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Canadian Tech in 100 Words

 

Frate Raises $3.6M to Revolutionize Retail Returns

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Toronto-based startup Frate has raised $3.6M CAD in an oversubscribed seed funding round led by Matchstick Ventures. With participation from 2048 Ventures, Whitecap Venture Partners, Closed Loop Venture Partners, and Better Ventures, Frate’s total funding now stands at $5.7M CAD.

The company’s returns automation platform helps retailers reduce return volumes and costs while addressing issues like return fraud. Frate’s solutions include AI-powered virtual condition assessments and personalized exchange recommendations. CEO Bailey Newton emphasized that this funding will allow further platform development.

Want to know more? Check out the source code here.

Zenbase Launches Canada’s First Rental Reporting API

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Calgary-based Zenbase has launched Canada’s first rental reporting API, designed to help millions of Canadians improve their credit scores by integrating rent payments into credit-building solutions. Zenbase’s API allows property and financial technology platforms to streamline rental reporting, giving users the ability to enhance their credit scores through their rental history.

With over 10 million Canadians underserved by traditional credit systems, Zenbase aims to democratize credit access. APOLLO Insurance, a leader in digital insurance solutions, is among Zenbase’s launch partners. Founder and CEO Koray Can Oztekin emphasized the importance of making rental reporting an industry standard.

Want to know more? Check out the source code on Calgary.tech.

Rebelstork Gains Investment from Top Venture Firms to Fuel Growth

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Toronto’s Rebelstork, an e-commerce platform that resells returned baby products at a discount, has secured new funding led by Maveron Ventures, co-founded by former Starbucks executive Howard Schultz. Other investors include Serena Ventures, Marcy Venture Partners, and existing investor Golden Ventures.

Rebelstork, which gained traction during the e-commerce surge caused by COVID-19, plans to use the funds to expand operations, launch new products, and hire more staff. The company’s AI algorithm helps price liquidated and open-box goods, which have seen increased demand as consumers become more price-conscious.

Want to know more? Check out the source code on The Logic.

Vancouver’s TIMEZYX Wins Big at 2024 New Ventures BC

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Vancouver cleantech startup TIMEZYX won the top prize at the 2024 New Ventures BC Competition, presented by Innovate BC. Co-founded by Kamyab Zandi and Adele Khavari, TIMEZYX secured the $110,000 Innovate BC First Place Prize for its real-time digital twin technology, designed to help cities and infrastructure adapt to extreme climate events.

TIMEZYX’s technology provides insurers and infrastructure owners with real-time simulations to assess and mitigate risks such as floods and earthquakes. SkyAcres Agrotechnologies and skiKrumb won second and third place prizes, respectively. Several other startups, including VulcanX and insporos, were also recognized for their innovative contributions.

Want to know more? Check out the source code on Techcouver.

Canada’s Tech Salaries Cool as Industry Stabilizes

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Canada’s tech compensation market is cooling, according to the 2024 Tech Sector Salary report by TAP Network and Mercer. The report found a median salary increase of less than 4%, down from last year’s 8%. Voluntary turnover also dropped, averaging below 10%, compared to 17% in 2023.

The survey includes salaries and compensation data across Canadian tech subsectors like AI, clean-tech, and gaming. TAP Network CEO Stephanie Hollingshead noted that salary increases have stabilized, reflecting cautious spending in the industry. Mechanical engineering and marketing roles saw the highest increases, driven by clean-tech growth, but may cool in 2025.

Want to know more? Check out the source code on Techtalent.ca.

ZayZoon Partners with Scotiabank to Expand Earned Wage Access

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Calgary’s ZayZoon has partnered with Scotiabank to expand Earned Wage Access (EWA) across Canada. EWA allows employees to access earned wages before payday, enhancing financial flexibility. Through this collaboration, Scotiabank business clients can now offer EWA as part of their employee benefits package, which aims to boost financial stability, job satisfaction, and business performance.

ZayZoon’s technology seamlessly integrates with payroll systems, providing workers access to funds via desktop or mobile devices. ZayZoon co-founder Darcy Tuer said the partnership addresses the growing need for financial solutions, as financial stress impacts nearly half of Canadian workers.

Want to know more? Check out the source code on Calgary.tech.

Motion Raises $30M to Boost Creative Analytics Platform

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Toronto’s Motion, a creative analytics platform, has secured USD $30 million in Series B funding led by Inovia, with participation from Threshold Ventures, Headline, Abstract Ventures, and Sugar Capital. The funds will enhance Motion’s product roadmap and expand its analytics capabilities, bringing the company’s total funding to $42 million USD.

Launched in 2021, Motion is used by top ecommerce brands to analyze $6 billion in media spend annually. The company, which has grown to over 1,000 customers, helps creative strategists bridge the gap between analytics and marketing creativity. Motion also introduced a new product, Creative Research, to track competitors on social media.

Want to know more? Check out the source code on Newswire.ca.

Wealthsimple Now Profitable After a Decade of Growth

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Wealthsimple, marking its tenth anniversary, has revealed it is now profitable, with revenue and assets surging. The financial platform, known for its low-fee robo-advisory services, has expanded into mortgages and banking, amassing over $50 billion in assets—double from a year ago.

CEO Michael Katchen confirmed that Wealthsimple’s second-quarter revenue rose 88%, reaching $129 million. Despite facing skepticism, Wealthsimple has maintained profitability since last year. The company, backed by Power Corp. of Canada, plans to continue growing its services to rival traditional banks, with future expansions into credit and insurance.

Want to know more? Check out the source code on The Canadian Press.

BCE to Sell MLSE Stake to Rogers for $4.7 Billion

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BCE Inc. announced today it will sell its stake in Maple Leaf Sports & Entertainment (MLSE) to Rogers Communications for CA$4.7 billion. The deal is expected to close by mid-2025, pending necessary approvals. BCE plans to use the proceeds to reduce debt and focus on its transformation into a tech company.

As part of the agreement, Bell Media’s TSN network has secured long-term broadcasting rights for the Toronto Maple Leafs and Raptors for the next 20 years. BCE will remain the telecom sponsor for the Raptors, Argonauts, and Toronto FC.

Want to know more? Check out the source code on Newswire.ca.

Salesforce and NVIDIA Join Forces to Elevate Enterprise AI

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Salesforce and NVIDIA announced a strategic collaboration to enhance AI capabilities for enterprises by combining their respective platforms. This partnership integrates NVIDIA’s AI platform with Salesforce’s Agentforce, designed to improve productivity for sales, service, marketing, and IT teams.

By leveraging NVIDIA’s accelerated computing and AI software, Salesforce aims to enhance customer insights and create interactive AI-powered avatars. According to Salesforce CEO Marc Benioff, this collaboration represents the third wave of AI, blending human and AI agents. NVIDIA CEO Jensen Huang added that AI assistants will reshape future workplaces by boosting efficiency and productivity.

Want to know more? Check out the source code here.