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Plus: Futures betting on Shopify and Wealthsimple.
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
VCCI fund managers have been selected for a $350 million federal capital injection
Harborvest Partners, Teralis Capital, Kensington Capital Partners and Northleaf Capital have been selected to spend $350 million in the 2021 federal budget. Each of the four firms also managed a previous VCCI capital round.
After two quarters of slow growth, Shopify will increase revenue in Q3 2022, but sees future quarters on the way back.
“Looking forward, Shopify’s platform flexibility, breadth of solutions, pace of innovation and disciplined investment approach position us to realize the tremendous opportunity ahead,” said Amy Shapero, Shopify’s CFO.
Wealth Simple will be the first Canadian cryptocurrency platform to offer stock.
Starting Wednesday, Canadians can share two tokens publicly through Wealthsimple-Solana and Ethereum to earn crypto rewards for storing their assets, which can be up to four percent in return.
Despite increased competition, a decentralized economy quadruples revenue
Floating said it has seen revenue and payouts quadruple since its $37 million, Tiger Global-led Series A round in November last year. The startup has introduced two new product categories in recent months namely Charge Card and USD Card.
WonderFi replaces CEOs, hedges from crypto volatility to stock trading and sports betting.
In addition to being named president, Dean Skurka has replaced WonderFi co-founder Ben Samaru as interim CEO as the Vancouver-based cryptocurrency company plans to expand into traditional stocks, sports betting and online gaming.
As the leadership transition continues, Lightspeed CRO promotes JD St-Martin to President
St. Martin’s appointment represents the latest major leadership shakeup triggered by the departure of founding CEO Dax Dasilva. In February of this year, DaSilva stepped down to become an executive, and JP Chauvet, who has been the president of Lightspeed since 2016, is slated to become the CEO.
Graphite Ventures Appoints Omi Velasco as Principal to Lead Western Canada Deals
In the year In 2019, Velasco co-founded Aventrock Ventures, a family office that has invested in companies such as Symend, Circle Cardiovascular, Beatdapp, Chata, Surf, Wize, and Ownly, among others. In August, Velasco became executive director of the Alberta Venture Capital Association.
Why Potluck founder Rodolph Barre tries to set himself on fire every six months.
Not all startup founders go on to become growth CEOs, and Barrer says he’s had plenty of opportunities to get out of the potlock, either by selling the company entirely or bringing in a professional CEO. However, he always decided against it.
Q3 Canadian Tech Venture Funding Reports:
2022 surpassed the previous three years of Alberta Venture funding.
Primary agreements were nowhere to be found. So what comes next?
In an uncertain climate, investors prefer to maintain existing crops rather than plant new ones.
The headwinds sent Quebec’s tech sector into its lowest investment quarter in three years.
Recent funding, acquisitions and layoffs
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VIC – Certn acquires InterCheck (read more)
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Van – Telus International to find Willowtree (read more)
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VAN – Visier Acquires Boostrs Assets (Read More)
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TOR – Cinchy – $19.7M (read more)
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TOR – University of Toronto Funding for AI Research from Eric Schmidt (read more)
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OTT – Shopify invests in Watis (read more)
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MTL – Nolk – $30 million (read more)
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MTL – Unito – $20 million (read more)
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MTL – RenoRun disables 43 percent of workers (read more)
Making future bets on the market, rich easy and Metaverse
“If Canadian VCs weren’t allowed to speak to reporters anonymously, they wouldn’t say anything.”
The monthly AMA episode of the BetaKit podcast answers questions from listeners about what the future holds for Shopify, Wealthsimple, venture capital and technology in the 2020s.
It’s to watch Alexis Gay, who can have fun while quietly leaving your tech job
“One of the funniest things about technology is its complete and utter ignorance.”
Comedian and podcaster Alexis Gay joins to share her transition from working in tech to creating content about the ins and outs of working in tech.
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