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

Two Small Fish goes big with third fund, targets $40 million CAD final close

With 40 investments under its belt, including notable bets and exits, Two Small Fish has the confidence and the capital returns to build a much larger fund than it had in years past.

InBC reveals direct, indirect investment strategy for $500 million fund

InBC is positioning the $500 million as an evergreen fund investing both directly in companies and investment funds located in, or with a strong connection to, BC.

Carbon6 closes $88 million CAD Series A to consolidate “fragmented” e-commerce software space BetaKit

“What we saw here was an opportunity to bring together a series of tools that supported that professional seller, in a way that others hadn’t done in this market,” Carbon6 co-founder and CEO Justin Cobb told BetaKit in an interview.

Class action lawsuit filed against Wealthsimple, Shakepay over alleged misleading crypto trading fees

The lawsuit, filed on September 29 in the Superior Court of Québec, is seeking punitive damages of $10 million each from Wealthsimple and Shakepay for misrepresenting the true costs of their cryptocurrency services. The proposed class action suit has not yet been authorized by the court.

Lightspeed adds Google alum Ryan Tabone as chief product and technology officer

“We want to do way more in financial services,” Lightspeed CEO JP Chauvet told BetaKit in an interview, noting that Tabone’s experience with Google Pay in particular is “ultra-relevant” to what Lightspeed is doing today.

How TD is working to open-source equity education

Speaking with BetaKit, Samantha Estoesta, Manager of Equity in Innovation and Programs at TD Lab, explained the origins of the Hub and its core five-step process any company can use to help build more inclusive products and services.

BetaKit Live: Fighting back against cyber threats

In partnership with TELUS Online Security, BetaKit is happy to present a live-streamed panel conversation on what Canadians need to know about cybersecurity threats while providing practical solutions for online protection.

Latest Funding, Acquisitions, and Layoffs

BC – Innovate BC awards $2.3M to eight R&D projects (read more)

VAN – Canada Drives – $10M (read more)

CAL – Ownly – $2.55M (read more)

TOR – Sensibill acquired by Q2 Holdings (read more)

TOR – Horizon Blockchain Games – $40M (read more)

TOR – Ledn to acquire Arxnovum (read more)

TOR – Halp – $5.5M (read more)

OTT – Field Effect – $41M (read more)

MTL – National Bank commits $1M to Startup Montréal (read more)


“There’s a direct relationship between the mental health of the entrepreneur and the performance of the company.”

Econa founder Dr. Michael Freeman returns to discuss how the current tech winter is impacting founder mental health, and how that is impacting company performance.


“Essentially, Amazon has failed to make this company profitable. It doesn’t make money.”

Streamer, YouTuber, and Novo CEO Devin Nash joins to explain the myriad ways Amazon’s experiment with Twitch is failing to make money or anyone happy.

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The post Canadian startup news of the week (10/10/22) first appeared on BetaKit.

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