S|W: The SaaS Weekly – Investment in Canadian SaaS almost doubled from 2022 to 2023

Plus: Marc Benioff just can't make up his mind on RTO.

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

Subscribe to S|W using this form to ensure you don’t miss out on the most important SaaS news every week!

Canadian SaaS investment rebounded in 2023, reaching nearly $7 billion

Canada’s software as a service (SaaS) sector saw a marked year-over-year rebound in investment in 2023, according to a new report from Canadian SaaS accelerator L-SPARK.

Released during SAAS NORTH last week, the report tracked $6.9 billion CAD invested in Canadian SaaS startups in 2023, roughly double the $3.9 billion CAD invested in 2022.


Zoom reports sales that beat estimates on business customers

Zoom Video Communications Inc. reported better-than-expected revenue on strong enterprise sales, a sign the company is holding its own in a competitive market for business collaboration software.

Fiscal third-quarter sales increased 3.2 percent to about US$1.14 billion, the company said Monday in a statement. Analysts, on average, estimated $1.12 billion, according to data compiled by Bloomberg.


Birdseye closes $4.1 million CAD in seed funding for AI-powered marketing platform

Toronto-based Birdseye has secured $4.1 million CAD ($3 million USD) in seed funding for its AI-powered marketing personalization platform.

Using an AI algorithm trained on vast amounts of retail transaction data, the startup aims to help retailers hyper-personalize their marketing campaigns, matching potential customers with products they are likely to be interested in.



The AI-first customer service revolution had started. Are you prepared for it?

Thanks to generative AI, customer service has quickly scaled the corporate ladder and become a top executive priority.

Did you know 85% of execs say generative AI will be interacting directly with customers in the next two years? As a result, 63% say that they will have invested in generative AI use cases that serve their agents by the end of 2023.

Become an expert on generative AI and separate the buzz from reality with the ultimate guide to generative AI for customer service.

Read our expert guide today.

Elon Musk’s ‘thermonuclear’ lawsuit over hate-adjacent ads on X… actually confirms them

Elon Musk’s X, formerly Twitter, has filed a lawsuit alleging defamation by a news organization over claims that major companies had ads appear next to antisemitic content. But the suit appears to confirm the very thing it claims is defamatory.

Media Matters last Thursday published an article with screenshots showing ads from IBM, Apple, Oracle and others appearing next to hateful content, causing IBM and Apple to pull their ads from X.

The company alleges that Media Matters defamed X, having “manufactured” or “contrived” the images; that it had not “found” the ads as claimed, but rather had “created these pairings in secrecy.” X’s lawyers don’t mean that the images were manufactured — in fact, CEO Linda Yaccarino posted today that “only 2 users saw Apple’s ad next to the content,” which seems to directly contradict the idea that the pairings were manufactured.


HS GovTech Solutions acquired by Banneker Partners

Chilliwack, BC-based HS GovTech Solutions has been acquired by a British Columbia subsidiary of United States private equity firm Banneker Partners. According to a September statement issued by the company, the deal is valued at $33.3 million.

HS GovTech is not the only Canadian tech company that has gone private this year. Several other companies that went public during the pandemic boom have seen their stock prices fall and fail to recover amid the tech downturn.


PointClickCare’s Mike Wessinger on how Canada’s tech sector stacks up globally

Mike Wessinger, the co-founder of PointClickCare and current board chair, is the first to admit he may not be a household name beyond industry circles.

In his exclusive interview with Aly Gillani, Head of Canadian Tech Investment Banking at RBC Capital Markets, Mike delves into his advice for cultivating a thriving tech ecosystem that stretches beyond Silicon Valley and how to build tech unicorns in Canada (while still staying humble, of course).


Broadcom planning to complete deal for $69 billion acquisition of VMWare after regulators give OK

Computer chip and software maker Broadcom has announced it has cleared all regulatory hurdles and plans to complete its $69 billion acquisition of cloud technology company VMware on Wednesday.

Broadcom wants to establish a stronger foothold in the cloud computing market, and VMware’s technology allows large corporations to blend public cloud access with internal company networks. VMware, which is based in Palo Alto, California, has close relations with every major cloud company and provider, including Amazon, Google and Microsoft.


Active Impact Investments launches third climate tech seed fund with $70 million in initial commitments

Vancouver-based Active Impact Investments has secured over $70 million CAD in initial commitments for its third fund, which will continue the firm’s focus on early-stage climate technology startups.

Active Impact aims to raise a Fund III that is twice the size of its second fund, seeking a total of $120 million, the remainder of which it hopes to close in early 2024. These commitments bring Active Impact more than halfway towards that target, at a time when many other venture capital (VC) firms and startups alike are struggling to fundraise.


Federal Fall Economic Statement promises to expand Payments Canada eligibility, introduce open banking legislation in 2024

The Government of Canada’s Fall Economic Statement, delivered this week by Deputy Prime Minister and Finance Minister Chrystia Freeland, includes promises to implement a consumer-driven banking framework next year, expand Payments Canada eligibility, and bolster the country’s competition watchdog, as well as updates regarding the Clean Technology Investment Tax Credit and the Canada Growth Fund.


Marc Benioff just can’t make up his mind on RTO

Salesforce billionaire CEO Marc Benioff seems to have somewhat of a muddled stance on hybrid working.

“I don’t work well in an office. It just doesn’t work with my personality,” he said at Salesforce’s annual conference.

But he doesn’t feel the same about his employees.

“They need to mix in-person and remote together,” he said at the conference. “Our engineers are extremely productive at home. We have lots of people who are extremely productive at home. But there also has to be salespeople who are productive in the office.”


Co.Labs hires Broad Street Bulls, Rhino Ventures alum Jonathan Lipoth as executive director

After over a year of searching, Saskatoon-based technology hub Co.Labs has found its next executive director in Jonathan Lipoth.

Lipoth is a Saskatchewan native who has spent years working in early-stage Canadian tech on the venture capital (VC) side with Regina-based Broad Street Bulls and Vancouver’s Rhino Ventures.


Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

0 replies on “S|W: The SaaS Weekly – Investment in Canadian SaaS almost doubled from 2022 to 2023”