Canada’s Startup News of the Week (10/10/22)


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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. If you prefer this update to have it hit your inbox every week, be sure to sign up for the BetaKit newsletter using the form at the bottom of this page.

The main news of the week


Two small fish will be big in a third fund, with a target close of $40 million CAD.

With 40 investments, including popular bets and exits, two small fish are confident and the capital will be returned to build a bigger fund than in previous years.


InBC shows a direct and indirect investment strategy for the 500 million dollar fund

InBC is putting together an evergreen fund that will invest $500 million directly in companies and investment funds or strong ties to BC.


Carbon 6 closes $88 million CAD Series A to bolster “fragmented” e-commerce software space BetaKit

“What we saw here was an opportunity to put together a series of tools that support that professional seller,” Carbon6 founder and CEO Justin Cobb told BetaKit in an interview.


Class action lawsuit filed by Wealthsimple, Shakepay over deceptive crypto transaction fees.

The lawsuit, filed Sept. 29 in Quebec Superior Court, is seeking $10 million in fines each from Wealthsimple and Shakepay for misrepresenting the true costs of their cryptocurrency services. The proposed class action lawsuit has not yet been approved by the court.


Lightspeed adds Google alum Ryan Tabo as chief product and technology officer

“We want to do more in financial services,” Lightspeed CEO JP Chauvet said in an interview, noting that Tabone’s experience with Google Pay was “extremely valuable” to what Lightspeed is doing today.


How TD is working to unlock equity education.

Speaking with BetaKit, Samantha Estosta, Innovation and Programs Equity Manager at TD Labs, explained the origins of the Hub and the core five-step process any company can use to build more inclusive products and services.


BetaKit Live: Fighting Cyber ​​Threats

In partnership with TELUS Online Security, Beta Kit is pleased to present a live panel discussion on what Canadians need to know about cyber security threats while providing practical solutions for online protection.


Recent funding, acquisitions and layoffs

  • BC – Innovation BC awards $2.3M to eight R&D projects (read more)

  • Van – Canadian Drivers – $10M (read more)

  • CAL – ONLY – $2.55M (read more)

  • TOR – Sensibill acquired by Q2 Holdings (read more)

  • TOR – Horizon Blockchain Games – $40M (read more)

  • TOR – To find Ledn Arxnovum (read more)

  • TOR – Halp – $5.5M (read more)

  • OTT – Field Results – $41M (read more)

  • MTL – National Bank gives $1 million to Montreal startup (read more)


How did the decline of technology affect the founder’s mental health?

“There is a direct relationship between the mental health of the entrepreneur and the performance of the company.”

Econa founder Dr. Michael Freeman returns to discuss how the current tech winter affects founder mental health and how that impacts company performance.


Twitch is dying and Devin Nash knows why

“Basically, Amazon can’t make this company profitable. It doesn’t make money.”

Streamer, YouTuber, and Novo CEO Devin Nash joined to explain the myriad ways Amazon’s attempt at Twitch failed to make money or make anyone happy.


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