Restructuring is here for Canadian startups as VC funding dries up
Plus: Two global SaaS firms relocate HQs to Calgary.
layoffs
Tiptap and Omnirobotic pursue restructuring after startups fail to raise additional funding
As VC financing has dried up, a growing number of Canadian tech firms are running out of cash.
H|T: The Healthtech Times – Iodine Software teams up with OpenAI on AI tech for hospitals
Plus: DOJ charges 78 in sweeping $2.5B healthcare fraud takedown.
R|T: The Retail Times – Amazon faces FTC antitrust case and free returns backlash
Plus: Meet the Shopify Ventures portfolio.
PacifiCan invests nearly $23 million in BC cleantech, zero-waste projects
Saltworks, MintList, and Novarc Technologies all receive funding for expansion and commercialization.
Shakudo closes $9.5-million CAD Series A to help companies adopt generative AI
GreatPoint-backed Shakudo is led by AI experts from Georgian, Borealis AI, and BMO.
S|W: The SaaS Weekly – ApplyBoard co-founder launches new skilled worker startup as feds update talent strategy
Plus: Snowflake expands Canadian engineering hub.
Feds update talent strategy as cleantech flees south
Plus: PitchBook analysts say 2023 VC funding is “pretty much shot.”
Loopio makes “difficult decision” to lay off nine percent of its team
The Toronto-based software startup made its first acquisition in May.
R|T: The Retail Times – Shopify is in a “fight” with CRA over merchant records
Plus: Alibaba surprises with chairman and CEO replacement.
Québec bolsters quantum footprint as semiconductor industry forms advocacy group
Plus: Angel investment in Canada mirrored VC dip in 2022.
Shopify makes checkout solution Shop Pay available to enterprise retailers not using Shopify
The move represents part of Shopify’s push to woo larger clients.
R|T: The Retail Times – Canadian-founded company behind Instant Pot files for bankruptcy
Plus: Shopify partners with Volt to offer open banking solutions (but not in Canada).
The two Canadian cities rising in Startup Genome’s global ecosystem rankings
Plus: Real-Time Rail delays are an unmitigated disaster.
R|T: The Retail Times – Shopify uses new weapons in battle against patent trolls
Plus: TikTok seeks $20 billion ecommerce business despite US setback.