Canada’s Startup News of the Week (11/27/22)


Also: CVCA has further cut back on Canadian venture funding.

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

FTX collapse could set back investment in Canadian crypto companies for years, experts say

“Institutional investors are going to have a very difficult time getting willing to explore the industry,” said Colea Carrington, executive director of the Canadian Blockchain Consortium. “They don’t see this as an isolated incident…everyone [will get] Painted with the same brush.


Canadian tech venture funding continues to decline in Q3 2022, CVCA reports

CVCA CEO Kim Furlong said: “Investors will monitor market conditions in anticipation of a tipping point, while founders will stop raising funds at reduced prices.”


A year after raising $6.5 million, Gudgud is closing because he couldn’t get more money

According to documents obtained by BetaKit, GoodGood initially plans to raise $10 million in equity capital and debt by the summer of 2022, amid a challenging fundraising landscape and recession. As the company points out: “Investor priorities have changed.


Canada’s tech hubs are not immune to decline as Communitech lays off 10 percent of workforce

Communitech says the commercial real estate delivery center has faced challenges that it expects to continue next year.


“Ego boosting,” says Laura Lenz of Omer’s Ventures

“People were focused on growth at all costs, now investors look at growth with profitability,” says Laura Lenz, OMERS Venture Partner.


Prairie Tech holds its Calgary launch party, Start in Alberta Awards, StartupTNT Summit ends in #CDNtech

This year’s launch party highlighted 10 Calgary rookies, with three taking home awards for the People’s Choice Award, the Alumni Choice Award and the Alex Rachenko Pitch Award, respectively.


How Aqua balances global growth with local impact to provide clean drinking water

Canada has access to abundant clean drinking water, but that is not the case globally. Nearly one-third of the world’s people do not have access to clean drinking water because of microbes and other contaminants, a problem Manoj Singh thinks can be solved with technology.


How electric transportation can boost Ontario’s economy

“It’s important to note that Ontario is the only country in North America with a complete battery supply chain,” said Richard Dunda, director of the Center for Integrated Transportation and Mobility.


Recent funding, acquisitions and layoffs

  • Van – Product Exchange – $110K (read more)

  • KIT – Acerta – $10.4M (read more)

  • OTT – Climate Action and Awareness Fund (read more)

  • MTL – WorkJam – $50M (read more)

  • MTL – Wiseday Announces Previously Unannounced $5M Round (Read More)


Canadian technology talks about cycles, risks and “recipes for failure”.

“It was a little ego boost.” “I think it’s an accident,” “I’ve read Beta Kit for the truth.”

Canadian technologists try to make sense of a crazy year in a series of interviews filmed by SAS North Live.

In attendance: Laura Lenz (OMERS Ventures), Leo Lax (L-Spark), Louis Tetu (CoVO), Rhea Bhavanani (Shopify), Peter Housley (Boost), Natalie Archibald (CLEO) and Sean Silkoff (Globe & Mail).


Will some Canadian tech companies die during the recession?

“Are we willing to let companies die in Canadian technology?”

“yes.”

Special guest and Ottawa native son VC Matt Roberts joins this special Beta Kit podcast with SAAS North recording.


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