Plus: Gambit Partners aims to take some risk out of early-stage investing.
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
OMERS VENTURES TURNOVER CONTINUES WITH GLOBAL HEAD DAMIEN STEEL JOINING DEEP SKY AS CEO
At the beginning of 2023, head of venture capital Damien Steel laid out a bold vision for the future of OMERS Ventures. Now, he is leaving the firm.
Steel’s departure is the latest in a series of reversals for OMERS Ventures, which at the beginning of the year announced plans for a fifth fund featuring a unified global investment team. Since then, the firm has pulled out of the European market, losing or terminating multiple managing partners in the process.
Now, only two managing partners remain: Yang, and Henry Gladwyn, who moved to New York as part of the London, UK office shuttering.
GAMBIT PARTNERS AIMS TO TAKE SOME OF THE RISK OUT OF EARLY-STAGE INVESTING BY LEANING ON ITS LPS
Toronto-based venture capital (VC) fund Gambit Partners aims to de-risk pre-seed investing with the help of its limited partners (LPs).
Co-founder Simon Sokol claims that Gambit’s assembly of LPs is “uniquely situated” to help early-stage entrepreneurs with hiring, fundraising, and tech problems, noting that Gambit can bring in LPs to analyze prospective investments, solve issues at portfolio companies, or even join them.
SEVEN CANADIAN TECH FOUNDERS DISH ABOUT THEIR JOURNEY RUNNING A STARTUP
So far, 2023 has been tough for entrepreneurs. Inflation has kept costs high and profits low, and investors have mostly kept their chequebooks closed. But in uncertain times, founders can lean on each other for wisdom and inspiration.
We talked to a diverse group of Canadian tech founders about what motivates them during tough times and the importance of learning from their customers and peers.
CONQUEST PLANNING PARTNERS WITH CAPINTEL TO BRING AI-POWERED ADVICE TO MORE FINANCIAL ADVISORS AND INVESTORS
The deal will bring Conquest’s strategic advice manager (SAM) to CapIntel’s network of more than 12,000 financial advisors across North America. Using artificial intelligence (AI), SAM analyzes client information and provides personalized financial planning advice.
BANK OF CANADA TAPS EVOLUTIONQ TO EXPLORE IMPACT OF QUANTUM COMPUTING ON DIGITAL DOLLAR
One potential impact of quantum computers would be on the proEposed Canadian digital dollar. The Bank of Canada is exploring technologies and technical ecosystems that may help decide how a Canadian digital dollar would be developed.
MYSA, REELDATA AMONG NOMINEES FOR VOLTA’S 2023 ECOSYSTEM IMPACT AWARDS
Halifax-based innovation hub Volta has revealed the nominees for this year’s Ecosystem Impact Awards. Some notable startups from this year’s roster include smart thermostat company Mysa, and ReelData, which uses AI for land-based aquaculture.
Latest Funding, Acquisitions, and Layoffs
VAN – Novarc Technologies – $20M (read more)
EDM – Edmonton Unlimited – $3M (read more)
ON – Ontario, Rogers invest $8.8M in cybersecurity initiative (read more)
TOR – Andorix – $54.3M (read more)
TOR – FlipGive – $5M (read more)
TOR – Mosea – $2.5M (read more)
TOR – SearchEye – $1M (read more)
MTL – Imagia Canexia Health files for bankruptcy (read more)
MTL – Flojoy – $1.7M (read more)
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The BetaKit Podcast
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.
CANADIAN VCS TALK FUNDRAISING, “SHITTY” BEHAVIOUR, MANNEQUIN STARTUPS & MORE
We know you love VCs on the BetaKit Podcast. So here’s an all-VC episode of the BetaKit Podcast.
Featuring: Chris Neumann (Panache Ventures), Matt Cohen (Ripple Ventures), John Ruffolo (Maverix Private Equity), Michelle Scarborough (Thrive Venture Fund), Satraj Bambra (Round13’s Digital Asset Fund).
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