Montréal is changing and I’m not happy about it.
Infamous hole-in-the-wall Le Mal Nécessaire moved earlier this year, replacing its basement location on Saint-Laurent with a massive space underneath Google’s Montréal offices.
Once BetaKit’s annual evening base of operations while at Startupfest, the relaunched Tiki bar might serve the same drinks but nothing tastes or feels the same.
That sense of transition was everywhere you looked at Startupfest this week. Notman House is gone, with Québec Numerique on its way. Startup Montréal is now Québec Tech, with a new mandate to match its new name. Madison McLauchlan covered the debate that has since sparked about how best to support tech in the province.
Following the money, Josh Scott spoke with GPs and LPs currently mired in the worst year for Canadian VC in a decade, according to data Josh obtained from RBCx. Most expect a rebound, but market conditions have led many emerging fund managers to extend or pause their fundraising, with some quietly moving on.
While eating pizza on the Old Port, one Canadian VC expressed excitement for the future of Canadian tech, while acknowledging the necessary churn that will happen beforehand. The entrepreneur in me is also excited for the future; the reporter would rather first raise a glass to what’s come and gone.
Bianca is back next week,
Douglas Soltys
Editor-in-Chief
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TOP STORIES OF THE WEEK
After reaching $100 million USD in ARR, Vena becomes Canada’s latest “centaur” company
Founded in 2011, Vena provides cloud-based financial planning and accounting solutions to medium and large-sized companies. Its technology aids in the management of budgeting, forecasting, and business planning. The startup currently has more than 1,700 customers, according to its website, including Coca Cola and Deloitte.
Bessemer’s 2023 State of the Cloud report identified 35 centaurs, with Vancouver-based Clio being a new addition in 2022. In its report, Bessemer said centaurs do not just have nine figures in revenue, but also product-market fit, a scalable go-to-market strategy, and a growing customer base.
Swift Medical among the latest #CDNtech companies to appoint new leaders as industry executive turnover continues
This year’s wave of leadership turnover at Canada’s tech companies continues, with eight more companies announcing executive departures or arrivals in recent weeks.
Xatoms, Juno win big at Startupfest 2024
As Startupfest 2024 drew to a close, five startups walked away with a collective $785,000 in potential investment.
As in years past, this year’s Startupfest hosted a total of eight pitch competitions.
Xatoms won big at this year’s festival, securing not one… not two… but three prizes, including the Best of the Fest prize, the Women in Tech investment prize, and the Front Row Ventures student entrepreneur prize.
Startup Montréal touts international vision with rebrand to Québec Tech
Startup Montréal, the non-profit organization that has supported early-stage Montréal startups since 2019, will now be known as Québec Tech. The rebranded organization has also adopted a new mandate to grow the international footprint of Québec tech companies with high export potential.
The transition to Québec Tech is supported by $7 million CAD in funding over three years from Québec’s Ministry of Economic Development, Innovation and Export Trade (MEIE) through the Stratégie québécoise de recherche et d’investissement en innovation (SQRI2) program.
Katherine Homuth has a problem
In February 2024, Homuth’s company SRTX announced the opening of its new global headquarters in Montréal, a 300,000-square-foot facility that will accommodate the entirety of its manufacturing process.
If you’re unfamiliar with the problem the company has solved, pick up almost any pair of women’s tights and pull hard. Tears, rips and runs are a reality of a product that has been around since the 1950s, and Homuth didn’t need a background in material science to understand that a product that broke almost immediately was in desperate need of innovation.
Accessible transportation platform gives cities options to Spare
Kristoffer Vik Hansen’s university days were marked by a frustrating routine. He would watch bus after bus pass by his stop, already filled to capacity, while countless cars passed by with empty seats. A University of British Columbia student at the time, the challenges of public transportation would often leave him stranded or chronically late for class.
Today, Vik Hansen is the CEO and co-founder of mobility software company Spare, which recently received a $10-million growth capital injection from CIBC Innovation Banking.
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Funding, Acquisitions, and Layoffs
MTL – Polystyvert – $16M CAD
MTL – Bell acquires Stratejm and CloudKettle
MTL – MDF Commerce acquires EcoInteractive
MTL – TandemLaunch – $27M CAD
TOR – Roga – $1.7M CAD
TOR – Clutch – $10M CAD
KWL – D2L acquires H5P Group
EDM – Intuit closes Edmonton office
QBC – Point Laz – $1.2M CAD
STJ – MedReddie – $782K CAD
BC – Aspect Biosystems – $73M CAD
BC – Health Compass II – $15.3M CAD
The BetaKit Podcast
Québec is executing its innovation plan. Will it pay off?
“To be competitive with American startups—or Israeli startups, or European startups—we need that push. That push … comes with a bureaucratic cost, because the government wants to know what’s happening with their money.”
MAIN Executive Director Louis-Felix Binette joins live from Startupfest in Montréal to discuss the state of tech entrepreneurship in the city and province, including Québec Tech’s new name and mission.
Just 10 days left until all the builders and innovators gather under one roof at Launch Builders Meetup at Microsoft, Vancouver!
On July 24th, you will have the chance to see demos of some of the best new products coming out of Vancouver and mix and mingle with fellow product folk and enthusiasts over pizza and drinks.
The event is presented by Launch Academy, Western Canada’s leading tech incubator & accelerator, and Microsoft Vancouver.
Use a promo code LAUNCHBETAKIT to get a 20% ticket discount.