Canadian startup news of the week (6/06/21)

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


Toronto tech CEO vows to rebuild, grow team after Gaza office destroyed in airstrike

The Gaza office building housing the team of nine developers from Open Screenplay was destroyed in mid-May on the 10th day of deadly airstrike attacks on the city.


Nuvei filing indicates company may raise up to $1.8 billion USD in new issues, secondary offerings

The filing follows a strong first quarter earnings report and a busy few months for the Montréal FinTech company.


Canada’s IP lag only part of innovation challenge

“Intellectual property should be a key part of Canada’s innovation strategy, but it’s not the only factor.”


Mphasis to launch Canadian HQ in Calgary, create up to 1,000 tech jobs

Mphasis has reached a strategic, public-private partnership with the Government of Alberta and the University of Calgary.


AQC Capital secures $64 million for second tech startup investment fund

Through the fund, AQC and its backers aim to support the development of innovative Québec startups and help accelerate their international growth ambitions.


Mogo increases Coinsquare ownership stake for second time, gains ability to buy majority

Mogo first purchased an almost 20 percent stake in Coinsquare in February for $56.4 million CAD.


Latest Funding, Acquisitions, and Layoffs

  • VAN – Bench – $73M (read more)

  • VAN – Clir Renewables – $25M (read more)

  • TOR – Adeptmind – $7.5M (read more)

  • TOR – Elevate – $5.8M (read more)

  • TOR – Rocket Doctor – $4.6M (read more)

  • SK/ON – Eight Saskatchewan, Ontario tech companies receive $4.4M (read more)

  • SF – Faculty – $3.6M (read more)

  • MIS – INTELIGHT Innovations – $2.2M (read more)

  • MON – helloDarwin – $2M (read more)

  • VAN – Stoko – $1.2M (read more)

  • HAL – Habit Forming Technologies – $500K (read more)

  • MON – Zetane Systems – $181K (read more)


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HOW NEO FINANCIAL PLANS TO TAKE ON THE BIG FIVE BANKS FROM CALGARY

“When you look at the Big Five banks today, they all have the same technology stack, the same products, the same features, and the same fees. There isn’t truly competition.”


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.


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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.