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


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.

Coinsquare acquires BlockEQ for $12 million(BETAKIT)

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

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

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

Element AI receives $5 million loan from Canadian government(BETAKIT)

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

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

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

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

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 is a staff writer and content creator at BetaKit with a strong interest in Canadian startup, business, and legal tech news. In her free time, Amira indulges in baking desserts, working out, and watching legal shows.

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