Plus: Shopify scores big off of Klaviyo IPO.
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Waabi partners with Uber Freight to deploy its autonomous trucking tech (BETAKIT)
Toronto-based autonomous vehicle (AV) startup Waabi has teamed up with United States (US) ride-hailing giant Uber’s logistics arm, Uber Freight.
The 10-year partnership will bundle Waabi’s core technology, Waabi Driver, with Uber Freight’s logistics platform, marketplace, and autonomous trucking operations to create what the two firms claim will be a “first of its kind” turnkey driver-as-a-service solution.
Instacart delivers 16% debut gain after $660 million IPO
(BNN BLOOMBERG)
Instacart’s valuation rises to more than $11 billion on a fully diluted basis. That’s a steep plunge from its $39 billion valuation in a 2021 funding round when its business boomed amid pandemic lockdowns, but still ranks it as one of the biggest companies to go public in almost two years.
The blockbuster IPO is set to benefit some of Instacart’s secret benefactors, including Albertsons and Kroger.
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E-commerce startup Perpetua’s sustainable talent strategy relies on students filling roles such as front-end, back-end and mobile co-op engineers.
“Co-op students work in the same way as a full-time engineer, delivering on feature projects and fixing bugs on the product roadmap on a two-week sprint basis,” says Hana Leung, engineering manager at Perpetua.
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A checklist for building sustainable rural tech hubs (BETAKIT)
With the explosion of remote work, there has been a paradigm shift away from major municipalities and toward smaller regions as people seek both livability and career prospects, said Pablo Listingart, Executive Director of tech skills school ComIT.
Speaking with BetaKit, Listingart shared his theory of how rural tech hubs can come to be—and what support they need to become sustainable.
Klaviyo stock takes off in IPO, giving investor Shopify hundreds of millions in paper gains (THE GLOBE AND MAIL)
Ottawa-based Shopify is one of the biggest shareholders of Klaviyo, thanks to a complex collection of deals it struck with the Boston-based company in July 2022.
Its 9.25 million shares of Klaviyo were worth US$277.5-million at the issue price; it paid US$101-million for them 14 months ago. With Klaviyo’s IPO this past week, those shares are set to make the Canadian e-commerce giant hundreds of millions more in paper gains.
Alibaba’s Cainiao Plans to Raise At Least $1 Billion in Hong Kong IPO Soon (BNN BLOOMBERG)
Cainiao Network Technology Co., the logistics arm of Alibaba Group Holding Ltd., is planning to file for its Hong Kong initial public offering as soon as next week with a targetted $1 billion raise, potentially making it among the first of the Chinese tech firm’s units to go public.
How TECHNATION thinks we can solve Canada’s tech talent gap (BETAKIT)
Data from TECHNATION, a member organization of Canadian tech companies that bridges the tech industry and government policy, shows that Canadian firms have over 40,000 vacant positions that they need to fill as soon as possible.
Speaking with BetaKit, TECHNATION Executive Director for the Future Workforce Development Team, Sandi Campbell, shared more about the root causes of Canada’s tech talent gap and offered a solution for organizations looking for talent.
Amazon Searches for Its Next Big Hit (THE WALL STREET JOURNAL)
The team atop Amazon has been pushing for years to find what they call a “fourth pillar,” an internal shorthand for the company’s next big hit. The tech giant has invested billions of dollars into an array of endeavors across several industries—and stoked Wall Street’s interest along the way.
It is proving an elusive goal.
Uber warns of threat to drivers under EU gig work plan
(FINANCIAL TIMES)
A top Uber executive has warned that Brussels’ proposals to designate gig workers as de facto employees will force its ride-hailing service to shut down in hundreds of cities across the bloc and raise prices by as much as 40 per cent if enacted.
The law is likely to represent a significant change from the status quo in Europe, where the majority of platform workers are presumed to be self-employed, meaning they lack access to labour rights and benefits, such as paternity leave and a minimum salary.
Oneka raises $12.5 million CAD, prepares to deliver desalination devices along the Pacific coast (BETAKIT)
Cleantech startup Oneka Technologies has raised $12.5 million CAD in equity financing.
Suitable for local communities, resorts, and industrial operations, Oneka says its wave-powered sustainable desalination solutions can produce affordable clean water with no pollution, eliminating a costly and unpredictable fuel supply chain.
JOKR now valued at $800M after bagging about $50M in Series D funding (TECHCRUNCH)
Online grocery delivery company JOKR announced it secured approximately $50 million in Series D financing at a post-money valuation of $800 million. This is down from the company’s $1.3 billion post-money valuation following a $50 million Series C announced in February.
ALL IN to showcase Canada’s AI at major conference (BETAKIT)
Scale AI, Canada’s federally funded AI Global Innovation Cluster, is presenting the country’s largest gathering dedicated to Canadian artificial intelligence (AI), ALL IN. The event will bring together leading AI experts, industry members, startups, investors, and researchers to share their insights and explore how AI is transforming the Canadian economy.
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