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
Businesses that pay $50,000 or less per month in rent and have temporarily ceased operations or experienced at least a 70 percent drop in pre-COVID-19 revenues will be eligible for the program.
The Toronto-based incubator announced on Wednesday that it has permanently ceased operations due to economic impacts caused by the current COVID-19 pandemic.
The ArchAngel Network of Funds had been in the works prior to the onset of COVID-19, though the founders noted the decision to officially launch the fund is in response to the global pandemic.
Report: Number of Canadian startups significantly impacted by COVID-19 slightly higher than global average
One-quarter of Canadian startups said they can still operate, but with significant disruption to their business, according to Startup Genome.
“The reality of what’s happening here on the ground is our entrepreneurs are on their own.”
Not for traditional IRAP projects, the new funding is essentially a wage subsidy for companies that don’t qualify for CEWS.
Latest Funding, Acquisitions, and Layoffs
Ada Support lays off 23 percent of staff (Read here)
FreshBooks lays off 38 staff members (Read here)
Federal government invests $600M through the Strategic Innovation Fund (Read here)
Eddy Travels adds $912,000 to pre-seed round (Read here)
Honestdoor raises $500,000 (Read here)
Food-X Technologies receives $250,000 from the Digital Technology Supercluster (Read here)
Clear Blue Technologies secures $5M debt financing contract with BDC (Read here)
PocketHealth raises $9.1M (Read here)
CleanSlate UV raises $8.4M (Read here)
POWERED BY SAGE INTACCT
Billing used to be easy. Products were billed once when they were sold or delivered. Now software companies have a blend of products—subscriptions, usage billing, services, training, and perpetual licenses. Some of it is billed once, and some of it is billed every month.
Many accounting systems weren’t built to handle this complexity, and can’t be easily integrated with Salesforce to automate your quote to cash process. Learn the clear five signs you’re outgrowing your accounting and finance system.
Managers are responsible for making sure their teams are OK, and able to do their jobs as best they can. But how can they take care of their employees when it’s so hard to take care of themselves?
As the tech investor and entrepreneur told BetaKit, “hope is not a strategy.”
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