Canadian startup news of the week (2/20/23)

François-Philippe Champagne, Canada’s minister of innovation, science, and industry.
Plus: a $700 million new commitment to innovation clusters.

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.

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Top Stories of the Week

Newly-named Canada Innovation Corporation will see budget double to absorb IRAP

The newly-dubbed Canada Innovation Corporation (CIC) will be a Crown corporation led by the private sector. While the CIC will operate independently from the government it will report to the minister of innovation, science, and industry.

Shopify posts 26 percent YoY revenue jump, but growth still below pandemic highs

The Ottawa-based e-commerce giant released its Q4 and full-year 2022 financial results today following market close, posting total revenue of $1.7 billion in Q4 and topping analyst expectations.

Federal government reveals breakdown of $700 million renewed commitment to Innovation Clusters

The Government of Canada initially promised the additional funding for the clusters last year, announcing $750 million in investments to be made over the course of six years, until 2028.

Real Ventures partners with Panache, Inovia to relaunch FounderFuel accelerator

FounderFuel is now coming back and going nationwide with the support of two other notable Montréal-headquartered Canadian venture capital (VC) firms with a presence across the country: Panache Ventures and Inovia Capital.

Proposed regulations for Retail Payment Activities Act open for public comment

Bank of Canada’s Ron Morrow: “It is your one chance to shape the regime.”

Movement51 launches new “investment readiness” education program for women entrepreneurs across Canada

TD Bank has promised $120,000 CAD to M51 as part of a three-year funding commitment to Founder’s Lab.

Canadian tech can find opportunities during leaner times

RBC Capital Markets managing director Aly Gillani says M&A will be a big theme in the back-end of 2023.

Latest Funding, Acquisitions, and Layoffs

  • VAN – BBTV Holdings – $21.6M (read more)

  • CAL – Clinify – $2M (read more)

  • WAT – Descartes acquires GroundCloud (read more)

  • TOR – WFHomie acquired by GoCo (read more)

  • TOR – GreenSky — $17M first close (read more)

  • MTL – Prevu3D – $13.3M (read more)


    Hardware Catalyst Initiative Application is NOW OPEN!

    Calling all hardware and semiconductor-focused startups!

    ventureLAB is excited to announce the application call for our Hardware Catalyst Initiative program is now open.

    As Canada’s leading Hardware Hub, the Hardware Catalyst Initiative program enables the creation of transformative technologies that will power the products of tomorrow, helping ventures become competitive players in the ever changing global semiconductor industry.

    Chosen applicants will have access to state-of-the-art equipment in our $7M+ lab, in addition to tools, resources, expertise, and mentorship to get your product off the ground.

    Apply today.


    “The deepfake technology that is part of this new rise of generative AI tools I think will have a very deleterious effect on the current state of cyber defences.”

    Plurilock CEO Ian Paterson discusses the economics of AI cyber threats and Canada's response with Bill C-26.


    “We all want AI to do our jobs for us—the boring parts. What we're doing here is making computers more human-like, and sadly, they're getting all the fun jobs. Because those are the jobs that don't have to be perfect.”

    Entrepreneur and author Alistair Croll joins to discuss what will become scarce and what will become abundant in the new economy created by generative AI.

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Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

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