Canadian startup news of the week (6/26/22)
Plus: Faire, ApplyBoard, 1Password says downturn won’t slow growth.
layoffs
After raising over $1 billion USD in the last year, Faire CTO says startup is poised for growth during market downturn
Despite present conditions, Faire hasn’t paused or slowed hiring, or made any layoffs.
Ritual lays off 16 percent of staff to “prepare for a recession”
As prospect of recession looms amid rising inflation, Ritual has laid off 23 employees.
Shopify employees told hiring will slow at town hall
E-commerce giant’s staff told to gird their loins.
With crypto under water, Ripple makes a splash announcing first Canadian office in Toronto
Startup plans to open engineering hub, hire 50 to start.
ApplyBoard CEO says market downturn isn’t slowing down international expansion or IPO plans
CEO says ApplyBoard’s large cash reserves, “counter-cyclical” education market give startup room to grow.
R|T: The Retail Times – Swyft cuts, lightning-fast acquisitions
Plus: Rohlik bags $231M as market cools on food delivery startups.
As Apple moves to kill the password, 1Password CEO says he’s not worried
“Every time they’ve introduced something our business has gone up significantly.”
S|W: The SaaS Weekly – The UWaterloo experts building quantum-safe cybersecurity
Plus: Google pays $118 million for underpaying women.
Bonsai has laid off around two-thirds of staff over last two months
The CEO cited market volatility despite Bonsai raising $21 million this year.
F|T: The FinTech Times – Wealthsimple, Coinbase, WonderFi make staff cuts
Plus: Wave CEO Kirk Simpson to step down three years after acquisition by H&R Block.
Canadian startup news of the week (6/19/22)
Plus: Inovia raises $420 million CAD for fifth early-stage venture fund.
BBTV reduces workforce by 14 percent following revenue decline in Q1
Layoffs continue to sweep Canada’s tech sector.
FTX buys registered crypto trading platform Bitvo to expand into Canada
Bitvo is one of the few Canadian crypto companies registered as a restricted dealer.
M&A likely to be a significant driver of value for Canadian tech firms in 2022
PwC data finds Canada’s growth in M&A last year was in step with a global surge.