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
A BDC spokesperson told BetaKit that BDC Capital “will match investments from a syndicate which would include qualified venture fund firms along with angels investors.”
The subsidy will cover 75 percent on the first $58,700 in wages, which would mean payments of up to $847 a week per employee for up to 12 weeks.
In an interview with BetaKit, Bains highlighted that the idea behind adding capital to the existing federal program is to keep that talent in Canada.
Joly said on Friday that conversations she had with various organizations across Canada over the past couple weeks led to the decision to increase funding for the regional agencies.
While commending the federal government for its quick response and implementation of emergency measures, Wu argued now is “not the time to be polite.”
Latest Funding, Acquisitions, and Layoffs
National Aboriginal Capital Corporations Association receives $306M from federal government (Read here)
Industrial Research Assistance Program (IRAP) receives $250M from federal government (Read here)
Q4 Inc. receives $25M credit facility from CIBC Innovation Banking (Read here)
Blue J Legal receives $2M in growth capital financing from CIBC Innovation Banking (Read here)
Atomic Loans raises $3.4M (Read here)
Inkblot Therapy raises additional $700,000 (Read here)
TouchBistro furloughs 131 employees (Read here)
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“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’?”
As the tech investor and entrepreneur told BetaKit, “hope is not a strategy.”
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