R|T: The Retail Times – Shopify abandons The Well

Shopify building
Plus: Saas-based hotel management platform raises $185 million.

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Layoffs persist at Canadian tech companies amid bleak outlook for 2023 (BETAKIT)

More than a dozen Canadian tech companies have recently laid off employees, BetaKit has learned, joining a growing list of firms to shed staff in 2022.

Shopify confirms it no longer intends to expand to massive new Toronto office space, citing shift toward remote-first (TORONTO STAR)

The Ottawa-based company, which was set to be the anchor tenant at the newly built, mixed-used space The Well, wouldn’t say whether it’s paying a break fee.

Shopify’s Ria Bhavnani shares the company’s approach to pricing (BETAKIT)

Bhavnani sat down with BetaKit editor-in-chief Douglas Soltys at SAAS NORTH to talk about Shopify’s approach to pricing, as well as how business can implement price changes at a “detrimental time.”


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Exclusive: Grab to cut more costs amid economic chill (REUTERS)

Grab Holdings, Southeast Asia's biggest ride-hailing and food delivery firm, is cutting more costs to cope with an uncertain economic backdrop, the Singapore-based company's CEO told staff in a memo.

The measures include a freeze on most hiring, salary freezes for senior managers and cuts in travel and expense budgets, co-founder and CEO Anthony Tan said in the memo which was issued on Wednesday and viewed by Reuters.

Frate secures $2 million CAD to make e-commerce returns sustainable, cost-effective (BETAKIT)

Frate’s pre-seed round was led by 2048 Ventures, and included Matchstick Ventures, MergeLane, Convoi Ventures, and other undisclosed strategic investors.

Does scaling your startup feel like constant chaos? Here’s what to do. (BETAKIT)

Startup leaders are accustomed to the mantra of ‘move fast and break things’ because this growth-at-all-costs mentality produced some of the largest companies the world has ever known. But along with it came intense working hours and mental health risks for founders and employees.

Amazon’s post-covid cutbacks draw ire of Vietnamese supplier (BNN BLOOMBERG)

Gilimex Inc. said it was a key partner of Amazon from 2014 to 2022, investing tens of millions of dollars in manufacturing facilities to build the steel-and-cloth storage pods used to organize inventory in Amazon warehouses. Those pods are carried by robots, speeding the fulfillment of online orders so workers don’t have to race around the sprawling facilities on foot.

Statements from Alberta innovation minister cast doubt on return of investor tax credit (BETAKIT)

In a recent interview with BetaKit, the minister spoke about his goals for the new role, noting areas he plans to focus on and others he does not: such as the Alberta Investor Tax Credit (AITC).

Mews books $185M for its SaaS-based hotel management platform (TECHCRUNCH)

Co-led by Kinnevik and the Growth Equity business within Goldman Sachs Asset Management, the round also included new backers Revaia, Derive Ventures and Orbit Capital; as well as previous investors Battery Ventures, Notion Capital, Salesforce Ventures, Thayer Ventures and henQ. The raise is mostly equity with a small amount of debt, founder and president Richard Valtr said in an interview. Columbia Lake Partners is providing the debt.

Fast-fashion giant Shein explores becoming online marketplace (THE WALL STREET JOURNAL)

The fast-growing company, now based in Singapore, is also diversifying its supply chain away from China, where Shein was founded. It has started manufacturing in Turkey since midsummer, and has leased and operated warehouses in Poland to store merchandise and ship to customers in Western Europe, according to the memo.

Golden Ventures’ Matt Golden has advice for startups fundraising in a down market (BETAKIT)

Investors who have recently raised enormous funds over the last two years still need to disburse that capital. According to Matt Golden, founder and managing partner of Golden Ventures, what changes are the variables that matter to investors.

Welcome to the Ambaniverse (REST OF WORLD)

From food to gadgets to sports, explore how the business empire of one of the world’s richest men touches the everyday lives of millions in India.

New BC innovation minister Brenda Bailey lays out how she plans to support province’s tech, innovation (BETAKIT)

Bailey has taken over BC’s innovation agenda from Ravi Kahlon, a fellow member of the province’s New Democratic Party, who has been reassigned to lead BC’s newly created Ministry of Housing.

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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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