Montréal-based venture builder and investor, Diagram Ventures, has launched a ClimateTech Fund, securing almost $50 million in commitments as part of its initial closing. The new cleantech-focused VC fund will invest in early-stage technology startups developing solutions to tackle climate change and reduce emissions. Diagram, which is connected to the Desmarais family and backed by Sagard, is close to its target of $60 million for the ClimateTech Fund. The fund is anchored by Sagard and the Québec government through Investissement Québec, with other major limited partners including Mavrik, Fondaction, and the Fonds québécois d’amorçage Teralys. Want to know more? Check out the source code on BetaKit.
Generative Artificial Intelligence (AI) is gaining traction in Canadian workplaces, with 22% of respondents using it for their jobs, according to KPMG’s Generative AI Adoption survey of 4,515 Canadians. The research indicates a growing trend, with 61% of users employing generative AI multiple times a week, up from 52% six months ago. The study also revealed that 20% of users now utilize generative AI daily. The adoption is growing at an annualized rate of 32%, suggesting that half of Canada’s workforce could be using it within three years. The Generative AI Adoption Index stands at 14.6, reflecting a 28% growth rate since May. Want to know more? Check out the source code on Newswire.ca.
Canadian coffee and fast-food chain Tim Hortons has introduced its first zero-tailpipe emissions electric transport truck. The Volvo VNR Electric Class 8 truck operates from the Tim Hortons distribution centre in Guelph, Ontario, with a second electric truck soon to be stationed in Langley, British Columbia. This initiative aligns with Tim Hortons’ sustainability platform, “Tims For Good.” Each electric truck is expected to cover up to 100,000 kilometers annually, emitting zero tailpipe emissions and reducing diesel fuel consumption by over 25,000 liters per vehicle annually. The distinctive lightning bolt design and Tims maple leaf logo will identify these eco-friendly trucks on Canadian roads. Want to know more? Check out the source code on Newswire.ca.
In a significant development, Google and the Canadian federal government have reached an agreement on the Online News Act, securing Google’s commitment to continue sharing Canadian news online. The deal involves Google making annual payments of around $100 million to news companies. This resolution comes after Google expressed concerns about critical structural issues with the legislation. The regulatory framework, agreed upon earlier this week, addresses Google’s core issues, allowing negotiations with a single group representing all media. Google had previously threatened to block Canadian news content, but this agreement avoids such disruptions, marking a victory for Canadian media. Want to know more? Check out the source code on CBC.ca.
Vancouver’s Spring Impact Capital has launched a $20 million impact fund to bolster high-potential Canadian innovation in health and climate. The fund aims to bridge the gap in pre-seed and seed funding for early-stage companies in these crucial sectors. Leveraging its expertise in scaling high-growth ventures, Spring Impact Capital plans to significantly contribute to the development of impact-driven enterprises in Canada. The fund’s first close this quarter reflects the growing interest, with plans to make initial investments by year-end. Spring, operating since 2014, has a history of supporting impactful ventures, making this venture a logical extension of its commitment. Want to know more? Check out the source code on Techcouver.com.
Shopify, a key player in internet commerce infrastructure, announced a remarkable achievement with Shopify merchants hitting a record $9.3 billion in sales during the Black Friday Cyber Monday (BFCM) weekend, marking a 24% increase from the previous year. The global impact was substantial, with over 61 million consumers purchasing from Shopify-powered brands across various continents. Shopping reached its peak at an astonishing $4.2 million per minute on Black Friday. Shopify President Harley Finkelstein expressed admiration for entrepreneurs, highlighting the testament to their consistent delivery of exceptional products and experiences that resonate with a global consumer base. Want to know more? Check out the source code on Newsfile.
In a strategic move, tech publication BetaKit has announced a pivotal partnership with Good Future, led by Canadian entrepreneurs Arati Sharma and Satish Kanwar. Good Future, a family office, will become BetaKit’s majority shareholder, injecting capital to fuel growth. The collaboration aims to expand BetaKit’s editorial and business teams, enhancing its media platform serving millions. While Good Future’s investment brings new leadership, BetaKit’s editorial independence remains intact. This alliance marks a significant step in advancing the mission to support innovative founders. Exciting times ahead for Canadian tech journalism. Want to know more? Check out the source code on BetaKit.
Montreal’s Shakepay has responded to growing customer demands by introducing everyday payments, offering a seamless financial experience. Users can now enjoy direct deposits, bill payments, e-transfers, and rewards for regular account activity. The innovative Shakepay Visa prepaid card, a pioneering bitcoin cashback card in Canada, allows users to earn up to 2% in bitcoin on all purchases. With over 1.3 million registered accounts, Shakepay, founded in 2015, has evolved from its Crypto Trading Platform to become a leader in easy bitcoin transactions while prioritizing industry safety standards. Want to know more? Check out the source code on Fintech.ca.
Digital pharmacy Pillway has secured a significant minority investment of $9.5 million from Sun Life, affirming a commitment to advancing digital health solutions. The collaboration, evident in the successful Lumino Health Pharmacy app, aims to redefine how individuals manage their health, especially for Sun Life’s Group Benefit Clients across Canada. In an increasingly competitive HealthTech sector, this funding reflects a strong endorsement of Pillway’s value proposition. Pillway’s CEO, Lak Gill, emphasizes the investment’s significance beyond financial support, anticipating accelerated growth and an enhanced ability to provide personalized, technology-driven healthcare solutions, furthering their impactful partnership with Sun Life. Want to know more? Check out the source code on Newswire.ca.
Quantum computing leader PASQAL has initiated a groundbreaking $90 million quantum technology venture in Sherbrooke, Quebec. Supported by a $15 million loan from the Government of Quebec, the five year project aims for manufacturing, research, and commercialization within DistriQ, a quantum innovation zone. With Espace Quantique 1 set to open in 2024, the facility will manufacture neutral-atom quantum computers and foster innovation in a 5,000 square meters collaborative space. PASQAL’s CEO, Georges-Olivier Reymond, emphasizes the initiative’s role in attracting global talent and companies, positioning Sherbrooke as a prominent quantum hub in North America. Want to know more? Check out the source code here.