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 economic downturn is leading to investment themes that bear resemblance to early 2020, when investors were cautiously deploying capital and concentrating on their existing portfolio companies.
“It’s not very often the Bank of Canada gets a new mandate, and it’s not very often you get a blank sheet of paper to work from,” said Ron Morrow, executive director of retail payments supervision at the Bank of Canada.
The Montréal-based healthtech startup has also scaled back its near-term merger and acquisition (M&A) plans and let two of its office leases expire in Victoria, British Columbia, and Queens, New York, as part of a broader push to become more cash-efficient.
The Help List was first created as a grassroots response to COVID-19 pandemic tech layoffs in early 2020 by a group that included former Prospect founder and CEO Marianne Bulger.
Shopify claims that the creator economy can present a new sales channel for its merchants to reach new consumers and tap into the $104.2 billion market that continues to steadily increase.
Lahmami is a former associate at BDC’s Women in Technology (WIT) Venture Fund team, while Krishnan comes from BDC Capital’s Industrial, Clean and Energy (ICE) Technology Venture Fund where he served as partner.
Katy Yam, partner at Real Ventures and GM of Founder Fuel, Peter Fishman, co-founder and CEO of Mozart Data, and Ethan Ruby, partner of analytics at Craft Ventures all spoke about how the right data can help startup leaders make survival decisions in a downturn.
Latest Funding, Acquisitions, and Layoffs
VAN – Brüush Oral Care closes Nasdaq IPO, raising $15.5M (read more)
EDM – Direct-C – $3.9M (read more)
THO – WellnessLiving – $66M (read more)
TOR – MolecuLight secures funding from BDC Capital, iGan (read more)
TOR – NotaryPro – $646K (read more)
TOR – Metafold 3D – $500K (read more)
OTT – Government of Canada invests collective $11.2M into 29 TV, publishing, gaming firms (read more)
MTL – Connect&Go closes Series A with $6.2M top up (read more)
MTL – Moozoom – $5M (read more)
“It’s not as broken as other things.”
VanHack CEO Ilya Brotzky joins to explain what’s causing the 4-6 month waiting period for Canadian tech companies using the Global Talent Stream, and shares a new petition to get the government to make necessary changes.
“I represent a different community that has different needs.”
Manzil CEO Mohamad Sawwaf explains the cultural, regulatory, and compliance roadblocks that are slowing him from financially serving more than a million Muslims across Canada.
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