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.
Top Stories of the Week
At the beginning of 2023, head of venture capital Damien Steel laid out a bold vision for the future of OMERS Ventures. Now, he is leaving the firm.
Steel’s departure is the latest in a series of reversals for OMERS Ventures, which at the beginning of the year announced plans for a fifth fund featuring a unified global investment team. Since then, the firm has pulled out of the European market, losing or terminating multiple managing partners in the process.
Now, only two managing partners remain: Yang, and Henry Gladwyn, who moved to New York as part of the London, UK office shuttering.
Toronto-based venture capital (VC) fund Gambit Partners aims to de-risk pre-seed investing with the help of its limited partners (LPs).
Co-founder Simon Sokol claims that Gambit's assembly of LPs is “uniquely situated” to help early-stage entrepreneurs with hiring, fundraising, and tech problems, noting that Gambit can bring in LPs to analyze prospective investments, solve issues at portfolio companies, or even join them.
So far, 2023 has been tough for entrepreneurs. Inflation has kept costs high and profits low, and investors have mostly kept their chequebooks closed. But in uncertain times, founders can lean on each other for wisdom and inspiration.
We talked to a diverse group of Canadian tech founders about what motivates them during tough times and the importance of learning from their customers and peers.
CONQUEST PLANNING PARTNERS WITH CAPINTEL TO BRING AI-POWERED ADVICE TO MORE FINANCIAL ADVISORS AND INVESTORS
The deal will bring Conquest’s strategic advice manager (SAM) to CapIntel’s network of more than 12,000 financial advisors across North America. Using artificial intelligence (AI), SAM analyzes client information and provides personalized financial planning advice.
One potential impact of quantum computers would be on the proEposed Canadian digital dollar. The Bank of Canada is exploring technologies and technical ecosystems that may help decide how a Canadian digital dollar would be developed.
Halifax-based innovation hub Volta has revealed the nominees for this year’s Ecosystem Impact Awards. Some notable startups from this year’s roster include smart thermostat company Mysa, and ReelData, which uses AI for land-based aquaculture.
Latest Funding, Acquisitions, and Layoffs
VAN – Novarc Technologies – $20M (read more)
EDM – Edmonton Unlimited – $3M (read more)
ON – Ontario, Rogers invest $8.8M in cybersecurity initiative (read more)
TOR – Andorix – $54.3M (read more)
TOR – FlipGive – $5M (read more)
TOR – Mosea – $2.5M (read more)
TOR – SearchEye – $1M (read more)
MTL – Imagia Canexia Health files for bankruptcy (read more)
MTL – Flojoy – $1.7M (read more)
Discover Zoho at Zoholics 2023
Zoholics is Zoho’s premier user conference that brings together professionals from various industries to learn from experts, collaborate with peers, and gain valuable insights on how to leverage Zoho's suite of innovative and powerful software solutions.
Taking place in Toronto September 12-13, this year’s Zoholics is our biggest yet, reflecting Zoho’s increasing prowess as a single platform to run your entire business.
With exclusive insights, hands-on training, personalised 1-on-1 sessions and networking opportunities, Zoholics helps businesses streamline their processes, improve collaboration, and accelerate their growth. This is a platform for attendees to learn from industry leaders, connect with like-minded professionals, and discover new ways to transform the way they work!
So, join us as we give you the opportunity to scope out #AllThingsZoho, and acquire the resources you’ll need to transcend your business.
The BetaKit Podcast
"There is especially in tech still a stigma around being a parent and being a contributing member of a company."
Founders Erin Bury (Willful) and Marie Chevrier (Sampler) join to discuss the dumb restrictions on entrepreneurs trying to receive parental leave benefits, plus tips (and encouragement) for entrepreneurs preparing to ship a new bundle of joy.
We know you love VCs on the BetaKit Podcast. So here’s an all-VC episode of the BetaKit Podcast.
Featuring: Chris Neumann (Panache Ventures), Matt Cohen (Ripple Ventures), John Ruffolo (Maverix Private Equity), Michelle Scarborough (Thrive Venture Fund), Satraj Bambra (Round13’s Digital Asset Fund).