Plus: CVCA notes more decline in Canadian venture funding.
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. If you prefer this update hit your inbox every week, make sure to subscribe to the BetaKit Newsletter using the form at the bottom of this page.
Top Stories of the Week
FTX fallout could set back investment in Canadian crypto companies for years, experts say
“Institutional investors are going to have a very difficult time being willing to explore the industry,” said Koleya Karringten, executive director of the Canadian Blockchain Consortium. “They won’t view this as an isolated incident…Everyone [will get] painted with the same brush.”
Canadian tech venture funding continued to fall in Q3 2022, CVCA reports
“Investors continue to monitor market conditions in anticipation of an inflection point, while founders hold off fundraising at decreased valuations,” says Kim Furlong CEO of CVCA.
One year after raising $6.5 million, GoodGood shuts down claiming it can’t find more money
Per documents obtained by BetaKit, GoodGood initially set out to raise $10 million in equity capital and debt during the summer of 2022, amid a challenging fundraising landscape and a looming recession. As the company noted: “investor’s priorities have shifted.”
Canadian tech hubs not immune to downturn as Communitech lays off 10 percent of workforce
Communitech noted its commercial real estate offering has experienced challenges that the hub expects to continue into next year.
OMERS Ventures’ Laura Lenz says “ego raising”
“People were focused on growth at all costs, now investors are looking at growth with profitability,” says Laura Lenz, OMERS Ventures partner.
Prairie tech celebrates its own with Calgary Launch Party, Start Alberta Awards, Startup TNT Summit is over in #CDNtech
This year’s Launch Party highlighted 10 Calgary startups, with three taking home prizes for the People’s Choice Award, Alumni’s Choice Award, and the Alex Raczenko Pitch Award, respectively.
How Acuva balances global growth with local impact to provide clean drinking water
Canada is privileged to have abundant clean drinking water, but that’s not the case globally. Nearly one-third of people worldwide don’t have access to clean drinking water due to microbes and other contaminants, a problem that Manoj Singh thinks he can solve with technology.
How electrifying transportation could surge Ontario’s economy
“It’s important to note that Ontario is the only jurisdiction in North America that has the entirety of the battery supply chain,” said Richard Dunda, the Director of the Centre for Integrated Transportation and Mobility.
Latest Funding, Acquisitions, and Layoffs
VAN – Yield 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 discloses previously unannounced $5M round (read more)
CANADIAN TECH TALKS DOWN ROUNDS, DISASTERS, AND “RECIPES FOR FAILURE”
“There was a bit of ego raising.” “I think it has been a disaster.” “I read BetaKit for the truth.”
Canadian tech luminaries try to make sense of a crazy year in this compilation of interviews recorded live at SAAS NORTH.
Featuring: Laura Lenz (OMERS Ventures), Leo Lax (L-SPARK), Louis Têtu (Coveo), Ria Bhavnani (Shopify), Peter Housley (Unbounce), Natalie Archibald (Clio), and Sean Silcoff (Globe & Mail).
WILL SOME CANADIAN TECH COMPANIES DIE DURING THE DOWNTURN?
“Are we willing to let companies die in Canadian tech?”
“Yes.”
Special guest and native son of Ottawa, VC Matt Roberts, joins this special live recording of the BetaKit Podcast from SAAS NORTH.
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