Canadian startup news of the week (5/29/22)

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Plus: Wealthsimple among international group of companies joining anti-money laundering crypto standard.

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

The federal government wants to address Canada’s intellectual property woes, but is its strategy paying off?

While companies like Ranovus demonstrate how Canadian tech companies can scale through the development of IP, many stakeholders from the IP sector believe that most Canadian startups are not deriving value from their IP, which has put Canada behind its peers in the global race for IP rights.

Canadian innovators wonder what proposed SR&ED review will accomplish

Speaking over the phone with BetaKit, Munro noted the Scientific Research and Experimental Development program–better known as SR&ED–isn’t working, in his opinion. But he wasn’t convinced another review of the $4 billion annual program would fix things. After all, the SR&ED program has been tinkered with and reviewed almost constantly since it was first established in 1944.

Canadian human resources startup Humi secures $31 million Series B

The round was led by Kensington Capital Partners, and included a mix of new and returning investors. Struck Capital and Tribe Capital, which led Humi’s $15 million CAD Series A in 2020, provided follow-on funding, while Telus Ventures, Kensington, and Flex Capital came on as new investors.

Wealthsimple among international group of companies joining anti-money laundering crypto standard

Alongside the Canadian members, TRUST has added companies from Singapore and is actively working to expand to other global jurisdictions, including Germany and other countries in the European Union.

Latest Funding, Acquisitions, and Layoffs

  • VAN – LimaCharlie – $7M (read more)

  • CAL – Cherry Health – $1.23M (read more)

  • EDM – Flying Fish Partners establishes base in Alberta, secures $7.5M from AEC (read more)

  • TOR – Moves – $6.39M (read more)

  • OTT – Trexity – $5M (read more)

  • DOR – WeCook – $40M (read more)

  • MTL – Worximity – $14M (read more)

  • STJ – Memorial University launches two innovation initiatives with support from feds, province, IBM (read more)


“I have to note the huge sigh that was just expressed through Tony’s entire being.”

RBCx’s Anthony Mouchantaf (AKA, Tony Dagger) returns as a special guest to help answer listener-submitted questions about: the potential of no more VCCI funding for Canadian VCs; the bubble-bursting reality currently hitting Canadian tech companies; and whether or not wearables are cool again.


“The unforeseen consequences of this stuff has ripples throughout society that in the most generous interpretation we didn’t see coming, but can no longer deny.”

Former OneEleven executive director Siri Agrell explains why she believes politicians shouldn’t use social media; CCI’s Alanna Sokic explains why the Ontario budget is not a budget.

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Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

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