Canadian startup news of the week (6/5/22)

TikTok app
Plus: Shopify finds conflict minerals in its third-party manufactured components.

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


TikTok presentation shows Big Tech’s influence on Bill C-11 debate

One government source characterized the lobbying efforts as tantamount to a foreign tech company partnering with a Canadian organization to misrepresent the government’s policy positions and goals. “Disappointed is an understatement,” they said.


Shopify finds conflict minerals in its third-party manufactured components

Conflict minerals were identified in Shopify’s chip and swipe reader, its retail kit, and its tap and chip reader, all of which are manufactured by third parties. Conflict minerals also showed up in Shopify’s collaborative mobile robot, Chuck, per SEC filing.


Québec’s innovation minister “not happy” with province’s R&D commercialization

In an exclusive interview with BetaKit, Fitzgibbon laid out the provincial government’s five-year plan to incentivize research and development (R&D) and spur more commercialization of public research through a variety of initiatives, from targeted tax credits to investments.


Platform Innovation Centre promised $3.3 million in provincial, municipal funding ahead of official launch

The provincial funding announcement was made by Minister, Jobs, Economy and Innovation Doug Schweitzer, who announced last week that he will not be running for reelection. Schweitzer’s announcement followed shortly after Premier Jason Kenney Kenney resigned as UCP leader.


Wealthsimple launches FinTech super app, combining startup’s financial products

The move, which has been anticipated for some time, ensures Wealthsimple users will be able to access the startups’ core services, from stock and crypto trading to spending, through a single interface.


Why Canalyst’s Damir Hot thinks every entrepreneur should have a co-founder

“Every time I left the company, I joined the next one in an earlier and a more senior role, and less cash comp and more stock,” said Hot. “And then eventually there was nowhere to go but start from ground zero, and so I found an amazing co-founder and then off we went.”


Latest Funding, Acquisitions, and Layoffs

  • VAN – Penny AI – $33.9M (read more)

  • VAN – Parvis – $2.6M (read more)

  • BC – Kardium, HTEC, Kobalt Security, Symvivo secure cumulative $11.1M (read more)

  • CAL – Platform Innovation Centre promised $3.3M from province, Calgary (read more)

  • AB – Alberta Innovations invests $9.1M across 15 projects (read more)

  • TOR – Pine – $27M (read more)

  • TOR – Able Innovations – $7.5M (read more)

  • TOR – Manzil raises $2.44M, acquires Muslim Will (read more)

  • MTL – Inossem – $3.5M (read more)

  • MTL – Metrio to be acquired by Nasdaq (read more)


    WHY CANADIAN TECH FOUNDERS NEED BETTER MENTORS

    “We have really no programming to teach mentors, it’s all tribal.”

    Brice Scheschuk (Wind Mobile, Globalive) discusses the CDL session that gave him imposter syndrome, prompting the launch of MindFrame Connect to improve the craft of mentorship and create more resilient entrepreneurs.


    RBCX’S ANTHONY MOUCHANTAF EXPLAINS WHY HE’S CONCERNED ABOUT THE (POTENTIAL) END OF VCCI

    “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.


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Michael Edgar

Michael Edgar

Michael is a multimedia journalist and Carleton Journalism alumni working out of Ottawa and Montreal. Follow him on twitter @mwedgar.

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