Plus: Another Shopify C-suite exec steps up.
Welcome to BetaKit Startup Stories of the Week! Here, you’ll find the week’s most important news, features and editorials published on Beta Kit.
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The main news of the week
Investor liquidity issues are putting pressure on Canadian startups.
The immediate downside is for Canadian startups looking to raise money—including those that have closed rounds—only to see the money materialize or flounder.
CTO Alan Leinwan to leave the company, citing “personal reasons”.
BetaKit reported Friday morning that Linwand will be leaving the Ottawa-based e-commerce giant next month. It marks the third C-Suite exec to leave since September.
Pender Ventures has closed the first half of its planned $100 million second venture fund.
“We want to build bench strength across the country in Ontario [and] Quebec in particular,” said Maria Pacella, managing partner of Pender Ventures.
Tenstorrent turns CEOs like Apple, AMD, Intel alum into AI chip unicorns.
He first joined Tenstorrent two years ago as President and CTO. Jim Keller, who joined for the first time, is transitioning his role alongside CEO Lubisa Bajich.
Delphia has placed the co-founder on leave over sexual harassment allegations, a lawsuit from a former employee.
The lawsuit, filed in California, alleges that Delphia co-founder and CTO Cameron Westland “sexually assaulted and harassed” a former employee at a work retreat on August 17, 2022.
Following the failure of the Series A round, Nuula was sold to Nav Technologies
Nuula CEO Mark Ruddock wrote that “the majority” of Nuula’s technology team, in addition to key data science, accounting and marketing talent from its Canadian office, joined Nav following the acquisition.
How to turn new students into successful employees
Younger generations value fun work and teamwork; They need structure and strong relationships.
How StoryTap Founder Bernadette Butler Overcame the “Shock” of Entrepreneurship
“I ask anyone who says they got it out the door,” says Bernadette Butler, founder of StoryTap.
Recent funding, acquisitions and layoffs
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VIC – Small Cap and WeCommerce to Merge, Official (Read More)
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Van – Traction Complete – $6.7M (read more)
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CAL – SVG Ventures Thrive Announces $75 Million in Funding (read more)
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EDM – DeepMind to Close Edmonton Office (Read More)
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TOR – Xanadu Receives $40M From Federal Government (Read More)
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TOR – Smile Digital Health – $30M (read more)
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TOR – PartnerStack lays off 20 percent of workers (read more)
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TOR – Revenge removes 20 percent of workers (read more)
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TOR – #Paid will fire 17% of workers (read more)
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MTL – Blockstream – $125M (read more)
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MTL – SSENSE Lays Off Seven Percent of Employees (Read More)
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MTL – Shakepay Takes 25% off Team (Read More)
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NY – AtomicJar – $25M (read more)
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Can Amber Mack explain WTF is happening in tech right now?
“I really feel like 2023 is going to be one of those years in Canadian tech where companies are going to be responsible.”
Award-winning Amber Mack returns to the award-winning BetaKit podcast for the first AMA episode of 2023, answering listener questions: mass tech layoffs and CEO departures; Because VCs can’t (can’t?) kill rounds; Technological development opportunities in Atlantic Canada; And the essential 10 minutes of chat chatgpt and ‘next big things’.
Stephen March How Generative AI Will Change Academia (and Everything)
“We are dealing with something very deep, so the change is not something that the government can change.”
Generative AI can be a wonderful tool. What will be lost in his wake? Join Canadian author, essayist and cultural commentator Stephen Marche.
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