After two weeks of living out of a suitcase, I’m back in Toronto. But I still have the West Coast on my mind.
Josh Scott and Aaron Anandji saw Madison McLauchlan’s output from Alberta the week prior and said, “Challenge accepted.” For those who didn’t attend Web Summit Vancouver, BetaKit has you covered, from opening night critiques of AI and social media to end-of-week interviews with BC’s new JEDI (yes, that’s an official government role on the Best Coast), who said the event was worth “every penny.” We even sent Josh on an electric bus tour of BC’s cleantech sector.
My role in Vancouver was mostly to attend the evening events (the burden of leadership, I guess), of which there were many. But I think the best one might have been our event, hosted in partnership with La base entrepreneuriale and the Cansbridge Fellowship at McCarthy Tétrault’s stunning Vancouver office. There’s nothing more fun than getting in a room with the next generation of Canadian tech to share stories.
The first Web Summit Vancouver was much smaller than its predecessor, but that might have contributed to the good vibes. Local leaders already have a bunch of ideas on how to help the event double in size next year.
My favourite memory of the week? Hopping on a boat to tour the English Bay at sunset, right after BetaKit was awarded two SABEW Canada journalism awards for the second year in a row. BetaKit’s Vancouver contingent reconvened later that evening to celebrate with a pizza party and lots of laughter.
Being recognized for your hard work is always an honour. But no one does a job they love for the recognition. Our award-winning team is back at it on Monday.
Douglas Soltys
Editor-in-chief
Land your pitch at Startupfest and take home hundreds of thousands of dollars in investment prizes.
Over the past 15 years, Startupfest has become known for the game-changing opportunities that are available to startups. With high-impact networking, expert mentorship, world-class content, and an ever-growing list of prizes, it’s no wonder they’re a must-attend event for founders.
Diana Virgovicova and Shirley Zhong, founders of Xatoms, triumphed at Startupfest 2024, winning 3 investment prizes and taking home $250,000. Looking ahead to this year’s edition, Diana urged other founders to try for the same: “The Startupfest investment literally changed our lives last year–I highly encourage you to participate.”
This year, for their 2025 edition, Ambition+ Startupfest is rolling out more opportunities than ever before. Expect to see new prizes, expanded mentorship, exciting content, and all the magic of Startupfest this July 9- 11th in Montréal.
Learn more & register for Startupfest here.
BetaKit repeats as General Excellence winner at SABEW Canada Awards
For the second year in a row, BetaKit was recognized for General Excellence, Small Publication at the annual SABEW Canada Best in Business Awards for a package of editorial work that documented a weird year in Canadian tech.
Following up on his 2023 Jeff Sanford Best Young Journalist Award, BetaKit reporter Josh Scott received the 2024 award for General Excellence, Reporter at a Small Publication.
“This award is an honour that would not have been possible without the small but mighty BetaKit team,” Scott said.
Not to be outdone, Ottawa-based staff writer Alex Riehl, who represented BetaKit at the awards ceremony in Toronto on Wednesday night, took home second place in pub trivia at the event.
Amid AI proof-of-concept fatigue, Cohere co-founder urges potential customers to keep the faith and focus on ROI
During a panel discussion at Web Summit Vancouver this week, Cohere co-founder Ivan Zhang addressed the proof-of-concept fatigue that has taken hold among enterprises racing to adopt artificial intelligence.
In a follow-up interview with BetaKit, Zhang acknowledged that many firms have not seen the return on investment (ROI) necessary to justify their AI spending, and said he anticipates that AI startups will now be tasked with winning back companies “burned” by projects that didn’t pan out.
“The next phase of go-to-market for this technology is, ‘where is the ROI?’”
The Toronto-based enterprise AI giant also filed a motion in a United States court last week to dismiss a lawsuit in which media companies, including the Toronto Star, allege that the startup conducted large-scale copyright infringement.
Venture Capital Conversations
The annual Invest Canada conference in Calgary this week followed the release of multiple reports showing a five-year low for venture deals, a shrinking early-stage pipeline, and a bleak fundraising market for VCs. The new data has reinforced the industry’s private concerns, leading some to publicly question whether the dim outlook reflects a “systemic” problem.
