Plus: Québec and Alberta tech funding bucked 2022 developments.
Welcome to BetaKit’s startup tales of the week! Right here, you’ll discover the week’s most necessary information, options, and editorials printed on BetaKit.
Prime Tales of the Week
Regulators power Silicon Valley Financial institution Canada into liquidation, paving manner for public sale
The order was permitted on Wednesday after The Workplace of the Superintendent of Monetary Establishments Canada took over everlasting management of SVB Canada. The transfer to restructure SVB Canada comes after a Canadian purchaser didn’t come ahead.
Past firms with SVB Canada traces of credit score, SVB’s collapse is about to affect startups which have their US banking with SVB, or ostensibly Canadian firms which can be legally domiciled within the US for tax functions and use SVB.
CVCA CEO: Tech nonetheless wants inflow of capital given potential investor pullback, at the same time as liquidity considerations calm
CVCA CEO Kim Furlong and a bunch of different business leaders have known as on the feds to quell a potential “full-blown” liquidity disaster within the nation’s tech sector following SVB’s collapse. Whereas Furlong admits regulators have assuaged SVB liquidity considerations for now, she argues the necessity stays for the federal government to hasten its spending.
In line with new information from briefed.in, Alberta tech firms raised a collective $675 million in 2022, an 89 p.c improve from 2021 and a 121 p.c improve from 2020. In Québec, enterprise funding totalled $2.3 billion in 2022, a 21 p.c improve from 2021 and a 76 p.c improve from 2020.
Labelle is targeted on assembly with ecosystem gamers to grasp the place BDC’s Lab would possibly have the ability to fill gaps for women-led firms.
Newest Funding, Acquisitions, and Layoffs
TO/MTL – Meta cuts 10,000, #CDNtech hiring unclear (learn extra)
SSK – Vendasta acquires Broadly (learn extra)
KIT – ShinyDocs – $16.25M (learn extra)
TOR – PointClickCare acquires Affected person Sample (learn extra)
MTL – Spark Microsystems – $34M (learn extra)
MTL – Paper acquires Readlee (learn extra)
MTL – Staging Labs – $1.1M (learn extra)
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Raine Maida and Senator Deacon talk about Massive Tech’s management over digital creators (and the information)
“We’re within the midst of a brand new technological payola.”
Our Woman Peace’s Raine Maida and Senator Colin Deacon be a part of for a frank dialogue about Massive Tech’s leverage over Canadian content material as Parliament seems to cross new rules in Invoice C-11 and Invoice C-18.
“Let’s be blunt about it: we as a rustic are extraordinarily good at invention … we’re horrible at innovation.”
Dan Breznitz, co-director of the Innovation Coverage Lab on the College of Toronto, walks by the explanations for Canada’s failure on innovation, the origins of the CIC, and who he thinks needs to be its first CEO.
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