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Pender Ventures closes first half of $100 million target for second venture fund (BETAKIT)
“We wanted to build out that bench strength across the country, in Ontario [and] Québec in particular,” said Maria Pacella, Pender Venutres managing partner.
DOJ sues Google, seeking to break up online advertising business (THE WALL STREET JOURNAL)
A lawsuit filed Tuesday, the Justice Department’s second against the Alphabet Inc. unit following one filed in 2020, alleges that Google abuses its role as one of the largest brokers, suppliers and online auctioneers of ads placed on websites and mobile applications. The filing promises a protracted court battle with wide-ranging implications for the digital-advertising industry.
Investor liquidity issues are putting the squeeze on Canadian startups (BETAKIT)
The immediate harm is to Canadian startups that are looking to fundraise—including those that had closed rounds, only to never see the funds materialize or be clawed back.
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Elliott Management takes big stake in Salesforce (THE WALL STREET JOURNAL)
While details of the campaign couldn’t be learned, Elliott, one of the biggest and most prolific activists, often seeks board representation and pushes for companies to make operational improvements and other changes.
How to turn new grads into successful employees (BETAKIT)
Younger generations value interesting work and team connection; they require structure and strong communication.
TikTok’s New Defense in Washington: Going on the Offense (THE NEW YORK TIMES)
Last week, TikTok’s chief executive, Shou Zi Chew, met with several influential think tanks and public interest groups in Washington, sharing details on how his company plans to prevent data on American users from ever leaving the United States. And the company’s lobbyists swarmed the offices of lawmakers who have introduced bills to ban the app, telling them that TikTok can be trusted to protect the information.
Canadian-led, New York-based AtomicJar aims to hire in Canada with $25 million USD Series A (BETAKIT)
AtomicJar is the company behind the Testcontainers project. To date, the open-source offering has helped engineering teams at companies like DoorDash, Spotify, Uber, and Googletest software, surpassing 100 million downloads last year.
Dye & Durham’s latest acquisition signals shift to smaller deals for Toronto software company (THE GLOBE AND MAIL)
“Right now we’re focused more on smaller tuck-in acquisitions given the macroeconomic environment,” D&D CEO Matt Proud said in an interview. “We’ve always been very disciplined but in times like this it’s best to be cautious.”
As Big Tech makes mass layoffs, recent Canadian startup reductions might cut deeper (BETAKIT)
The economic pressures causing some of the world’s largest tech companies to reduce staff also continue to be felt by Canadian tech startups. In recent weeks, PartnerStack, SSENSE, #paid, Shakepay, and Venngage have all joined the growing list of tech startups to make staff cuts.
Spotify cuts 6% of its workforce — read the memo CEO Daniel Ek sent to staff (CNBC)
Spotify has a total workforce of around 9,800 people, which means the cuts impact about 600 employees. According to its LinkedIn profile, the company employs 5,400 people in the U.S. and 1,900 in Sweden.
StoryTap founder Bernadette Butler on how she overcame the “shocks” of entrepreneurship (BETAKIT)
“I would question anybody that claims they got it right out of the gate,” said StoryTap founder Bernadette Butler.
Microsoft Canada’s Irish ownership offers a glimpse into multinationals’ tax strategies (THE GLOBE AND MAIL)
Microsoft Canada became owned by an Irish affiliate in its 2021 fiscal year, according to documents that offer a rare glimpse at how its multinational parent company has taken advantage of Ireland as a tax haven.
Spinout Traction Complete standing on its own with new $6.7 million CAD Series A, big-name clients (BETAKIT)
Under the shadow of Traction on Demand, Traction Complete has quietly grown to serve hundreds of clients, helping Asana, Cisco, Coveo, DocuSign, and Zendesk sell better with Salesforce.
HR company Deel, now valued at $12 billion, nears $300 million of revenue (FORBES)
Alex Bouaziz, cofounder and CEO of Deel, is armed with metrics that would be enviable to nearly every software startup CEO. Deel, which sells HR software for hiring international employees, started 2021 with $4 million in annual recurring revenue. That number has surged to $295 million as of January 1, he tells Forbes. Plus, the company is operating at better than 85% gross margins, and has been profitable, based on Ebitda measurements, since September.