Despite the doom and gloom, the Canadian Venture Capital and Private Equity Association (CVCA) recognized the deals, dealmakers, and community service behind Canada’s VC and PE firms with the 2025 CVCA Awards. Pender and Novacap got top marks for cashing in on some of the larger go-private deals last year.
Canadian Women in VC (CWVC) also analyzed the careers of more than 600 women in Canadian VC for the first time, and found that nearly one in four members have left the industry since 2019. CWVC hopes to gauge the significance of the data by producing analysis on an annual basis.
Bell to build six AI data centres in Canada as telcos compete on infrastructure
Telecommunications giant Bell is tossing its hat into the AI infrastructure ring as its competitors invest in AI data centres in anticipation of a growing demand for AI compute.
The Bell AI Fabric project aims to build six AI data centres in British Columbia, which the company says make up the first “supercluster” of a planned national network. Bell told BetaKit it’s looking to expand beyond the first six data centres to develop facilities in Manitoba and Québec.
Jim Balsillie calls on Ottawa to prioritize stablecoins at Inventures fireside with Premier Smith
Former BlackBerry co-CEO Jim Balsillie thinks Canada should expedite the introduction of stablecoins and open banking as part of a strategic offence in ongoing negotiations with the US.
In a conversation with Alberta Premier Danielle Smith at Inventures 2025 in Calgary, the Chair of the Council of Canadian Innovators said that US President Trump’s embrace of cryptocurrencies and advancing stablecoin legislation south of the border signal an impending risk for Canada.
FEATURED STORIES FROM OUR PARTNERS
- AI integration at work is becoming a default expectation, but using it effectively remains a developing skill. We spoke with four professionals about how the Chang School’s Curv Microcertificate in AI for Productivity sharpened their understanding of AI’s role in iteration, problem-solving, and productivity. Read more about what they learned.
- Osler’s 2024 Deal Points Report captured the pulse of Canadian venture. To go beyond the numbers, we asked four Osler partners what’s happening behind closed doors, including what’s changed, what still works, and what founders need to know to raise in 2025. Read more from the people behind the deals.
🇨🇦 Weekly Canadian Deals, Dollars & More
- CAN – Farm Credit Canada commits to investing $2B in AgTech
- BC – PacifiCan invests $1.8M in Integrated Marketplace initiative
- VAN – Jane Software to be valued at $1.8B in upcoming secondary
- SK – Innovation Saskatchewan boosts tech sector with new strategy
- TOR – ProteinQure nabs $11M for AI drug discovery platform
- TOR – Vanguard strikes AI partnership with University of Toronto
- TOR – Koho launches international money transfers
- TOR – Zown expands homebuying app into the US after early success
- OTT – Assent adds Michael Southworth as CEO
- MTL – AssistIQ nabs $11.5M to help hospitals track equipment
- MTL – WareMatch raises $2M to expand its AirBnb for warehouses
- SHB – Nord Quantique shows off breakthrough in error correction
The BetaKit Podcast – The Canadian engineer trying to fix the internet’s original sin
“ Companies have spent a lot of time and money creating really great user experience for humans. And now there’s kind of this race to create a really good experience for AI agents.”
Erik Reppel, head of engineering for the Coinbase Developer Platform, joins to explain why the x402 open payment standard he helped create might plug one of the oldest holes in the internet, and how the protocol could revolutionize commerce—with the help of cryptocurrency and AI.
Take The BetaKit Quiz – This week: Calgary Capital, the King comes to Canada, and nothing but Bluesky in rain city
Think you’re on top of Canadian tech and innovation news? Time to prove it. Test your knowledge of Canadian tech news with The BetaKit Quiz for May 30, 2025.
Get your ticket today! Attend the Step-Up Program Pitch & Showcase on Thursday, June 19th to connect, collaborate and celebrate the achievements of the Step-Up Program participants. Hear founder pitches and network with industry professionals, including city officials.
Join us as we celebrate scaling companies in the IDEA Step-Up Program.
Step-Up Program Pitch & Showcase
June 19th from 4:30 to 6:30 p.m.
C Banquets, Mississauga Civic Centre.
Feature image courtesy Ramsey Cardy/Web Summit via Flickr.