Canadian Startup News of the Week (8/1/22)

Welcome to BetaKit Startup Stories of the Week! Here, you’ll find the week’s most important news, features and editorials published on Beta Kit. If you prefer this update to have it hit your inbox every week, be sure to sign up for the BetaKit newsletter using the form at the bottom of this page.

The main news of the week

Clerco will cut a quarter of its workforce amid a “tremendous headwind”.

Co-founders Michelle Romano and Andrew D’Souza told Clearco employees about the cuts in an email Friday morning. The email, shared with Beta Kit, said the cuts were “wise” and “necessary.”

Shopify’s Q2 2022 growth continues to slow due to changing e-commerce market conditions.

Shopify posted Q2 2022 revenue of $1.3 billion after the company’s growth slowed amid volatile e-commerce conditions. The results come a day after Shopify laid off 10 percent of its workforce.

Coinsquare lays off 24 percent of workers in turbulent crypto market, focus shifts to regulation

Coinsquare’s headcount has shrunk from 125 employees before the layoffs to about 95 now. The company has also introduced pay cuts to its executives, although it declined to divulge further details.

Portage Ventures will launch a new late-stage fintech fund that aims to raise up to $1 billion.

Adam Felesky, founder and CEO of Portage, told BetaKit that PCS invests in securities that combine debt and equity characteristics and doesn’t require startups to lock in prices like traditional equity fundraising.

To increase customer confidence, Crypto Guardian Balance completes a SOC 2 audit

The startup says it is now the only Canadian digital asset custodian for its SOC 2 cold (offline) and hot (online) crypto storage systems.

From seed to fork: Building better food systems through impact investing

“It has to start with providing enough food and nutrients for all people – paying attention to everyone – to feed themselves,” said Ran Goel, founder of Fresh City Farms in Toronto. “That’s the bottom line. Then the question becomes: How do we do that in a way that can continue indefinitely?”

Check out these Canadian tech venture funding reports for Q2:

Recent funding, acquisitions and layoffs

• Van – Fairytale – $8.4 million (read more)

• Van-Gen Fusion Gets Funding from US Department of Energy (Read More)

• CAL – Avatar Creations – $500K (read more)

• REG – Solvera solutions acquired by Accenture (read more)

• SUD – Verv – $3.8M (read more)

• CAM – Eclipse Automation by Accenture (read more)

• TOR – Stadium Live – $12.8M (read more)

• TOR – Nova, Formerly Polar, Gets Funding (Read More)

• Keen-Green Center Canada raises $2.5 million (read more)

• OTT – Women’s Entrepreneurship Ecosystem Fund calls for project proposals (read more)

• GAT – Converge Technology – $500 million (read more)

• MTL – BrainBox AI – $6M (read more)

• MTL – Ubenwa – $3.24M (read more)

• STJ – Process Flow – $11.8M (read more)

Shopify Stumbling, Rogers Invincible, Refund Collection

“That’s the drag quote. ‘Amber Mack: Things are falling apart.’

Special guest Amber Mack joins to answer listener questions on the award-winning Betakit podcast. Topics include: Shopify layoffs, Rogers’ earnings resilience for a second layoff last year, Canada’s digital divide and early stage fundraising tips.

Mark McQueen thinks it’s a great time to get a checkbook

As we look at companies today, I remember what it was like in the summer of 2000. You can play as an investor and as an entrepreneur.

The president of CIBC Innovation Banking isn’t worried about the current technology downturn.

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