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Also: Clearco handed over overseas business to Outfund.
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
Five months later, the details of Canada’s new innovation and investment agency remain scant.
From budget announcements, the federal government doesn’t say much about what the agency will look like, its role, how it will operate, and most importantly, whether it will operate at all.
Only one individual appears to have the power to decide the agency’s future, and that’s a government outsider with a contract with the federal government: Dan Breznitz.
Clearco handed over foreign business to Outfund to focus on the North American market
Clearco has confirmed to BetaKit that it is handing over its overseas markets business to Outfund, a United Kingdom (UK)-based income finance firm, in what Clearco describes as a “strategic partnership”.
1Password merges the C-suite, the CPO is replaced and the CMO departs
Having joined 1Password in May 2021 after advising the board a year ago, Sarkar is set to leave the company in mid-September. The decision follows the replacement of Akshay Bhargava as Chief Product Officer (CPO) soon after.
Ripple Ventures announces partner Dominic Lau as it prepares for next round of funding
Ripple has now finished investing out of Fund II, and is working to raise the next fund. Cohen stated that Ripple is deploying new capital and “actively engaging” existing and new investors, but did not provide further details.
How beginners can avoid the “Frankenstein Data Stack” trap
In search of speed, many startup founders gather together many low-quality data sources in the hope that they will provide actionable insight.
Canadian tech companies continue to hire despite recession – here’s an (incomplete) list.
350 companies have now added their job listings, demonstrating their strong and continued interest in hiring #CDNtech talent.
Recent funding, acquisitions and layoffs
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VAN – To Find WonderFi Blockchain Foundry (read more)
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VAN – Plurilock Acquires Cloud Codes (Read More)
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TOR – LifeWorks acquired by Telus (read more)
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TOR – Essential Access Integrates with Tiered Access (read more)
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TOR – TriplePlay by Roblox (read more)
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TOR – LumiQ – $5M (read more)
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TOR – SureBright – $3.2M (read more)
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TOR – Thoughtwire and Finaeo make things happen (read more)
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OTT – Lytica – $13 million (read more)
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OTT – Shopify reportedly lays off another 70 employees (read more)
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NYC – FX HedgePool Gets Support from VP of Data, National Bank (read more)
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SF – Power – $7M (read more)
Learning from Traction’s embedded fintech leaders
“Shopify Pay still uses Stripe and they have some crazy scale.”
Imad Akhund (CEO, Mercury) and John Fry (CEO, Lendflow) join BetaKit to discuss how startups can embed fintech into their products, grow revenue and eliminate hidden bottlenecks.
How GROWTHX was discovered by product-market accelerators in Canada
“You really want to get big fast? Take my money and go ahead and punch you in the eye every day.”
Andrew Goldner, CEO and founding partner of GrowthX, shares the misconceptions founders have about the VC business model and several go-to-market tips.
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