Canadian startup news of the week (4/26/20)

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


Trudeau announces 75 percent rent relief program for small, medium-sized businesses

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.


OneEleven announces it is permanently ceasing operations

The Toronto-based incubator announced on Wednesday that it has permanently ceased operations due to economic impacts caused by the current COVID-19 pandemic.


New investor network ArchAngel launches fund in response to COVID-19

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.


Alberta tech sector pens open letter to provincial government calling for urgent support

“The reality of what’s happening here on the ground is our entrepreneurs are on their own.”


As applications open, here are the details of the new $250 million COVID-19 IRAP subsidy program

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)


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Your accounting and finance system may be slowing you down

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BLACK SWAN #5 – MANAGERS ARE NOT OK

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?


BLACK SWAN #4 – MICHAEL HYATT SAYS WE’RE ALL WARTIME ENTREPRENEURS NOW

As the tech investor and entrepreneur told BetaKit, “hope is not a strategy.”


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Caitlin Hotchkiss

Caitlin Hotchkiss

Content coordinator, social media smartypants, wordsmith, Human Workflow™. Exists primarily on coffee, cat pictures, German dance metal, and pro wrestling. I will fight for your right to the Oxford comma.