S|W: The SaaS Weekly – 1Password to rule them all

The SaaS Weekly is a weekly newsletter covering major SaaS news from Canada and around the globe.

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1Password claims $2.5 billion CAD valuation in new round as investors rave about “generational security software business” opportunity (BETAKIT)

The financing gives Toronto-based 1Password a $2.5 billion CAD ($2 billion USD) valuation, doubling the startup’s prior $1 billion USD valuation after its last raise.


SoftBank-backed Gopuff snags another mega investment, boosting valuation to $15 billion (CNBC)

The latest funding round includes new backers including Blackstone and Guggenheim Investments, as well as existing investors Fidelity Management and SoftBank’s Vision Fund.


How StarSpec is building the bits to get us to space faster (BETAKIT)

With the cost of a space launch lower than ever before, commercial and scientific interest in space is at an all-time high.


Zoom settles US class action privacy lawsuit for $86m (BBC)

The lawsuit alleged that Zoom had invaded the privacy of millions of users by sharing personal data with Facebook, Google and LinkedIn.


Facebook’s broken vows (THE NEW YORKER)

How the company’s pledge to bring the world together wound up pulling us apart.


Firmex acquired by US-based Datasite in Vertu Capital’s first exit (BETAKIT)

The acquisition comes about two and a half years after Toronto-based Vertu and BDC teamed up in early 2019 to acquire a majority stake in Firmex from Québec investor Novacap, Firmex’s only other investor aside from the company’s management team.


Bolt valued at $4.75 billion as Uber rival aims to push into on-demand grocery delivery (CNBC)

The new investment round values Bolt at about $4.75 billion, more than double its last private valuation of $2 billion.


Canada lays out major plans to target illegal content on Facebook, YouTube, Pornhub and other platforms (TORONTO STAR)

The Liberal government has proposed a vast new system that would be tailored to ensure illegal content, such as child pornography and hate-speech, doesn’t end up on everyday internet platforms such as Facebook, YouTube, Pornhub and Twitter.


Following rebrand, Notch raises $12.5 million CAD (BETAKIT)

The raise comes on the heels of some major changes for the startup, which rebranded from ChefHero following a pandemic-fuelled pivot.


With Duolingo and PowerSchool, edtech IPOs begin to shift from Chinese- to U.S-based companies (CRUNCHBASE)

The COVID-19 pandemic has boosted the profile — and growth — of edtech companies, as schools have turned to distance learning and people stuck at home have turned to online learning tools to fill their time.


As cyberattacks surge, security startups reap the rewards (NEW YORK TIMES)

Investors have poured $12.2 billion into cybersecurity companies so far this year, nearly $2 billion more than the total for all of 2020. How vulnerable is Canada when it comes to cyberattacks?


Salesforce completes acquisition of Slack (BETAKIT)

Vancouver-founded Slack has officially been acquired by Salesforce, nearly eight months after Salesforce announced plans to acquire the app for $27.7 billion USD.


Egyptian ride-sharing company Swvl plans to go public in a $1.5B SPAC merger (TECHCRUNCH)

Its services, mainly bus-hailing, enables users to make intra-state journeys by booking seats on buses running a fixed route.


Activision, facing internal turmoil, grapples with #MeToo reckoning (NEW YORK TIMES)

More than 1,500 employees for the video game giant, which is facing an explosive state lawsuit, have called for executives to take sexual harassment seriously.



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Josh Scott

Josh Scott

Josh Scott is a BetaKit staff writer who loves to tell Canadian business and tech stories. His coverage is more complete than his moustache.