Canadian startup news of the week (11/28/21)

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

Anatomy of an IPO: How Coveo prepared to take itself public(BETAKIT)

Québec City-based Coveo officially closed its Toronto Stock Exchange IPO this week, raising $215 million CAD, after making a strong debut last week amid what has been a mixed market for new Canadian tech issues. BetaKit spoke with Coveo chair and CEO Louis Têtu about how and why the company went public.

As CIOSC preps consumer framework, Canadian FinTech startups fear another open banking boondoggle(BETAKIT)

BetaKit has learned that the CIOSC will release a draft of its minimum viable framework for consumer-directed finance by the end of 2021 or early 2022. But some say it has become another venue for the ongoing power struggle between banks and FinTech startups over the future of open banking.

Meanwhile, Flinks has grown tired of waiting and decided to launch its own open banking environment.

Hootsuite eyes 2022 as “window has closed” for new Canadian tech IPOs(BETAKIT)

While Hootsuite’s IPO dreams might not be dashed, they are delayed, as a frigid public market response to tech IPOs has motivated the Vancouver-based social startup to reevaluate its timelines.

Constellation Software launches $200 million venture fund to find potential acquisitions(BETAKIT)

Of those receiving financing, most will either have been incubated or identified by a sponsoring Constellation business unit, according to the company.

Rhino Ventures unveils $120 million third fund to invest beyond Western Canada

Following a string of successful exits, Vancouver-based Rhino Ventures has secured $120 million CAD for its third fund, which will see the firm expand its early-stage investment focus beyond Western Canada to the rest of the country.

Dax Dasilva on using Lightspeed learnings to address the world’s climate crisis

Dasilva, one of the most outspoken CEOs in Canadian tech regarding social issues, stressed the importance of leading by example, embracing discomfort, and giving back during the November Patreon-exclusive BetaKit Live event.

BetaKit Live: How to drive growth and innovation through impact investing(BETAKIT)

In the next BetaKit Live on Thursday December 2, leaders from TELUS Pollinator Fund for Good, the Global Impact Investing Network, and Gotcare explain the corporate venture capital and impact investing space.

Latest Funding, Acquisitions, and Layoffs

  • VAN – WELL Health closes $70M bought deal offering (read more)

  • VAN – Mangrove Lithium – $12.6M (read more)

  • CAL – Harvest Builders launches $14M venture fund (read more)

  • TOR – PaceZero secures first close of $6.3M to fuel sustainability lending (read more)

  • TOR – Gotcare – $1.2M (read more)

  • OR – Roadmunk acquired by Tempo Software (read more)

  • TOR – Tech4SickKids raises $50,000 (read more)

  • >OTT – Versaterm acquires Québec-based Komutel (read more)

  • MTL – Booxi – $1.5M (read more)

  • MTL – Nectar Technologies closes seed extension round (read more)


MCI Onehealth logo

How tech can promote a collaborative, patient-centric approach in healthcare

“Innovation is not just about technology. It’s the mechanism by which you organize and sequence how you actually deliver healthcare, and how to actually understand the patient-doctor relationship.”

In an interview with BetaKit, Saleema Khimji, the Chief Innovation Officer at MCI Onehealth, shared how the current siloed ecosystem of researchers, governments, and private sector companies can fail patients – and why a new patient-centric model based on collaboration needs technology to thrive.



New Communitech CEO Chris Albinson outlines the Waterloo Region tech hub’s new True North strategy, its goals, and what that has to do with Shopify and the Olympics.


Unlike past AMA episodes, this week’s version features no questions better suited for a Master’s thesis. It does feature the requisite amount of shenanigans.

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Josh Scott

Josh Scott

Josh Scott is a BetaKit reporter focused on telling in-depth Canadian tech stories and breaking news. His coverage is more complete than his moustache. He was also the winner of SABEW Canada’s 2023 Jeff Sanford Best Young Journalist award.

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