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
Feds work to revise wage subsidy, but Canadian tech reaction is mixed(BETAKIT)
Prime Minister Justin Trudeau confirmed the federal government is “relaxing” criteria for the wage subsidy attempting to make it easier for companies to access.
Banks open up applications for $40,000 interest-free emergency business loans(BETAKIT)
Businesses interested in applying for the loans must go through their current financial institution.
BDC launches matching investment program for Canadian VC-backed companies affected by COVID-19(BETAKIT)
The idea behind the program is to support Canadian companies impacted by COVID-19 that may not qualify for many of the existing federal government relief measures.
Survey finds 82 percent of tech CEOs plan to make layoffs after being left out of federal wage subsidy(BETAKIT)
“Without being eligible for the wage subsidy, layoffs will happen,” said one unidentified CEO that participated in the survey.
Canadian Advanced Technology Alliance urges feds to release backlogged SR&ED funding(BETAKIT)
SR&ED provides support in the form of tax credits or refunds to corporations, partnerships, or individuals who conduct scientific research or experimental development in Canada.
Latest Funding, Acquisitions, and Layoffs
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Damon Motorcycles raises additional $3M (Read here)
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District Ventures Capital secures additional $35M (Read here)
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WorkJam raises $70.6M Series C (Read here)
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Mejuri lays off 15% of staff (Read here)
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Lighthouse Labs lays off 14 employees (Read here)
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Borrowell lays off 20% of staff (Read here)
Recommended by BetaKit
HERE’S HOW #CDNTECH COMPANIES ARE PITCHING IN DURING COVID-19(BETAKIT)
Updated weekly, this list outlines the steps Canadian businesses are taking to help flatten the curve and support customers through new products, services, and free offerings.
BLACK SWAN #3 – IS THIS PANDEMIC TAX DEDUCTIBLE?(BETAKIT)
“You can cross your fingers and hope that the government will help. But if they don’t, then what? I think you have to be prepared for ‘if they don’t, then what’?”
BLACK SWAN #4 – MICHAEL HYATT SAYS WE’RE ALL WARTIME ENTREPRENEURS NOW
(BETAKIT)
As the tech investor and entrepreneur told BetaKit, “hope is not a strategy.”
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