Plus: How this multi-millionaire “pirate” entrepreneur kicked his self-destructive habits.
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
SEAN O’CONNOR STEPS DOWN AS MANAGING DIRECTOR OF CONEXUS VENTURE CAPITAL, EMMERTECH
Sean O’Connor is stepping down as managing director of Regina, Sask.-based Conexus Venture Capital and Emmertech. Kyle Scott, who has served as co-managing director alongside O’Connor since 2021, will continue to head the two funds.
Under O’Connor’s leadership, per CVCA reports, Conexus Venture Capital has grown into one of the country’s most active early-stage VC funds and played an important role in the growth of the tech ecosystem in both Saskatchewan and the Prairies. With AgTech-focused Emmertech, its impact has been felt across Canada.
CULTIVATOR’S INCUBATED STARTUPS SURPASS $100 MILLION IN PRIVATE FUNDING
Cultivator was launched in 2019 to help buttress the region’s visibility on the national tech stage by addressing the gaps and barriers in Saskatchewan’s entrepreneurial ecosystem.
This week, it hit a new benchmark: the companies nurtured through Cultivator have collectively raised more than $100 million in private capital since 2019.
FORMER GLOBAL FOUNDERS CAPITAL PARTNER LAUNCHES NORTHSIDE VENTURES TO BACK PRE-SEED CANADIAN ENTREPRENEURS ACROSS NORTH AMERICA
Armed with $6.25 million USD and buy-in from big-name investors and experienced operators, Canada finally has a new pre-seed focused venture fund Northside Ventures.
After spending the past few years building out the Canadian tech investment operations of Germany’s Global Founders Capital, Northside head Alex McIsaac is targetting a fund size of $15 million to back Canadian founders on both sides of the border.
VENTURELAB APPOINTS SEMICONDUCTOR INDUSTRY LEADER HUGH CHOW AS CEO
Following the departures of Melissa Chee and Matt Skynner this summer, hardware and semiconductor-focused Markham, Ont. tech hub VentureLab has found its next leader in Hugh Chow.
MEET THE Y COMBINATOR SUMMER 2023 COHORT STARTUPS WITH CANADIAN CONNECTIONS
Learn more about the seven Canadian-affiliated tech startups participating in Y Combinator’s Summer 2023 Demo Day.
Decoda Health, Greenlite, LifestyleRX, Spine AI, Tempo Labs, Terminal, and VaultPay will all have the opportunity to pitch to a select group of investors.
ATTABOTICS, URBX SETTLE LITIGATION OVER ROBOTIC STORAGE PATENTS
In 2021, Calgary-based robotics startup Attabotics alleged that Urbx, a Boston, Mass.-based fulfillment automation company, infringed on two of its patents. Since a US judge partially rejected a motion to dismiss in June, the pair recently announced an amicable resolution to the litigation between them.
NULOGY CFO OFFERS TIPS FOR FUNDRAISING IN A CHAOTIC ENVIRONMENT
Founders looking for growth capital are having a harder time than ever amidst record lows in VC funding. However, trading equity for VC cash is not the only path forward.
Nulogy is taking advantage of different financing paths, and its CFO, Sanjay Dhawan, shared details about his company’s $20 million raise in March 2023 while offering advice for founders fundraising in turbulent times.
FUTURE WORKFORCE: WHERE GEN Z WANTS TO WORK AND HOW STARTUPS CAN SUPPORT THEM
The Work-Learn Institute (WxL) at the University of Waterloo asked Gen Z what they look for in a company or career path and recently released a full data report on its findings.
Speaking with BetaKit, Ross Johnston, Executive Director for the University of Waterloo’s Co-operative Education, shared his thoughts on WxL’s data and how startups can support and cultivate Gen Z talent.
Latest Funding, Acquisitions, and Layoffs
TOR – CiteRight and Ottawa-based Jurisage AI agree to merge (read more)
TOR – Clay Financial – $1.7M (read more)
KW – Clearpath Robotics to be acquired by Rockwell Automation (read more)
OTT – Mission Control – $2.4M (read more)
MTL – Immervision lands $5.7M contract (read more)
POWERED BY: TECHNATION
Addressing Canada’s talent gap in the tech industry boils down to removing the barriers for equity-deserving groups.
The Advanced Digital and Professional Training (ADaPT) program is a cost-free digital and professional skills development initiative that bridges the employment gap. It equips students in their final semester and post- secondary graduates with in-demand skills for entry-level tech roles. ADaPT supports a diverse group of talent from varied educational backgrounds, with 81% of participants identifying as belonging to at least one equity- deserving group. Backed by 70+ hours of intensive training, the program exposes participants to tech career pathways.
The ADaPT program is funded by the Government of Canada’s Future Skills Centre and led by Toronto Metropolitan University’s Diversity Institute in collaboration with TECHNATION Canada.
To support future talent in thriving tech careers within Canada’s changing job market and become an ADaPT employer, find out more here.
The BetaKit Podcast
HOW “PIRATE” ENTREPRENEUR LLOYED LOBO KICKED HIS SELF-DESTRUCTIVE HABITS
“The company was my identity. I had this huge void to fill and I didn’t know what to do with it.”
Boast.ai co-founder Lloyed Lobo shares his personal struggles managing his addictive personality after leaving the day-to-day business before digging into the keen insights contained within his new book “From Grassroots to Greatness – 13 Rules to Build Iconic Brands with Community Led Growth.”
PARENTAL LEAVE REQUIREMENTS FOR CANADIAN ENTREPRENEURS MAKE NO SENSE
“There is especially in tech still a stigma around being a parent and being a contributing member of a company.”
Founders Erin Bury (Willful) and Marie Chevrier (Sampler) join to discuss the dumb restrictions on entrepreneurs trying to receive parental leave benefits, plus tips (and encouragement) for entrepreneurs preparing to ship a new bundle of joy.
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