing business models across the sports media and entertainment industries.
Q4 Inc. CEO confident in 2023 profitability despite continued slow growth
M&A, delistings, frigid IPO market have impacted Q4 Inc’s customer retention, expansion.
Louis Têtu explains how Coveo is bucking tech trends ahead of SAAS NORTH keynote
Ahead of his SAAS NORTH talk on the BetaKit Keynote Stage, we sat down with Têtu to discuss why Coveo continues to buck tech trends, and tease some of the predictions the CEO will provide in Ottawa next week.
How Poseidon Ocean Systems pivoted internationally when domestic opportunity dried up
Speaking with BetaKit, Clarke explained Poseidon’s journey, how she stumbled upon her big opportunity, and how she managed the process of commercializing two products globally.
Latest Funding, Acquisitions, and Layoffs
EDM – Wyvern – $9.45M (read more)
WAT – P&P Opitica – $2.4M (read more)
TOR – Xanadu – $100M (read more)
TOR – Alida – $60M (read more)
MTL – OSF Digital acquires Oegen (read more)
MTL – Busbud acquires Betterez (read more)
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WAVERLY AND THE BROKEN INTERNET
“If any AI startup comes to you and says, ‘we found how to evaluate truth,’ you should hold a reasonable doubt. I don’t think we’re close to this.”
Ex-Googler and former Element AI co-founder Philippe Beaudoin joins to explain why the internet is broken and pitch his new company, Waverly, which hopes to fix it. We hold his feet to the fire.
MAKING FUTURE BETS ON SHOPIFY, WEALTHSIMPLE & THE METAVERSE
“If Canadian VCs weren’t allowed to talk to journalists anonymously, they would never say anything.”
The BetaKit Podcast’s monthly AMA episode answers listener questions about what the future holds for Shopify, Wealthsimple, venture funding, and tech in the 2020s.
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