S|W: The SaaS Weekly – WellnessLiving, Kinaxis expanding as Martello cuts back

WellnessLiving Yoga
Plus: Layoffs across SaaS startups pile up.

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WellnessLiving secures $66 million USD to scale operations management software for wellness centres (BETAKIT)

Founded in 2013 by Len Fridman and Sasha Davids, Wellness Living’s member management software provides businesses with an integrated payments platform and allows operators to schedule classes and appointments, manage staff, process payments, and engage with their members.


Unity rejects $17B hostile takeover bid from AppLovin (VENTUREBEAT)

Unity CEO John Riccitiello said in a statement, “The board continues to believe that the IronSource transaction is compelling and will deliver an opportunity to generate long-term value through the creation of a unique end-to-end platform that allows creators to develop, publish, run, monetize and grow live games and real-time 3D content seamlessly. We remain committed to and enthusiastic about Unity’s agreement with IronSource and the substantial benefits it will create for our shareholders and Unity creators.”


Attractions management software startup Connect&Go closes Series A round with $6.2 million top-up (BETAKIT)

This recent financing comprises $5 million (all numbers CAD) from Financière Outremont as well as two existing investors, Carey and Gestal. The new round also includes $1.2 million in debt from new investor Finalta Capital.


Kinaxis is hiring, raising forecasts and expanding through acquisitions amid tech sector struggles (THE GLOBE AND MAIL)

The Ottawa-based supply chain management software company is increasing revenue at a steady clip, hiring hundreds of people and has twice raised financial forecasts this year, including last week when it reported second-quarter results that beat analyst expectations. While shares of fellow Canadian software companies Shopify Inc. and Nuvei Corp. have fallen by more than 40 per cent in a brutal year for tech stocks, Kinaxis is down just 6.5 per cent in 2022.


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Venture investment returning to pre-pandemic levels, shows Q2 2022 CVCA report (BETAKIT)

The economic downturn is leading to investment themes that bear resemblance to early 2020, when investors were cautiously deploying capital and concentrating on their existing portfolio companies.


‘We have to be more focused’: Martello cuts 15% of workforce in bid to become cash-flow positive (OTTAWA BUSINESS JOURNAL)

The staff cuts – which CEO John Proctor said will affect all departments – are part of a company-wide effort aimed at reducing the firm’s overall expenditures by 20 percent, or about $4 million a year.


Moozoom raises $5 million to improve youth mental health with socio-emotional learning videos (BETAKIT)

“I saw the problem [and] I saw a business opportunity that would meet my need [to] do something bigger than myself, and help millions of kids,” said CEO JP Turgeon.


Venue raises $4M from Accel and the CEOs of Slack, Remote and SquareSpace to give teamwide video meetings a new breath of life (TECHCRUNCH)

A startup called Venue is setting out its stall to compete with a video conferencing platform that brings in a host of personalization and other features from consumer communication apps to make it more engaging.


Direct-C closes $3.9 million Series A from Henkel and GreenSky to scale oil leak detection tech (BETAKIT)

Securing a partnership-slash-commercial agreement with a major corporation by a tech company is pretty tough,” Direct-C CEO and CTO Adrian Banica told BetaKit in an interview, expressing excitement to have Henkel on board. “It’s a long road.”


How startups can survive a market downturn (BETAKIT)

Katy Yam, partner at Real Ventures and GM of Founder Fuel, Peter Fishman, co-founder and CEO of Mozart Data, and Ethan Ruby, partner of analytics at Craft Ventures all spoke about how the right data can help startup leaders make survival decisions in a downturn.


VidMob, Which Makes Software for Marketers, Raises $110 Million (THE WALL STREET JOURNAL)

Founded in 2014, New York-based VidMob says its software helps marketers analyze the quality of the creative content in their digital ads and use data and other insights to help improve the performance of the advertising.


Metafold 3D secures $500,000 from Active Impact Investments to build 3D printing’s “missing piece” (BETAKIT)

The startup was founded in 2020 by a group of math, geometry, and architecture experts in CEO Elissa Ross, CTO Daniel Hambleton, and COO Tom Reslinski. The trio decided to launch Metafold while working at Mesh Consultants, a geometry consulting agency that Hambleton founded.


DriveNets secures $262 million Series C at over $2.5 billion valuation (CTECH)

Founded in 2015, DriveNets offers communications service providers (CSPs) and cloud providers a new way to build networks, substantially growing their profitability by changing their technological and economic models.


NotaryPro secures $646,415 CAD to tap into growing market for digital signatures (BETAKIT)

NotaryPro said the financing was led by a California-based investment group, though it did not disclose the investor’s name. The company also did not identify the other investors that participated in the round. BetaKit has reached out for more details.


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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