Canadian startup news of the week (5/09/21)

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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


FinTech startups frustrated with glacial pace of Canada's open banking consultations

Canada’s FinTech startups are still waiting for a framework that would lay out the rules of the road for consumer-directed finance – especially as the Government of Canada introduces legislation to regulate FinTech companies that offer payment services in the country.


Wealthsimple secures $750 million CAD, claims $5 billion valuation

The news comes during an already busy 2021 for Wealthsimple, including a launch of a cash app, a trading frenzy, and a sale of its US book of business.


BDC Capital launches $200 million fund to bolster Canada's deep tech ecosystem

The move follows BDC Capital’s recent investment in Montréal’s Boreal Ventures. Another new deep tech firm, RiSC Capital, just secured a first close of over $7 million for its new fund.


Ada secures $130 million USD, claims $1.2 billion valuation

The funding news comes just over a year after Ada raised a $63.7 million CAD Series B round – though the company had to lay off 36 employees in April 2020 amid pandemic-related uncertainty.


With third managing partner and fresh funding, Maverix is ready to fill Canadian investment gap

While not tech-focused, Ruffolo is still coming at Maverix’s investing from a tech lens, looking for companies that are heavily utilizing technology.


Information Venture Partners closes third fund, raising $124 million CAD

Information VP also recently added former Georgian investor Jane Podbelskaya as principal and promoted Alex Tong from associate to principal.


How to better leverage SR&ED refunds to accelerate startup growth

Boast.AI‘s Russ Armstrong explains how using Quarterly Advanced Refunds on SR&ED claims can dramatically accelerate startup growth.


Latest Funding, Acquisitions, and Layoffs

  • MON – eStruxture – $600M (read more)

  • MON – Nuvei to acquire Simplex (read more)

  • OTT – Canada to invest $80M in national cybersecurity network (read more)

  • VAN – Thinkific – $24M (read more)

  • REG – Precision AI – $20M (read more)

  • CAL – Carrot Ventures closes $15M agtech fund (read more)

  • QUE – Botpress – $15M (read more)

  • TOR – Railz – $14.5M (read more)

  • TOR – MCI Onehealth acquires Khure Health (read more)

  • TOR – Fluence Technologies – $12.5M (read more)

  • TOR – Thentia – $10M (read more)

  • TOR – Sherpa – $8.5M (read more)

  • TOR – Relay Platform – $6.3M (read more)

  • STJ – Ocean Supercluster invests $5.2M in four projects (read more)

  • OTT – WorldReach Software acquired by Entrust (read more)

  • BRO – Ferme d’Hiver – $5M (read more)

  • VAN – TechX Technologies to acquire XPort Digital (read more)

  • EDM – Innovate Edmonton – $5M (read more)

  • SBM – Nolk acquires Wolf and Grizzly (read more)

  • MON – Optable – $4.3M (read more)

  • CAL – Kinetyx – $3.8M (read more)

  • TOR – BuzzBuzzHome acquired by Zonda (read more)

  • REG – Solvera Solutions – $3.75M (read more)

  • EDM – G2V Optics – $2.6M (read more)

  • LON – interVal – $1.5M (read more)

  • STJ – Zorbit’s Math acquired by Carnegie Learning (read more)

  • OTT – Realize Medical – $1M (read more)

  • CAL – PayShepherd – $700,000 (read more)


RECOMMENDED BY XERO

HOW STARTUPS CAN MANAGE THEIR CASH FLOW

Speaking with BetaKit, Xero Canada Country Manager Faye Pang shared her advice on how startups can properly set up their cash flow management.


HOW COVID-19 CHANGED CANADA’S BIOTECH SECTOR

Canada’s biotech sector has been exploding, with good reason given the events of the last year. The sector has become so significant that it also received a spotlight in the recent federal budget.


WHY WON’T THE ONTARIO GOVERNMENT HELP BOOKJANE VACCINATE THE PROVINCE?

If BookJane can help an overburdened region like Peel get citizens vaccinated and maximize healthcare resources, why isn’t the platform being rolled out across the province? The answer isn’t good.


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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.