Canadian startup news of the week (7/10/22)

Vena Solutions team circa Feb 2019. Source Glassdoor.
Plus: How to prepare for founder parental leave.

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

Customer alleges Vena Solutions “falsely asserted” SOC report was independently audited

Verra Mobility may not be the only customer taking issue with Vena’s SOC compliance. One source familiar with Vena’s operations, speaking on condition of anonymity, claimed that Vena has misled multiple customers about its SOC compliance, and alleged that Vena is currently undergoing audits to rectify the situation.

As crypto crashes, WonderFi closes deal to acquire another regulated crypto trading platform in Coinberry

“It’s basically [WonderFi’s] thesis playing out in real time, which is being compliant and regulated,” said WonderFi co-founder and CEO Ben Samaroo. “We wouldn’t have been able to do something like that with being regulated by the [Ontario Securities Commission].”

Canadian tech entrepreneurs, investors call on support for workers affected by Roe v. Wade ruling

“As women in tech, we fight for equality of opportunity every day, but this is different. This is a fight for basic rights.” said MaRS Discovery District senior vice president of venture services Krista Jones in an open letter on LinkedIn.

Willful’s Erin Bury shares how to prepare for parental leave as a founder

During my four-month maternity leave, my company, online will platform Willful, had its most successful period in our five-year history. I attribute that success to the preparation that went into my maternity leave, and of course to an incredible team.

BetaKit Live: How to use data to survive a downturn

In partnership with Mozart Data, BetaKit will present a livestream panel conversation on how startups can use data to survive the current downturn. Featuring both US and Canadian VCs, the panel will identify the metrics your company needs to keep a close eye on in a downturn, and how to take action based upon what the metrics tell you.

It’s never been more important to address diversity in AI

Simply put, the makeup of project teams, who they consult with, and what their values are can be the difference between a model that is inclusive and respectful, and one that isn’t.

Latest Funding, Acquisitions, and Layoffs

  • VIC – FreshWorks Studio acquired by EY Canada (read more)

  • KEL – Striven acquired by Deloitte Canada (read more)

  • VAN – 7 Generation Capital – $8M (read more)

  • BC – BC Centre for Innovation and Clean Energy awards eight BC cleantech companies with funding (read more)

  • TOR – ACTO – $23.5M (read more)

  • TOR – Ecopia AI – $8M (read more)

  • TOR – Clear Blue Technologies secures up to $4M (read more)

  • TOR – Fluence Technologies acquires Sturnis365 (read more)

  • MTL – TrackTik acquired by Trackforce Valiant (read more)

  • MTL – Haleo – $5.2M (read more)


“The worst outcome for Rogers is an actual real competitor, which is what we are. They know we’re going to bring prices down and they don’t want prices to come down.”

Globalive co-founder and chairman Anthony Lacavera shares why he was forced to sell Wind Mobile, and explains why it’s so hard to repurchase it now as Freedom Mobile as part of the (contested) Rogers / Shaw merger. Welcome to Competitiontown.


“So are you saying that Canadian tech is under-appreciated?”

A special Collision edition of our monthly AMA episode, answering listener questions about: the current downturn mood, cool tech we saw at the conference, and the ROI of events on the ecosystem.

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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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