Canadian startup news of the week (4/18/21)

Queens Park

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


What can the Canadian tech and innovation sector expect from #Budget2021?

The ongoing COVID-19 health crisis has created uncertainty as to how much the innovation sector will factor into federal budget commitments.


Shopify CTO Jean-Michel Lemieux one of three execs to depart company

Chief talent officer Brittany Forsyth and chief legal officer Joe Frasca are also set to step down.


Thinkific aims to raise $160 million CAD through TSX IPO

The SaaS startup said it has experienced significant growth over the past few years, including during COVID-19.


Kitchener-Waterloo's Magnet Forensics looks to raise $90 million CAD in IPO

Magnet Forensics said it intends to use the net proceeds from the offering to strengthen its financial position and pursue its growth strategies.


Georgian closes $1.02 billion USD alignment fund

As first reported by BetaKit in February, SEC filings made just before the end of 2020 indicated the launch of the new fund.


Dear Canadian founders, your time is now!

Damien Steel, Managing Partner and Head of Ventures at OMERS Ventures, shares his thoughts on why there’s never been a better time to be a Canadian founder.


Latest Funding, Acquisitions, and Layoffs

  • TOR – DMZ startups – $1B (read more)

  • MIS – Goeasy to acquire LendCare (read more)

  • MON – Nuvei to acquire Mazooma (read more)

  • CAL – OKR Financial launches $150M fund (read more)

  • OTT – Indigenous Growth Fund raises $150M (read more)

  • TOR – Perpetua to be acquired by Ascential (read more)

  • MON – dcbel – $50M (read more)

  • TOR – Upchain to be acquired by Autodesk (read more)

  • MON – Carebook acquires InfoTech (read more)

  • VAN – WELL Health to acquire ExecHealth (read more)

  • KEL – FreshGrade acquired by Higher Ground Education (read more)

  • TOR – ContentFly – $11.2M (read more)

  • MON – Deeplite – $7.5M (read more)

  • MON – My Intelligent Machines – $5M (read more)

  • HAL – Milk Moovement – $4M (read more)

  • HAL – QRA Corp – $3.76M (read more)

  • EDM – PainWorth acquires ProSe Claims (read more)

  • K/W – Nicoya – up to $2M (read more)

  • MON – BonLook acquires EyeMeasure (read more)

  • CAL – Virtual Gurus – $1.7M (read more)

  • VIC – MazumaGo – $800K (read more)

  • TOR – Acorn Biolabs – $250K (read more)


RECOMMENDED BY XERO

SIX WAYS STARTUPS CAN PREPARE FOR FINANCIAL INSTABILITY BEFORE IT HAPPENS

Despite positive indicators of recovery in the Canadian economy, the COVID-19 pandemic has proven that things can get bad quickly. Speaking with BetaKit, Xero Canada Country Manager Faye Pang shared her top six tips for what small businesses can do to prepare for financial instability.


MATTHEW LOMBARDI EXPLAINS THE NEW ONEELEVEN’S NEW FOCUS

Lombardi goes into detail on OneEleven’s new focus on talent upskilling of the startups within its portfolio, and how Venture For Canada plays a role.


HOW FLINKS PLANS TO BEAT PLAID ON ITS OWN TURF

Montreal-based Flinks is preparing to truly take on Plaid in the US market. Flinks raised a $16.2 million CAD round last year to do just that.


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Josh Scott

Josh Scott

Josh Scott is a BetaKit staff writer who loves to tell Canadian business and tech stories. His coverage is more complete than his moustache.