The SaaS Weekly is a weekly newsletter covering major SaaS news from Canada and around the globe.
Subscribe to S|W using the form at the bottom of this page to ensure you don’t miss out on the most important SaaS news every week!
CFO behind Q4 Inc. IPO Ryan Levenberg steps down (BETAKIT)
Ryan Levenberg, Q4’s chief financial officer (CFO), will be resigning from his role by the end of May. The company’s chief operating officer Donna de Winter, will assume the role of interim CFO.
Under intense activist investor pressure, Zendesk could be looking at possible sale (TECHCRUNCH)
It’s been tough times for Zendesk, which has been fending off Jana since the end of last year, when the activist investor began to send the company, which focuses on help desk and ticketing software, a series of complaint letters.
Toronto venture funding continued to reach new heights in Q1 2022, but tech valuations may be due for a cooling (BETAKIT)
Toronto’s tech sector once again swept venture funding records away in Q1 2022, but showed signs it may cool off in the coming quarters. Meanwhile, the first quarter also saw Alberta’s tech sector set a new venture funding record, British Columbia see strong results, while Waterloo Region “moved in the right direction,” according to new reports from briefed.in.
Calling all entrepreneurs and business owners! 📢🤩
Are you trying to grow and scale your business but don’t have the necessary funding? 📈💰
Start taking advantage of the billions of dollars in untapped FREE government money available every year in grants, tax credits, and incentives by joining Pocketed! 💜🤑
Pocketed simplifies access to government funding for businesses across North America. With our intelligent matching platform and funding as a service solution, we get businesses the money they need to GROW! 🚀
Join Pocketed today and use the referral code “BetaKit” for exclusive perks and offers! 🙌
Amid Ad-mageddon, Shopify and Facebook Butt Heads Over Data (THE INFORMATION)
For years, a rumor swirled inside Shopify that Meta Platforms, formerly known as Facebook, was looking to buy the Canadian e-commerce giant. Nothing ever materialized—and regulatory scrutiny on the social media giant’s deals makes it seem likely nothing ever will—but the mere fact that the chatter persisted highlights how intertwined the two already had become.
Thentia secures additional $10 million from BDC Capital, opens HQ in Oklahoma (BETAKIT)
Founded in 2014, Thentia aims to help government agencies improve user experiences and increase visibility into their own operations, by accelerating, simplifying, and automating the data and license management process.
Elon Musk Says He Has $46.5 Billion in Funding for Twitter Bid (WALL STREET JOURNAL)
Elon Musk said he has lined up $46.5 billion to fund his bid for Twitter Inc., answering the biggest question that had loomed over his takeover offer for the social-media platform.
Netflix shares crater 25% after company reports it lost subscribers for the first time in more than 10 years (CNBC)
Netflix on Tuesday reported a loss of 200,000 subscribers during the first quarter — its first decline in paid users in more than a decade — and warned of deepening trouble ahead.
Canvass Analytics secures $5.7 million from federal government to double Toronto workforce (BETAKIT)
Canvass Analytics has received a $5.7 million grant from the Government of Canada through the Jobs and Growth Fund. The investment was given through FedDev Ontario, and will help Canvass in creating 45 new jobs in Toronto.
Spotify Rival Deezer Strikes SPAC Deal Valuing It at About $1.1 Billion (WALL STREET JOURNAL)
French music streaming service Deezer is merging with a special-purpose acquisition company and aiming to go public at a €1.05 billion, or about $1.13 billion, valuation, the companies said.
Hootsuite appoints former Mailchimp exec as CPO (BETAKIT)
Vancouver-based Hootsuite has appointed Natalia Williams as chief product officer (CPO). Prior to joining Hootsuite, Williams worked at Mailchimp as the email marketing company’s CPO.
Oyster, a remote workforce management platform, hits $1 billion unicorn valuation (FORTUNE)
Distributed workforces have become an increasingly viable option for companies over the past few years, with employers more willing to tap talent from around the globe in response to accelerated labor demands. The nearly $16 billion HR software market is taking note, along with investors.
Fortress Information Security receives $125M to find the answer to supply chain attacks (VENTURE BEAT)
Today, supply chain cybersecurity platform provider Fortress Information Security announced that it had raised $125 million as part of a strategic investment managed by the Private Equity business within Goldman Sachs Asset Management.
Legible sees more execs depart in restructuring as company eyes private placement for liquidity (BETAKIT)
Less than two weeks after laying off a third of its 60-person team, Legible has announced two more executive departures.
Instagram to improve its ranking system to better highlight original content (TECHCRUNCH)
Instagram head Adam Mosseri announced that the company is going to tweak its ranking algorithm to highlight original content more on its platform. Following the announcement, a spokesperson for the social media giant told TechCrunch in an email that Instagram is making changes to its ranking algorithm to prioritize the distribution of original content, rather than reposted content, in places like the Reels tab and feed.
