S|W: The SaaS Weekly – Wattpad’s European expansion

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!

Saskatoon-based SalonScale Technology closes $1 million seed round(BETAKIT)

Saskatoon-based SalonScale Technology has closed over $1 million in seed funding for its smart technology-powered app helping salon owners and stylists.

Ment.io wants to help your team make decisions(TECHCRUNCH)

The service actually measures the level of expertise and credibility every team member has around a given topic.

Bridgit raises $1.5 million from CIBC Innovation Banking(BETAKIT)

Kitchener-based Bridgit, a project management platform for construction businesses, has received $1.5 million in debt growth capital financing from CIBC Innovation Banking.

Backbone raises $10 million for cloud-hosted consumer goods workflows(VENTUREBEAT)

Backbone says the fresh funds will fuel R&D and a planned expansion into verticals like fashion, furniture, home and hard goods, and textiles.

Wattpad Books partnership with Penguin Random House marks first expansion into Europe(BETAKIT)

This collaboration comes as part of the online story-sharing platform’s aggressive expansion plans.

San Jose startup grows rapidly, raises $31M to help deal with ‘privacy Armageddon’(BIZJOURNALS)

A startup founded by the former cloud security chief at Symantec has grown from zero to 130 employees as businesses rush to deal with a new wave of privacy and consumer protection regulations.

Wholesale local food platform FreshSpoke raises $550,000 seed round(BETAKIT)

FreshSpoke, a wholesale local food software platform provider based in Barrie, Ont., has raised a $550,000 seed round.

SaaS startup Backbone secures $18 million to streamline the complex manufacturing process for consumer goods companies(TECHSTARTUPS)

This funding, combined with the $8 million Backbone raised in August 2018, has Backbone closing their Series A round with a total $18 million in funding over 12 months.

Lightspeed reports 38 percent revenue growth in Q1 2019(BETAKIT)

The now-public company reported $24.1 million in revenue, an increase of 38 percent from the same period last year.

AI-based SaaS startup Spyne raises seed round led by Smile Group(YOURSTORY)

According to the startup, the latest funding will be used to build deeper technology solutions to streamline and distribute massive offline content for creative professionals such as photographers.

FreshBooks raises “most significant investment so far” from JPMorgan Chase(BETAKIT)

Toronto-based cloud accounting startup FreshBooks has announced that JPMorgan Chase & Co. has made a strategic investment in the company.

Linux security startup Capsule8 raises approximately $6.5 million led by Intel Capital(VENTUREBEAT)

The startup, which offers cybersecurity protection for Linux production environments, said it will use the money to expand sales, marketing, product development, and customer-facing initiatives.

Caitlin Hotchkiss

Caitlin Hotchkiss

Content coordinator, social media smartypants, wordsmith, Human Workflow™. Exists primarily on coffee, cat pictures, German dance metal, and pro wrestling. I will fight for your right to the Oxford comma.

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