Canadian startup news of the week (5/16/21)

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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


As Naver closes $754 million CAD acquisition of Wattpad, Allen Lau is looking to scale

Speaking with BetaKit, Lau said the acquisition was “all about business acceleration.”


Aaron Zifkin departing from role as Lyft Canada’s managing director

Speaking with BetaKit, Zifkin noted that he is set to stay on with the company as an advisor.


Privacy commissioner calls proposed privacy legislation a “step back” from current laws

Therrien said significant changes are needed to the bill as it currently stands in order for it to effectively protect the privacy rights of Canadians.


Job posting indicates MasterClass plans to open new engineering hub in Kitchener-Waterloo

Founded in 2015, MasterClass is an edtech platform that provides on-demand, celebrity-fuelled online learning content.


Nuvei sees significant revenue growth in Q1 2021 following e-commerce expansion, acquisition efforts

The first quarter of 2021 marks the third quarterly earnings report since Nuvei went public on the Toronto Stock Exchange (TSX) in September, raising $833 million.


Magnet Forensics sees revenue, profit growth in first earnings report since going public

The quarterly results, released Thursday morning, are the company’s first earnings report since going public last month.


Latest Funding, Acquisitions, and Layoffs


RECOMMENDED BY XERO

THREE STRATEGIES FOR STARTUPS LOOKING FOR NEW REVENUE STREAMS

Speaking with BetaKit, Xero Canada Country Manager Faye Pang shared her advice for how startups can find new revenue streams.


THE STARTUP POWERING PANDEMIC FOOD DELIVERIES EXPLAINS THE RISE OF GHOST KITCHENS

We’ve all found a new delivery favourite during the pandemic. But is your new favourite restaurant… real?


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.


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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.