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RenoRun files for creditor protection after failed pursuit of “Hail Mary” deals to save company from insolvency (BETAKIT)
Montréal-based RenoRun has filed for creditor protection as the struggling business looks to avoid bankruptcy.
The decision follows a monthslong pursuit by RenoRun of potential acquisition deals to stay afloat after not being able to secure bridge financing from its investors.
Coveo taps former Lightspeed, D2L exec Brandon Nussey to replace retiring CFO Jean Lavigueur (BETAKIT)
Coveo's long-time CFO and corporate secretary Jean Lavigueur is retiring from his position, and will be succeeded by Brandon Nussey, who has served as a finance and operations executive for several public Canadian tech companies.
Nussey is joining Coveo following his departure from Lightspeed earlier this month, where he most recently served as its COO.
Alibaba to split into six groups and explore IPOs in a departure From Jack Ma era (THE WALL STREET JOURNAL)
The reorganization of one of China’s largest private-sector companies, once valued at more than $800 billion but now worth about a quarter of that, comes after Chinese authorities signaled in recent months they were winding down a sweeping regulatory clampdown aimed at reining in the country’s powerful tech sector.
The Government of Canada's 2023 budget is out and it's heavy on cleantech and light on innovation.
Notable commitments include $500 million for cleantech investing through the Strategic Innovation Fund, and numerous new cleantech and clean energy investment-related tax credits totalling billions of dollars. Additionally, the feds are instituting guidelines on the disclosure of crypto assets for federally-regulated financial institutions and pension funds in the wake of high-profile failures like FTX.
How GoFor rode the pandemic boom to the verge of a big-money SPAC deal—then stumbled amid personal tragedy (THE LOGIC)
Ottawa-based last-mile logistics startup GoFor saw its business take off during the pandemic amid a home renovation and VC investment boom, and sought to go public. But when market conditons changed, GoFor’s SPAC deal fell through, and GoFor founder and CEO Brad Rollo died of cancer. Since then, GoFor has struggled, shelving its go-public plans and selling a majority stake to US private equity firm 3Q after failed attempts to raise more money.
In America, people shop online to save time while. In China, viewers tune into ecommerce livesteams for hours at a time to interact with hosts as well as to get access to discounts and deals.
TikTok and Amazon have learned that Americans aren't primed for that commitment.
Since joining Goodfood as CFO in mid-2021, the outgoing Jonathan Roiter weathered a rough period for Goodfood. The Canadian company saw a net loss of $22.1 million just as Roiter started his new role as CFO, compared to a $1.2 million profit in the 2020 summer quarter.
A spokesperson for Goodfood told BetaKit that, in his new role, Aouameur’s strategic focus will be geared towards profitability and building financial discipline.
US investors slash Byju’s and Swiggy valuation (TECHCRUNCH)
BlackRock has cut the valuation of Byju’s, which is India’s most valuable startup at $22 billion, by nearly half to $11.5 billion. Meanwhile, Swiggy, India’s most valuable food delivery startup at $10.7 billion, has been marked down to a valuation of about $8 billion.
The valuation cuts add a new dimension to the impact of the dwindling market conditions on the Indian startups.
Ontario budget gains kudos for streamlining procurement, increasing access to skilled talent (BETAKIT)
The province committed to providing an additional $2 million for the Futurpreneur program, $224 million for a new capital stream of the Skills Development Fund to leverage private-sector expertise, and boost the Ontario Immigrant Nominee Program with an additional $25 million over three years to attract more skilled workers.
At a corporate retreat around five years ago, Apple excited executives about the possibilities of its next business-altering device: a headset that would blend the digital world with the real one. Eight current and former employees spoke with The New York Times, describing skepticism and doubt around its utility and potential.
Nulogy raises $20 million to make collaboration easier for multiple companies in a supply chain (BETAKIT)
According to Nulogy, this new funding will be used “to accelerate the growth” of its multi-enterprise supply chain platform and solutions.” The company did not specify how or the areas it’s looking to grow in.
The Federal Trade Commission is planning to move forward soon with a case against Amazon over alleged privacy violations stemming from the use of children’s data with the company’s Alexa voice assistant, according to three people with knowledge of the matter.
The agency has several ongoing consumer protection investigations into the company, including for potential privacy and data security violations in its Ring camera and home security business.
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