Canadian startup news of the week (8/14/22)

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

With a new team, Framework Venture Partners secures $100 million USD first close for second fund

“I feel far more excited than I did with Fund I in that I feel the probability of our success has gone up,” Framework co-founder and managing partner Peter Misek told BetaKit.

Hootsuite restructuring, laying off 30 percent of employees

“Today is a hard day at Hootsuite,” said CEO Tom Keiser. “…These people are our colleagues and our friends. They are some of the best in their fields, and we will do whatever we can to help them land well elsewhere.”

As other lenders collapse, Ledn bets conservative approach will help startup survive crypto winter

While Ledn has certainly felt the impact of the crypto crash, Ledn’s Mauricio Di Bartolomeo claims the startup is in “a very different position” compared to many of its peers. “What’s become evident after all that’s happened is that not all [crypto] lending platforms are created equal.”

Talk of regulation, market conditions collide with glitzy behaviour at Blockchain Futurist Conference

The setting allowed attendees to rent company cabanas, lounge by a pool, park their yachts outside, and use a local helicopter service to fly in. Overheard by one of the conference’s global attendees was a boast that they had recently rented a $5 million Airbnb for their company.

D-Wave lists on New York Stock Exchange following close of SPAC deal

D-Wave had hoped the deal would bring in $340 million USD in gross proceeds, however, SEC filings show that the company’s shareholders redeemed just more than $291 million USD worth of shares at a price of $10.01 USD per share.

Latest Funding, Acquisitions, and Layoffs

Earnings Watch

• VAN – Well Health achieves record quarterly revenues (read more)

• VAN – Thinkific Labs focuses on return to profitability (read more)

• VAN – BBTV sustains losses as YouTube growth slows (read more)

• VAN – Mogo impacted by crypto market decline (read more)

• WAT – Magnet Forensics shores up bottom line (read more)

• TOR – Propel Holdings propped up by strong demand for credit (read more)

• TOR – Payfare raises revenues, lowers losses (read more)

• TOR – Q4 Inc. claims to be accelerating its path to profitability (read more)

• TOR – E Inc. adjusts strategy amid macro-economic challenges (read more)

• MIS – Goeasy bulks up revolving facility (read more)

• MTL – Nuvei buffetted by volatility in digital assets, crypto (read more)

• MTL – Dialogue Health increases revenue as losses grow (read more)

CAN FINTECH HELP CANADIAN MUSLIMS WITH FINANCIAL ACCESS?

“I represent a different community that has different needs.”

Manzil CEO Mohamad Sawwaf explains the cultural, regulatory, and compliance roadblocks that are slowing him from financially serving more than a million Muslims across Canada.

SHOPIFY STUMBLING, ROGERS RESILIENT, RECESSION FUNDRAISING

“That’s the pull quote. ‘Amber Mac: things are crumbling.’”

Special guest Amber Mac joins to answer listener questions on the award-nominated BetaKit Podcast. Topics include: Shopify’s layoffs, Rogers’ revenue resiliency following its second outage in the last year, Canada’s digital divide, and early-stage fundraising tips.

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