S|W: The SaaS Weekly – M&A over IPO

Plus: One year in, Backbone Angels is closing gaps for underrepresented founders.

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Clio and Trulioo say not now to IPOs as CEOs discuss unicorn M&A strategies (BETAKIT)

At a recent event for BetaKit Patreon supporters, Clio CEO Jack Newton and Trulioo CEO Steve Munford revealed that they aren’t planning to take their companies public anytime soon, and shared an in-depth look at how the two BC tech unicorns tackle mergers and acquisitions.


Cybersecurity startup Axonius valued at $2.6 bln after latest funding (REUTERS)

Axonius has raised $200 million from investors led by venture capital firm Accel at a valuation of $2.6 billion, in what the cybersecurity startup says could be its last funding before a public listing.


Market watch: VerticalScope and Magnet Forensics (BETAKIT)

Acquisition-focused Toronto software company VerticalScope and Kitchener-Waterloo-based digital investigation firm Magnet Forensics recorded some positive but mixed results in Q4 and 2021. VerticalScope saw its digital advertising revenue rise and its e-commerce revenue fall, while Magnet experienced a revenue increase coupled with a drop in net income.


Byju’s closes $800 million pre-IPO fundraise at a valuation of $22 billion (THE ECONOMIC TIMES)

The round, which comes ahead of its planned initial public offering (IPO), values the Bengaluru-based company at about $22 billion, people aware of the development told ET. The mammoth post-money valuation makes it India’s highest-valued startup.


Key raises $11 million to pilot home co-ownership platform in new Canadian, US markets (BETAKIT)

Proptech startup Key has received $11 million CAD in seed funding to unlock future growth for its digital, on-demand home-ownership program.


OSINT-based threat detection firm Echosec Systems closes $10 million credit facility from Espresso Capital (BETAKIT)

Formed in 2013 by veteran cartographer and former CEO Karl Swannie, Echosec offers an open-source intelligence platform that helps security teams detect web-based data for threat intelligence.


Didi said to halt Hong Kong listing plan on cybersecurity probe (BLOOMBERG)

The moves reflect mistakes made by the company, whose software automates back-office tasks such as processing invoices and data entry.


iRestify closes $6 million to bring building maintenance solution to the US (BETAKIT)

Toronto-based proptech startup iRestify has raised $6 million CAD to take its “all-in-one” cleaning and maintenance software for property managers south of the border. The raise, iRestify’s third seed round in four years, follows a series of pivots for the startup, which serves the multi-residential and commercial spaces.


Google to acquire cybersecurity firm Mandiant for $5.4 billion (CNBC)

Google announced that it plans to buy cybersecurity firm Mandiant for around $5.4 billion as part of an effort to better protect its cloud customers.


Led by Serena Williams’ venture fund, Calico closes $2.6 million CAD to help D2C fashion brands manage their supply chain (BETAKIT)

Kathleen Chan, Calico’s founder and CEO, previously launched and scaled her own D2C jewelry and apparel companies, where she became familiar with the challenges associated with running a D2C brand’s supply chain activities.


Uber raises earnings outlook on ride-hail rebound; shares gain (BLOOMBERG)

Uber Technologies Inc. raised its forecast for earnings in the current quarter, defying concerns of a lasting impact on ride-hailing demand due to omicron.


Somm acquires last-minute restaurant reservation app Dinr to move beyond wine recommendation (BETAKIT)

Developed in 2014 by restaurateur Kyle Nares and tech exec Bryan Mahoney, Dinr is a free mobile restaurant reservation app that matches last-minute diners with popular restaurants on a same-day basis.


Eight more women allege sexism at PlayStation, intensifying lawsuit (AXIOS)

Eight more women, former and current employees at Sony PlayStation, have added their accounts of sexist treatment to a proposed class-action lawsuit against the gaming giant.


StoreToDoor secures $1.25 million to take same-day delivery service to new markets (BETAKIT)

StoreToDoor founder and CEO Scott Love has worked in the food industry for 25 years. After dabbling in Saskatchewan’s tech scene through angel investing and seeing the impact of Amazon and COVID-19 on local retailers, he decided to launch his own same-day delivery solution.


Josh Scott

Josh Scott

Josh Scott is a BetaKit reporter focused on telling and breaking Canadian tech and innovation stories. His coverage is more complete than his moustache.

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