Is BC tech “lethargic” or “on fire?”

What does the future of tech look like on Canada’s Best Coast? That’s the question I’ve been asking myself in the run-up to our BetaKit Town Hall in Vancouver. 

Taking place on October 22 at UBC Robson Square, the event will be headlined by a fireside chat with Clio CEO Jack Newton. Clio just raised the largest software funding round in Canadian tech history on the back of $200 million USD in ARR, international expansion, and smart forays into FinTech and AI. Jack is a passionate and forthright speaker, and I know he’ll deliver the goods to founders looking for tips on how to build with ambition.

But back to the question up top.

Our first Town Hall also featured the CEO of a leading Canadian tech company holding court, but that wasn’t really the point. BetaKit is a vibes-powered publication, and back in May, the vibes were most certainly off. So in pulling together a pulse check on Canadian tech, we made sure to include a variety of vantage points—with the highlight of the night perhaps being a 22-year-old University of Waterloo student telling the assembled room their hiring practices sucked. Sources could not confirm nor deny if this prompted Shopify to revamp its internship program, but I’m taking the win. 

So how are the vibes in Vancouver? The recent PitchBook Global VC Ecosystem Rankings placed Vancouver 77th, behind Calgary, Ottawa, Toronto, and Montréal—and near dead-last for growth. In response, one longtime ecosystem player said “I haven’t felt BC this lethargic and pessimistic for 20 years,” which seems bad.

But that’s only one perspective. I reached out to Toki Hossain, founder of Vancouver.dev, one of the minds behind Vancouver Tech Week, and a crazy person who flew to Toronto for our last Town Hall. A newcomer to the city, he believes the local tech scene is “on fire,” but noted: “we’re all living in a silo in Vancouver.” A collaborator by nature, he’s hoping we can connect multiple generations of BC tech, both “the OGs and the newcomers.”

Town halls are designed to give a community the space to show up and hash out its problems. So who else should speak? What should they talk about? Are you coming? Let me know.

Douglas Soltys
Editor-in-chief

Zoho’s flagship event is back!

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On Oct. 8 & 9, Zoholics Montréal is where you’ll gain insights to optimize workflows, improve customer engagement, and make data-driven decisions that propel your success.

Click here for tickets.

Former CVCA chair alleges CEO Kim Furlong “appeared unwilling or unable to advocate” for membership in meeting with foreign LPs

Former Canadian Venture Capital and Private Equity Association (CVCA) chair and Lumira Ventures managing partner Peter van der Velden has publicly criticized CEO Kim Furlong for her handling of a meeting with international limited partners (LPs) in London, UK.

In a September 20 LinkedIn post, van der Velden alleged that “This event had 1 purpose, build engagement & attract foreign capital to CDN VC GPs & companies, & the CVCA CEO just threw the entire sector under the bus.”

Lightspeed confirms strategic review of business as company reportedly explores sale

In response to recent media reports that the company is exploring a sale, Montréal-based Lightspeed Commerce has confirmed that it is currently conducting “a strategic review of its business and operations.”

The payments technology company announced that it periodically undertakes such reviews “with a view to realizing its full potential.” As part of this process, Lightspeed said it “has engaged, and may continue to engage, in discussions relating to a range of potential strategic alternatives” but did not elaborate on what those options might include.

Cohere and Float once again top LinkedIn’s Top Canadian Startups list

The list is based on the platform’s data across four key pillars: employee growth, jobseeker interest, engagement within the company and its employees, and how well these startups have attracted talent from the companies in the 2024 Best Workplaces list.

For this list, only fully independent, privately held companies headquartered in Canada were considered. Companies must also have at least 30 full-time employees and be five years old or younger to be considered among other startups.

Months-long dispute between Bitfarms and Riot Platforms draws to a close as companies reach settlement

The public dispute between Toronto-based Bitcoin mining company Bitfarms and its investor and competitor Riot Platforms is finally drawing to a close, as both companies have entered into a settlement agreement that includes key changes to Bitfarms’ board.

As part of the settlement, which was filed with the United States Securities and Exchange Commission today, director Andrés Finkielsztain has stepped down from Bitfarms’ board. Bitfarms has appointed Amy Freedman to its board and its governance, nominating, and compensation committees.

The Comeback

Read “The Comeback,” a three-part series presented by Motion, chronicling the journey of one team’s search for a good problem, and the lessons learned along the way.

Part One reveals how adtech startup Shoelace found itself on the edge of collapse. Part Two explores how the team pivoted and then zeroed in on a high-priority problem to build Motion. Part Three sets out how Motion developed a new product and quickly gained momentum.

It’s not the technology, it’s what you build with it

Trust, speed, and security.

Those were the selling points discussed on Tuesday at BetaKit Talks: You Don’t Know Crypto – presented by WonderFi, an event that assembled CEOs and builders in the crypto space to discuss the applications of their work for the broader technology sector.

“When people think of crypto, they typically think of trading, but there’s so much happening beyond that,” said Dean Skurka, CEO of WonderFi, which co-hosted the event. “There’s a real crossover between what we’re building, and what the tech community needs to solve their problems with innovative solutions.”

SAAS NORTH gets real

Get ready for tech to get candid at the SAAS NORTH conference on November 13-14, 2024, at Ottawa’s Shaw Centre. BetaKit is proud to support Canada’s go-to event for scaling SaaS founders and startups, a staple in the Canadian tech scene since 2016.

And this year’s BetaKit Keynote Stage is about to serve some tea, with speakers Marie Chevrier Schwartz, Andrew McLeod, and Martin Basiri stepping into the spotlight to provide a rare glimpse into the realities of failure, determination, and innovation in SaaS.

Ready to Elevate your IP?

ElevateIP is here to help startups strengthen the development, understanding, and protection of intellectual property (IP). Powered by an investment from the Government of Canada, this program is designed to help you maximize your IP potential and stay ahead of the competition.

Communitech, alongside Invest Ottawa and North Forge, proudly delivers ElevateIP to startups across Ontario, Manitoba, and Saskatchewan. Ready to level up your IP strategy?

Learn more and get involved today!

Funding, Acquisitions, and Layoffs

VAN – Pangaea Ventures – $115M CAD
TOR – Cyclic Materials – $71M CAD
CAL – Ayrton Energy – $9.1M CAD
WR – Scribenote – $8.2M USD
TOR – Nmbr – $7.6M CAD
OTT – Bemi – $1.2M CAD
TOR – LumiQ – strategic investment from Vertu Capital
TOR – Propel Holdings to acquire QuidMarket

The BetaKit Podcast

What Canada can learn from AI use in South Africa

“How do we collect data so that we give it in the hands of the government in an efficient way? We’re in a democratic country. Isn’t this data supposed to inform the government?”

Raesetje Sefala, research fellow at The Distributed AI Research Institute (DAIR), joins to discuss her work analyzing the impacts of South African apartheid using computer vision techniques and satellite imagery. Recorded live at ALL IN in Montréal.

The SAAS NORTH Agenda is LIVE!

Get ready for Canada’s biggest in-person SaaS community event, featuring a tactical agenda packed with in-depth sessions designed for founders, investors, and teams. Explore actionable strategies to scale your SaaS business and hear from Canada’s most successful CEOs.

Don’t miss out on this incredible opportunity to grow, learn, and connect at SAAS NORTH!

Feature image courtesy Pexels.