Canadian startup news of the week (12/06/20)


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

Affirm to acquire PayBright for $340 million CAD(BETAKIT)

PayBright, one of Canada’s leading buy-now-pay-later providers, is set to be acquired by San Francisco-based Affirm.

Element AI to be acquired by ServiceNow(BETAKIT)

Despite being seen as a leader in the Canadian AI sector, Element AI faced difficulties getting products to market.

British private equity investor Hg to acquire controlling stake in Benevity(BETAKIT)

BetaKit has confirmed earlier reports that Hg is buying majority control of the company.

Slack to be acquired by Salesforce for $27.7 billion USD(BETAKIT)

Marc Benioff, chair and CEO of Salesforce, described the acquisition of Slack as “a match made in heaven.”

Canadian cybersecurity leaders say ecosystem requires community to grow(BETAKIT)

Kevin Magee (Microsoft), Christopher Salvatore (Cybersecure Catalyst), and Tahseen Shabab (Penfield) explore how Canada can build a cybersecurity ecosystem.

Latest Funding, Acquisitions, and Layoffs

  • Planned raises $4.7M (Read here)

  • Lightspeed acquires Upserve (Read here)

  • Nuvei acquires Base Commerce (Read here)

  • GoSecure raises additional $14M USD for Series E round (Read here)

  • WELL Health Technologies acquires Source 44 (Read here)

  • Canadian Council for Aboriginal Business receives $500,000 investment from Facebook Canada (Read here)

  • Skygauge Robotics closes $3.3M seed round (Read here)


Why San Francisco-based VC Hustle Fund Is Betting Big on Canada

“At Hustle Fund, we’re convinced that Canada is positioned well to produce some of the largest, category-defining companies on the planet. We’re eager to fund these companies, and excited to partner with Hockeystick to identify these opportunities!” – Eric Bahn (General Partner)

Since launch, Hockeystick has made over 6000 funder recommendations to Canadian startups. Learn how startups are using technology to meet funders around the world.

Faire megadeal icing on top of Waterloo Region’s strong Q3 2020(BETAKIT)

A Series E round raised by Kitchener-born e-commerce startup Faire brought total startup funding in the Waterloo Region to an 18-month high in the third quarter of 2020, according to Hockeystick’s latest ecosystem report.


The big national news last week was the federal government appointing a general to oversee the rollout of the COVID-19 vaccine. The details of that rollout are a little scarce, but there are a few things we know, at the time of publishing.


Did you know the Covid-19 pandemic presents opportunities for Canadian innovation? CCI chair Jim Balsillie and Dan Breznitz, the Munk Chair of Innovation Studies, discuss Canada’s failed innovation policy on BetaKit’s Black Swan podcast.

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Caitlin Hotchkiss

Caitlin Hotchkiss

Content coordinator, social media smartypants, wordsmith, Human Workflow™. Exists primarily on coffee, cat pictures, German dance metal, and pro wrestling. I will fight for your right to the Oxford comma.

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