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Bitcoin infrastructure startup Blockstream raises $125 million USD to expand crypto mining services (BETAKIT)
Kingsway Capital led the convertible note, with participation from other investors, including Fulgur Ventures. Blockstream said this recent capital sum will be allocated toward the expansion of its mining facilities to meet “the strong demand” for Blockstream’s institutional hosting services.
Stripe sets one-year timetable to decide on going public (THE WALL STREET JOURNAL)
Stripe co-founders Patrick and John Collison told employees Thursday that executives set a goal of either taking the company public or allowing employees to sell shares in a private-market transaction within the next 12 months, according to people familiar with the matter.
The immediate harm is to Canadian startups that are looking to fundraise—including those that had closed rounds, only to never see the funds materialize or be clawed back.
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The London-based firm’s CEO, Marcus Swanepoel, informed employees of the redundancies at 12 p.m. London time on Wednesday in a live-streamed town hall.
“I would question anybody that claims they got it right out of the gate,” said StoryTap founder Bernadette Butler.
Gemini is Laying Off More Staff, Citing ‘Bad Actors’ in Crypto Industry (THE INFORMATION)
It’s at least the third round of cuts at Gemini in the past eight months. Gemini President Cameron Winklevoss informed staff, known internally as “Astronauts,” of the latest layoffs in a message on Slack on Monday.
Delphia places co-founder on leave over sexual assault allegations, lawsuit from former employee (BETAKIT)
The lawsuit, which has been filed in California, alleges that Delphia co-founder and CTO Cameron Westland “sexually assaulted and harassed” the now-former employee at a work retreat on August 17, 2022.
Alex Bouaziz, cofounder and CEO of Deel, is armed with metrics that would be enviable to nearly every software startup CEO. Deel, which sells HR software for hiring international employees, started 2021 with $4 million in annual recurring revenue. That number has surged to $295 million as of January 1, he tells Forbes. Plus, the company is operating at better than 85% gross margins, and has been profitable, based on Ebitda measurements, since September.
Nuula CEO Mark Ruddock wrote that “the vast majority” of Nuula’s technology team, in addition to its core data science, accounting, and marketing talent from its Canadian office, rejoined Nav at the acquisition close in December.
Bolt CEO Cuts Staff a Third Time as Revenue Lags (THE INFORMATION)
In an all-hands meeting Tuesday following the most recent layoffs, CEO Maju Kuruvilla said that “quite a few” of the company’s bets, including partnerships, new products and acquisitions, hadn’t worked out.
Younger generations value interesting work and team connection; they require structure and strong communication.
Startups and other firms created out of the Square mafia (BUSINESS INSIDER)
From PayPal to Facebook, Silicon Valley has long been obsessed with the idea of company ‘mafias.’ Take a look at ex-Square staffers who have created more than $40 billion of startup value.
The economic pressures causing some of the world’s largest tech companies to reduce staff also continue to be felt by Canadian tech startups. In recent weeks, PartnerStack, SSENSE, #paid, Shakepay, and Venngage have all joined the growing list of tech startups to make staff cuts.
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