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Ali Asaria, who has been at the helm of Kitchener-Waterloo-based retail startup Tulip since its founding 10 years ago, is stepping down as CEO.
Asaria will move into the role of board chair at Tulip, where he said he will work to ensure the board is aligned on vision and that the startup continues to “grow and succeed.” Asaria said he will remain “one of the largest shareholders” of Tulip.
Shein accused of ‘mafia-style’ tactics by rival Temu
(THE NEW YORK TIMES)
Temu, a popular low-cost online marketplace with ties to China, accused its rival Shein of using “mafia-style” methods to tamp down competition in a lawsuit filed Dec. 13.
In the filing, Whaleco, which operates in the United States as Temu, accused Shein of orchestrating a “multifaceted scheme” to slow its growth. It added that Shein had been trying to impede its growth by intimidating merchants and instigating unfounded copyright infringement lawsuits.
Federal government punts NRC IRAP’s merger into the Canada Innovation Corporation to 2026-2027
The federal government has announced it will delay plans to fully implement the Canada Innovation Corporation (CIC) until after the next scheduled federal election.
The delay to 2026 at the earliest was revealed in a statement released by the Department of Finance, which also announced the government will begin its review of the Scientific Research and Experimental Development (SR&ED) program in January 2024, as well as plans to implement recommended improvements to the Business Development Bank of Canada (BDC) following a recent legislative review.
Stripe swings to a profit as business rebounds
Payments giant Stripe, a bellwether of the startup world, kept a lid on spending for engineers and salespeople this year after business slowed in 2022. Now it’s reaping the benefits: as revenue growth has re-accelerated, it’s making money again.
Net revenues grew by about 35 percent to roughly $1 billion USD in the third quarter, people familiar with the matter said.
The seed extension was co-led by Relay Ventures and Garage Capital, with participation from other undisclosed investors. The round is an extension of Friendlier’s $2.5 million seed funding round, and brings the startup’s total funding to $8.35 million.
Friendlier previously secured a $850,000 pre-seed funding round and $1 million in non-dilutive funding. The company is working to scale up a “robust reverse supply chain” as single-use plastics fall out of favour.
Once Asia’s most valuable company, Alibaba was overtaken in market capitalization for the first time in November by its Chinese rival PDD Holdings. Its shares are 75 percent off their peak of three years ago, after a series of regulatory scraps, U-turns over strategy and amid declining staff morale.
“I firmly believe that Alibaba will change and reform,” said Jack Ma, the celebrity founder, in an internal blog post late last year.
The intended rallying cry only served to show how China’s best-known tech group has lost its direction.
Bumpa acquired the Toronto-based startup a year after Fyyne launched its beauty tech platform and secured an undisclosed amount of pre-seed funding. Through the strategic acquisition, Bumpa hopes to help fuel its expansion into new markets.
Shopify’s loan business is booming
As Shopify closes in on another record year for revenue, one part of the e-commerce giant’s business in particular is emerging as a big new source of growth: lending money.
Through Shopify Capital, the Ottawa-founded firm has been providing its merchants with quick access to cash in ever-greater totals, forging further into an arena otherwise served by legacy banks and fintechs.
To help you kickstart a new year with renewed enthusiasm, find out what the founders of these Canadian tech businesses, including Wealthsimple’s Michael Katchen, have to say about their New Year’s resolutions, and what they predict will be the technology winner of 2024.
Once an e-commerce star, Zulily started to shut down its operations in early December after a 13-year run that briefly dazzled the tech industry before fizzling in the face of stiff competition from Amazon and other e-commerce platforms.
Canadian tech is facing a deep tech talent shortage and government leaders tend to want to fill this gap with foreign talent. But plans to draw from the international worker pool ignore the talent in our own backyard, including underrepresented communities across Canada.
Pablo Listingart, Executive Director of digital skills school ComIT, shared with BetaKit what he’s learned is necessary to continue pushing inclusion forward.
How companies tackle climate change and other social issues has become so important to people, said Assent’s Andrew Waitman, that they have become decision-making factors informing whether to buy from, or work for, a company.