Canadian startup news of the week (12/09/18)

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

BetaKit

Ontario Auditor General highlights several concerns regarding Waterfront Toronto’s handling of Quayside

The Ontario Auditor General’s report for 2018 laid out several concerns for Sidewalk Labs’ planned Quayside development with Waterfront Toronto – and the government has since fired three Waterfront Toronto directors.


BetaKit

Coinsquare acquires BlockEQ for $12 million

Coinsquare and BlockEQ will work towards launching a cryptoassets together, including an upcoming Coinsquare Stable Coin.


BetaKit

SnapTravel raises $28 million CAD Series A from Steph Curry, Telstra Ventures

The funding will be used to further enhance the user experience, namely by continuing to develop SnapTravel’s machine learning and NLP technology.


BetaKit

Element AI receives $5 million loan from Canadian government

Element AI will use its portion of the funding to expand globally, increase its participation in trade shows, hire AI specialists, and purchase equipment.


Startup Milestones

  • Chainvu raises $2.6 million CAD to help the logistics industry track shipments in real-time (Read here)

  • Cambridge-based BIOS raises $6 million, opens Montreal office (Read here)

  • Prime Minister announces $230 million for SCALE.AI supercluster (Read here)

  • Ribitt raises $600,000 to help independent retailers offer rewards programs (Read here)


Must Reads

pwc

Canadian VC activity is down, but corporate investors are stepping up. Is that a good thing?

A new PwC MoneyTree report on Canadian investment shows that in Q3 2018, corporate participation made up 39 percent of all Canadian deals.


BetaKit

Ask an Investor: How can I create optionality after I get an acquisition offer?

No matter what stage your business is in, optionality is something you can be proactively driving towards before an acquisition comes your way.


Canadian tech is leaving money on the table (CanCon ep. 136)

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Amira Zubairi

Amira Zubairi

Amira Zubairi is a staff writer at BetaKit. As a fourth-year journalism student who has written primarily about entrepreneurship, Amira has developed a growing interest in Canadian startup, business, and tech news. In her free time, Amira enjoys reading, baking and watching legal shows.