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Regulators force Silicon Valley Bank Canada into liquidation, paving way for auction (BETAKIT)
The order was approved on Wednesday after The Office of the Superintendent of Financial Institutions Canada (OSFI) took over permanent control of SVB Canada.
OSFI said the restructuring is meant to be done "in a way that best serves the interests of its creditors and will allow operations of the Silicon Valley Bank to continue in Canada."
SkipTheDishes replaces CEO amid big companywide shakeup
(THE GLOBE AND MAIL)
Less than five months after he became chief executive of SkipTheDishes, Howard Migdal is moving on to become the new chief executive of Chicago-based Grubhub, according to a statement from Just Eat Takeaway, the Dutch global conglomerate that owns both of those food delivery companies.
Additionally, Mr. Migdal has been cross-appointed as an executive vice-president at Just Eat. Under that role, he will oversee Just Eat’s entire North American operations.
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As regulators take over SVB Canada, companies still have questions about impact (BETAKIT)
Beyond companies with SVB Canada lines of credit, SVB's collapse is set to impact startups that have their US banking with SVB, or ostensibly Canadian companies that are legally domiciled in the US for tax purposes and use SVB.
‘Very difficult decision’: Kitchener robotics firm Avidbots confirms layoffs (THE RECORD)
Robotics firm Avidbots has confirmed it is laying off about 50 employees, or 14 per cent of its global workforce. Founded in 2014 by Sheikh and co-founder Pablo Molina, both University of Waterloo graduates, Avidbots specializes in autonomous commercial cleaning robots called Neo.
CVCA CEO: Tech still needs influx of capital given possible investor pullback, even as liquidity concerns calm (BETAKIT)
CVCA CEO Kim Furlong and a host of other industry leaders have called on the feds to quell a possible “full-blown” liquidity crisis in the country’s tech sector following SVB's collapse. While Furlong admits regulators have assuaged SVB liquidity concerns for now, she argues the need remains for the government to hasten its spending.
Klaviyo conducts companywide layoffs (TECHCRUNCH)
Klaviyo, an e-commerce marketing automation platform, has laid off 140 of its staff across all teams, including engineering and design, TechCrunch has learned from a number of sources.
Using publicly available figures on Klaviyo’s staff size, the layoff has impacted roughly 10% of staff.
Sanctuary marks first commercial test of “human-like” robots in Mark’s clothing store (BETAKIT)
According to the Vancouver startup, the week-long pilot at the Canadian Tire Corporation (CTC)-owned store saw the robot complete 110 retail-related tasks correctly, including picking and packing merchandise, cleaning, labelling, folding, and more.
How one guy’s car blog became a $1 billion marketplace
(THE WALL STREET JOURNAL)
Bring a Trailer has become the place for enthusiasts to buy, sell and geek out over their dream cars. The site’s popularity has less to do with the cars themselves and more with the way that Bring a Trailer tinkered with the underlying mechanics of a business—and it’s worth popping open the hood of the company to see how it works.
Venture funding surged in Québec and Alberta tech sectors over 2022, bucking national trend (BETAKIT)
According to new data from briefed.in, Alberta tech companies raised a collective $675 million in 2022, an 89 percent increase from 2021 and a 121 percent increase from 2020. In Québec, venture funding totalled $2.3 billion in 2022, a 21 percent increase from 2021 and a 76 percent increase from 2020.
Empire says cost of Sobeys cybersecurity breach higher than initial estimates (THE GLOBE AND MAIL)
The Stellarton, N.S.-based grocer previously estimated that the total costs to the business would be approximately $25-million after insurance. In its third-quarter earnings report on Thursday, Empire updated that estimate and provided further details on the costs of the disruption.
Those included $39.1-million in direct costs – such as legal and professional fees, costs to restore software and “inventory shrink,” as well as a further $15-million impact on third-quarter profits related to sales declines and reduced operations.
BDC appoints Sévrine Labelle as head of $100 million Thrive Lab for women entrepreneurs (BETAKIT)
Labelle is focused on meeting with ecosystem players to understand where BDC's Lab might be able to fill gaps for women-led companies. She noted that the Lab will likely work with partner organizations—from support groups and accelerators to venture funds—on education and co-investment opportunities.
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