BetaKit

Many media outlets tend to prioritize the amount of funding raised over the actual innovation and quality of products or services. There is a lot of buzz surrounding releases from big, established companies, while new and innovative ideas often get overlooked. The focus is frequently on being the first to share news rather than offering thorough analysis. Often, the spotlight is on Silicon Valley, with little coverage of developments elsewhere, including in Canada. At BetaKit, we believe in delivering not just the news, but also the context behind it. While breaking news is crucial, it's equally important to connect these stories to broader industry trends and explain their significance for you and your business.

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Investissement Québec records annual loss on VC and fund investments

18 hours ago | betakit.com | Madison McLauchlan |Madison Mclauchlan

Provincial investment agency Investissement Québec (IQ) reported a 4.9-percent loss on its direct venture capital (VC) and indirect fund investments last fiscal year, reflecting market volatility and struggling fund performance. IQ’s losses in the venture asset class mirrored stagnant returns across the agency overall.
ApplyBoard lays off employees due to “policy changes across major study destinations”

19 hours ago | betakit.com | Alex Riehl

Kitchener-Waterloo, Ont.-based EdTech startup ApplyBoard has laid off employees as the global immigration landscape shifts under its feet, BetaKit has learned. “As we prepare for the decade ahead, we’ve taken a hard look at where we must focus our resources to ensure we remain a leader in this space.”ApplyBoardThe cuts affected more than 150 employees, according to Indian publication People Matters and multiple public LinkedIn posts.
Trump vs. Musk, Shopify vs. the CRA, plus a Raptor’s assist

20 hours ago | betakit.com | Isabelle Kirkwood

Staying active Anti-bullying Financial literacy Environmental awareness Swiirl and Williams, also known as the Junk Yard Dog, are launching a new campaign for Shooting for Peace, a non-profit educational program designed to bring financial literacy and mental health education to students across Canada and the United States.
Portless raises $24.7 million to be retailers’ port in a trade storm

23 hours ago | betakit.com | Madison McLauchlan |Madison Mclauchlan

Toronto-based shipping logistics startup Portless has raised $18 million USD ($24.7 million CAD) to help retailers avoid rising costs as they contend with a volatile trade war. The startup raised its latest round of financing on the assumption that the “de minimis” exemption would be eliminated.
CarbonCure and VerticalScope replace founding CEOs as #CDNtech companies see turnover at the top

1 day ago | betakit.com | Alex Riehl

The founding CEOs of Halifax-based CarbonCure and Toronto-based VerticalScope are bringing new faces into leadership roles as more Canadian tech companies shake up their C-suites. CarbonCure, which develops tech to store captured carbon emissions in concrete, has tapped CFO Kristal Kaye to replace founding CEO Robert Niven in an interim capacity. Niven is stepping away from the role after 13 years.
Fispan continues industry trend of secondary-heavy deals with Series B round

1 day ago | betakit.com | Madison McLauchlan |Madison Mclauchlan

Vancouver-based FinTech company Fispan has secured $30 million USD ($41 million CAD) in Series B financing, including a significant secondary component, as the startup eyes scaleup status. The round was led by new investor Canapi Ventures, a Washington, DC-based growth equity firm, with participation from existing investors, including Rhino Ventures. More than $17 million USD ($23 million CAD) of the deal was issued as secondary capital, mostly to early-stage backers, Fispan confirmed to BetaKit.
DIGITAL Innovation Cluster providing $15 million across 16 Canadian AI-based training and CareerTech projects

1 day ago | betakit.com | Alex Riehl

Canada’s federally funded Global Innovation Cluster for digital technologies (DIGITAL) is investing $15 million across 16 artificial intelligence (AI)-focused workforce development and skilling programs across the country.
As aging entrepreneurs retire, BDC and FNBC announce $100 million to help Indigenous groups buy their businesses

2 days ago | betakit.com | Josh Scott

The First Nations Bank of Canada (FNBC), an Indigenous-owned national bank, and the Business Development Bank of Canada (BDC) have announced a $100-million CAD joint initiative to help Indigenous communities and economic development agencies finance the purchase of established businesses.
American gig giants Instacart and Uber add Canadian executives to top leadership positions

2 days ago | betakit.com | Alex Riehl

American gig economy giants Uber and Instacart have recently elevated the Canadian executives in their ranks to higher leadership positions. Grocery delivery app Instacart announced last week that chief business officer Chris Rogers has been chosen to replace outgoing CEO Fidji Simo, who is leaving the company to join OpenAI. Rogers has been with Instacart for six years, most recently as its Chief Business Officer.
Xanadu touts another advancement toward scalable quantum computing

2 days ago | betakit.com | Madison McLauchlan |Madison Mclauchlan

Toronto-based Xanadu says it has edged closer to solving two of the hurdles plaguing the quantum industry: eliminating errors and scaling up. This development is a step on Xanadu’s “hardware roadmap” towards its ultimate goal: building a quantum computing data centre in Canada by 2029. The quantum startup announced that its researchers have created a quantum chip with error-resistant photonic quantum bits (qubits), or the basic units of quantum computing, for the very first time.