Canadian startup news of the week (3/13/22)

Why Clio and Trulioo are choosing M&A over IPO.

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

Clio and Trulioo say not now to IPOs as CEOs discuss unicorn M&A strategies

At a recent event for BetaKit Patreon supporters, Clio CEO Jack Newton and Trulioo CEO Steve Munford revealed that they aren’t planning to take their companies public anytime soon, and shared an in-depth look at how the two BC tech unicorns tackle mergers and acquisitions.

Portage Ventures closes $788.5 million CAD for third FinTech fund

Power Corp’s Portage Ventures has secured the sixth close for its third FinTech investment fund. At $788.5 million CAD, Portage claims Portage Ventures III is one of the largest early-stage FinTech venture funds in the world.

A year after launch, Backbone Angels is closing gaps felt by underrepresented founders

One year after launching Backbone Angels, the group of current and former Shopify leaders are proving there is a market for investing in founders who are often overlooked. Over the past year, Backbone’s 10 angel investors have collectively invested $2.3 million USD across 42 companies, 56 percent of which are run by women of colour.

Ontario commits $25 million as Canadarm3 manufacturer MDA creates $100 million space robotics centre

Ontario’s aerospace program just got a big shot in the arm – in the Canadarm, that is. The province announced that with support from the Ontario government Canadarm manufacturer MDA is investing $100 million over five years for its new Space Robotics Centre of Excellence.

Ten things worth reading on International Women’s Day

For International Women’s Day, we have compiled 10 BetaKit articles that highlight the accomplishments of women in tech and the challenges that they face. We’ve also put together an incomplete list of Canadian tech programs and organizations that support women entrepreneurs.

Latest Funding, Acquisitions, and Layoffs

  • VIC – Echosec Systems – $10M (read more)

  • REG – StoreToDoor – $1.2M (read more)

  • TOR – Key – $11M (read more)

  • TOR – Mikra Cellular Sciences – $8.5M (read more)

  • TOR – iRestify – $6M (read more)

  • TOR – Mayday – $3.8M (read more)

  • TOR – Calico – $2.6M (read more)

  • TOR – Somm acquires Montréal-based Dinr (read more)

  • TOR – DealMaker acquires Ridge Growth Agency (read more)

  • MTL – Clinia – $5M (read more)

  • NY – Alfred to open Canadian HQ following $75M raise (read more)



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“[We’re] trying to solve this problem of how we identify and accelerate young entrepreneurs.”

LOI Venture founder and GP, Ryan Holmes, discusses investment in youth entrepreneurship, the changing eras of Canadian tech, and life after Hootsuite.


Co-hosts Douglas Soltys and Rob Kenedi are joined by BetaKit associate editor Meagan Simpson to answer listener questions submitted LIVE during a special Twitter Spaces AMA edition of the BetaKit Podcast.

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.

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