S|W: The SaaS Weekly – Microsoft stays rosy, Meta drops

Man using VR headset in a purple room.
Plus: Ex-Tungle, Foko employees pivot new startup to take on Evernote.

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

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Stadium Live scores $12.8 million CAD Series A to engage Gen Z sports fans (BETAKIT)

Traditional sports leagues need to attract younger audiences to ensure their survival. But the way kids are engaging with professional sports is changing, and major leagues have struggled to capture the attention of younger fans amid shifting viewership habits and the rising popularity of e-sports.


F.T.C. Sues to Block Meta’s Virtual Reality Deal as It Confronts Big Tech (THE NEW YORK TIMES)

The antitrust lawsuit is the first under Lina Khan, the commission’s chair and a leading progressive critic of corporate concentration, against one of the tech giants. Ms. Khan has argued that regulators must stop competition and consumer protection violations when it comes to the bleeding edge of technology, including virtual and augmented reality, and not just in areas where the companies have already become behemoths.


ProcedureFlow closes $11.8 million to scale knowledge management software globally (BETAKIT)

The financing also received contributions from new investor Sandpiper Ventures, along with current investors Build Ventures, BDC Capital’s Women in Technology Venture Fund, Innovatia, New Brunswick Innovation Foundation (NBIF), and ProcedureFlow employees.


Facebook reports drop in revenue for the first time (THE VERGE)

The social network reported its first-ever yearly decline in revenue for the second quarter, announcing a 1 percent drop to $28.8 billion, and predicted that growth in the third quarter could fall even more. The overall profit for its parent company, Meta, fell 36 percent to $6.7 billion.


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From seed to fork: building better food systems through impact investing (BETAKIT)

“It has to start with providing all people—emphasis on all—with enough food and nutrients to nourish themselves,” said Ran Goel, founder of Fresh City Farms in Toronto. “That is the foundation. Then the question becomes: how do we do that in a way that can essentially carry on indefinitely into the future?”


Microsoft misses estimates but stock up 5% on rosy guidance (CNBC)

Microsoft turned in the slowest revenue growth since 2020, at 12% year over year in the quarter, which ended on June 30, according to a statement. The company’s earnings per share fell short of consensus for the first time since 2016, with net income rising 2% to $16.74 billion.


Check out these Canadian tech venture funding reports for Q2:

All data sourced via briefed.in. BetaKit is a briefed.in Tech Report media partner.

Converge Technology secures $500 million loan to continue acquisition spree (BETAKIT)

The Bank of Nova Scotia, the Toronto-Dominion Bank, and the Bank of Montréal are also participating in the lender group. This new credit facility will also include an uncommitted accordion feature of $100 million, providing Converge with a total borrowing capacity of up to $600 million.


Accenture continues Canadian tech acquisition spree with Solvera Solutions, Eclipse Automation (BETAKIT)

Founded in 2005, Solvera’s team of more than 450 provides consulting and services across the ServiceNow, Microsoft, and SAP platforms. Solvera works with clients in the public sector, health, financial services, utilities and energy, and agriculture industries.


Ex-Tungle, Foko employees pivot new startup, Nook, to take on Evernote (BETAKIT)

Gingras, who is a co-founder of Nook, took on the role of CEO this month after spending the last year as a senior vice president at WorkForce. Prior to Gingras taking over the day-to-day leadership of Nook, the startup was led by co-founder Chad Carlson, who held the title of president.


Data Risk Software Maker Exterro Targets Possible 2023 IPO (THE WALL STREET JOURNAL)

Exterro Inc., a data risk and compliance software maker, on Monday is expected to announce a new round of investor financing that lifts its market value above $1 billion.


Advertising tech startup Polar secures funding from Fort Point Capital, rebrands to Nova (BETAKIT)

Co-founded in 2007 by CEO Kunal Gupta, Polar provides two types of advertisement products: Nova, as well as publisher ad products. When Nova was spun out, Polar said that it decided to launch the product because it identified a market opportunity to bring better creative tools to programmatic advertising, and wanted to refine the company’s product and client focus.


Spotify CEO says company isn’t seeing impact of economic downturn yet (AXIOS)

Several media and tech firms attributed slowed growth last quarter to macroeconomic headwinds. CEO Daniel Ek told Axios he remains “paranoid” about a potential recession but said, “so far, we’re not seeing much of it at all.”


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Michael Edgar

Michael Edgar

Michael is a multimedia journalist and Carleton Journalism alumni working out of Ottawa and Montreal. Follow him on twitter @mwedgar.

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