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Inside FreshBooks’ struggle to reach profitability

When FreshBooks founder and board chair Mike McDerment decided to cede the CEO position to Don Epperson in early 2021, he set the sights for his financial accounting software company high.  “The next five years will be focused on scaling globally,” McDerment told BetaKit at the time. “In my opinion, Don’s strengths are better suited […]

New funding for Kepler and Wyvern headline busy month in Canadian space tech

It’s been an eventful week for Canadian space tech as companies like Wyvern, Kepler Communications, Mission Control, and Volta Space Technologies prepare for take off with new partnerships and rounds of funding. Wyvern has expanded over the years from four founders to 33 employees across Canada and the US. Edmonton-based satellite imaging startup Wyvern secured […]

Round13 Capital to acquire startup lending platform TIMIA Group for $6.5 million

Toronto-based venture firm Round13 Capital is set to acquire venture debt platform TIMIA Group from Vancouver-based alternative lender Montfort Capital for $6.5 million. The transaction, announced Thursday, includes a $4.5-million cash payment and a $2-million debt repayment to Pivot Financial, a creditor connected to TIMIA Capital. Montfort has agreed to sell all its rights and […]

NCC commits $22.8 million to 37 cybersecurity projects

The federally-funded National Cybersecurity Consortium (NCC) has committed $22.8 million to 37 cybersecurity projects from various Canadian academic institutions, companies, and nonprofits.  The NCC is funded through the Government of Canada’s Cyber Security Innovation Network.  The funding is part of the NCC’s second annual call for proposals, which looks to financially back the commercialization, research […]

Fable raises $25-million USD Series B round from Five Elms Capital to tackle accessibility in AI

Toronto-based accessibility tech startup Fable has raised $25 million USD ($33.8 million CAD) in Series B funding as it looks to further address inclusivity in digital products, including artificial intelligence (AI).  “We bring the voices of those impacted into the conversation and into the decision-making process.”  Kate KalcevichFable The sole participant of the round was […]

Bitcoin infrastructure unicorn Blockstream raises $289 million CAD to boost mining operations

Montréal Bitcoin infrastructure firm Blockstream has raised $210 million USD ($289 million CAD) in convertible note financing to expand its capacity as a Bitcoin treasury and innovate its layer-2 technology offerings.  Delaware-based Fulgur Ventures, which typically invests in Bitcoin and layer-2 technology startups at the early stage, led the convertible note round. It had previously […]

Ontario launches second phase of life sciences strategy to bolster research and funding

The Government of Ontario launched the second phase of its life sciences strategy this week as the province looks to establish itself as a global biomanufacturing and life sciences hub. The new phase will see $146 million in provincial commitments towards boosting research capacity, increasing access to specialized lab space, speeding up health trials, launching […]

Information VP forgoes fourth fund in favour of SPV-style investing

After 10 years and three funds, Information Venture Partners (Information VP) has announced a shift to single-asset, special-purpose vehicle (SPV) investing. Since it was spun out of RBC 10 years ago, the Toronto-based venture capital (VC) firm has focused on early-stage North American business-to-business (B2B) FinTech and enterprise software-as-a-service (SaaS) companies across three funds. After […]