Plus: Shopify is building entrepreneurs an AI Sidekick.
Welcome to BetaKit’s startup stories of the week! Here, you will find the week’s most important news, features, and editorials published on BetaKit.
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Top Stories of the Week
BDC SHARES MORE DETAIL ON $100-MILLION THRIVE LAB, INCLUDING $35-MILLION CO-INVESTMENT COMMITMENT
The Business Development Bank of Canada (BDC) has officially launched its Thrive Lab for women entrepreneurs, unveiling plans to provide $100 million CAD in equity and “equity-like” investments, plus training and support, to at least 100 women-led businesses over the next five years.
As part of Thrive Lab’s first phase, BDC intends to co-invest $35 million in women-led businesses at the earliest stages of development, such as the pre-seed level.
REPORT: CANADA SAW OVER 30,000 TECH WORKERS IMMIGRATE WHILE LOSING NEARLY 1,700 TO THE US
Canada saw an intake of over 30,000 tech workers from abroad within the last year, a new report from the Technology Councils of North America (TECNA) and Canada’s Tech Network (CTN) found.
Additionally, the report found that Canada “largely” benefits from investment of American tech companies as they expand or relocate to Canada.
CANADIAN CLEANTECH CONTINUES FUNDRAISING STREAK AS ORENNIA, CARBONCURE RAISE COLLECTIVE $105 MILLION USD
Despite the tight fundraising environment overall, and reports of funding dollars fleeing south, Canadian cleantech companies continue to secure investments as CarbonCure and Orennia raise over $100 million USD, combined.
ALBERTA TECHNOLOGY MINISTER’S MANDATE LETTER APPEARS TO SUPPORT REDUCING RESTRICTIONS ON TITLE ‘SOFTWARE ENGINEER’
In her mandate letter, Alberta Premier Danielle Smith appears to task the provincial Minister of Technology and Innovation, Nate Glubish, with ensuring “appropriate governance of software engineers that will not hamper the efforts of tech companies to attract these needed-professionals from competing jurisdictions.”
HYPERCONTEXT COMPLETES HR PIVOT WITH NEW AI-POWERED PERFORMANCE MANAGEMENT TOOL
Toronto-based Hypercontext is looking to change the universally dreaded performance review season with its recently released AI-powered feature designed to help managers generate employee performance reviews.
WATERLOO, U OF T, AND UBC RANK AMONG TOP 25 COMPUTER SCIENCE SCHOOLS GLOBALLY
Three Canadian universities have made a list of the top-25 highest ranked computer science universities globally.
The list is part of the QS World University Rankings. This year’s marks the 20th edition of the list, which features 1,500 institutions across 104 locations.
SHOPIFY TEASES AI ASSISTANT FOR ENTREPRENEURS, SIDEKICK
Shopify CEO Tobi Lütke teased the company’s latest AI product on Twitter this week, noting that Sidekick is being built directly into Shopify’s platform to function as its namesake: acting as a sidekick for its merchants.
TAPPING INTO VAUGHAN’S EMERGING WORLD-CLASS HEALTHCARE HUB WITH MAYOR DEL DUCA
The Cortellucci Vaughan Hospital sits on more than 80 acres of undeveloped land.
Vaughan Mayor Steven Del Duca—along with Council colleagues, Mackenzie Health, York University, and ventureLAB—has a plan to turn that land into a world-leading medical innovation hub.
Latest Funding, Acquisitions, and Layoffs
VAN – WonderFi closes merger with Coinsquare and CoinSmart (read more)
VAN – Well Health acquires CarePlus(read more)
VAN – Dapper Labs lays off 51 people (read more)
VAN – SenseNet – $1.3M (read more)
CGY – WaitWell – $1.5M (read more)
TOR – Recursion – $50M (read more)
TOR – Graphite Ventures adds $10M to its fund (read more)
TOR – Formaloo – $2.9M (read more)
TOR – Sampler acquires AdMass (read more)
MTL – Ditch Labs – $3.25M (read more)
MTL – HEC Montréal – $928K (read more)
QC – i4 Capital closes $40 million for deep tech fund (read more)
POWERED BY: ELEVATE
Elevate Festival offers 50% off for Startups until July 30, 2023
Elevate Festival was built to amplify and connect startups, so this summer, Elevate and Moneris have teamed up to offer a limited-time deal for startups.
Until July 30th, startups can take advantage of 50% of Elevate Festival Startup passes. That means that if you run or work at a startup, you will have the opportunity to get a 3-day Startup pass for only $125!
Hear from the world’s most innovative minds, meet with Canada’s leading investors, source leads, pitch on stage, network in the Startup lounge, connect with fellow founders at evening socials, and more!
Book Now
The BetaKit Podcast
ON THE DEATH OF THE GIRLBOSS WITH CHELSEA FAGAN (THE FINANCIAL DIET)
“The crux of the Girlboss movement’s problem is that it wants women to behave more like men and the answer is for men to behave more like women at scale.”&
Elizabeth Holmes is now in jail, her imprisonment signalling a clear end to the Girlboss Era. Chelsea Fagan (The Financial Diet) joins to discuss what killed the Girlboss, the cynicism and superficiality behind the term, and the need for better public archetypes of entrepreneurship for women—and especially men.
CANADA’S COMMISSIONER OF COMPETITION NEEDS MORE THAN A BADGE AND A GUN
“People in Canada are at their wits’ end about areas of our economy having a lack of competition and how it impacts their pocketbook.”
Commissioner of Competition Matthew Boswell joins to discuss the tools and powers that would help his Bureau prevent Canada’s economy from becoming an endless series of three companies in a trench coat.
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