Canadian startup news of the week (5/30/21)

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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


Xanadu secures $120 million CAD led by Bessemer to build photonic quantum computer

Prior to the Series B round, Xanadu’s total investment to date was $41 million following a round led by OMERS Ventures in 2019.


Vendasta secures $119.5 million in venture funding after pausing IPO plans

The financing represents the largest ICT VC round in Canadian Prairie history. Another Saskatoon-based software company that raised funding this week is 7shifts, securing $21.5 million.


BC MLA confirms PNP tech stream now permanent following tech sector pressure

Sixteen BC tech CEOs recently submitted a letter to the BC government calling for the extension of the program and noting its importance to the sector and their companies.


Q1 2021 highest on record for Canadian venture capital with $2.7 billion invested

“This rise of growth is contributing to the current IPO rage which is expected to continue throughout 2021.”


Launch Academy downsizes physical space as the Vancouver incubator goes virtual

Despite the lack of physical space, the virtual version of the LaunchPad program continues to provide mentorship and programming to startups.


Communitech, OMERS, Wealthsimple leaders agree Canada’s tech moment created a “competition for awesome”

The conversation was an extension of a recent Letter from the Editor by BetaKit Editor-in-Chief Douglas Soltys.


Toronto-based Q4 files to go public on TSX

The IPO proceeds will also allow Q4 to pursue its growth strategies and make new acquisitions. VerticalScope, a Toronto-based digital platform for online enthusiasts, has also filed.


Latest Funding, Acquisitions, and Layoffs

  • TOR – eSSENTIAL Accessibility – $67M (read more)

  • VAN – BBTV aims to raise $65M (read more)

  • OTT – Canada invests $44.3M in 11 Canadian cleantech firms (read more)

  • TOR – Ledn – $36.1M (read more)

  • TOR – PartnerStack – $35M (read more)

  • LAN – CubicFarms set to raise $22M (read more)

  • KIT – Quantum Benchmark acquired by Keysight Technologies (read more)

  • VAN – TechX Technologies to acquire Mobilum OÜ (read more)

  • DEL – Hydra Energy – $15M (read more)

  • TOR – Vetster – $12.25M (read more)

  • MON – Novisto – $9.6M (read more)

  • ONT – Ontario invests $5.25M in Business Development Skills Program (read more)

  • HAM – SportSavvy customers to migrate to TeamSnap in new deal (read more)

  • HAM – Ackroo to acquire InterActive DMS (read more)

  • VAN – Metaspectral – $300K (read more)

  • HAL – Five Atlantic Canadian tech startups secure $25K (read more)


RECOMMENDED BY CISCO

Fill out the BetaKit x Cisco Startup Survey

We’ve joined forces with Cisco Designed to understand the state of Canadian startups and small businesses on their path to recovery. The survey tracks the ecosystem’s response to the pandemic and priorities for growth in 2021.

Anonymized survey results will be turned into a report and published on BetaKit.com. Complete the 3-minute survey now to ensure your business is included!


HOW CANADIAN TECH COMPANIES GO PUBLIC

Will Shaw, partner and leader of the Toronto Emerging Technology practice group at Fasken, explains the process of going public for Canadian tech companies.


WHY BANKS AND VCS ARE OPTIMISTIC ABOUT 2021

SVB’s State of the Markets report shows that average deal sizes at the early and late-stage have jumped 137 percent and 63 percent in 2021, respectively.


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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.