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Canadian Tech in 100 Words

Ritual’s Fall: Founders Exit for Shopify, Sale in Progress

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Toronto-based Ritual Technologies, once a promising food-takeout app valued at US$300 million, has struggled since the pandemic decimated its office-worker customer base. Co-founders Ray Reddy and Larry Stinson, along with select engineers, have joined Shopify, where Reddy will serve as VP of Retail.

Ritual will continue under new leadership as Shopify focuses on talent acquisition. The company’s revenue declined sharply, falling from US$50 million in 2019 to US$3.9 million in mid-2024. A sale of Ritual as a going concern is underway, with two buyers in due diligence.

Want to know more? Check out the source code on The Globe and Mail.

AI and Ransomware Drive Global Cyber Threats Higher

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Check Point Software Technologies’ State of Global Cyber Security 2025 report reveals a 44% surge in global cyber-attacks. Generative AI-driven disinformation campaigns and deepfake scams have intensified, compromising trust in digital systems. Infostealer attacks rose 58%, primarily targeting personal devices in BYOD environments.

Ransomware shifted to data exfiltration and extortion, heavily impacting healthcare with a 47% attack increase. Edge devices like routers and VPNs were exploited by state-sponsored actors. Check Point advises CISOs to bolster BYOD security, enhance patch management, and fortify edge device protection to combat these evolving cyber threats.

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

Alberta Fintech Sector Gets Boost from Luge Capital Investment

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Luge Capital has secured a $10 million investment from Alberta Enterprise Corporation (AEC) to boost Alberta’s fintech sector. The funding, part of Luge’s $93-million Fund II, will support early-stage fintech startups with capital and industry connections. Luge, managing $180 million across two funds, has already invested in Edmonton-based HonestDoor and Calgary’s OneVest.

To strengthen its regional presence, Luge appointed Chelsea Gillett as Alberta’s full-time investment manager. General Partner David Nault emphasized Luge’s commitment to fostering Alberta’s fintech growth. AEC’s backing positions Alberta to become a major fintech hub in Canada.

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

Eeva Launches AI Platform to Simplify Adulting

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Montreal-based startup eeva has officially launched its innovative home and life management platform, designed to simplify daily responsibilities and ease the pressures of “adulting.” Debuting at CES 2025 after raising $1.8 million in pre-seed funding, eeva offers AI-powered tools for organizing tasks, managing home maintenance, and coordinating household schedules.

Addressing the growing need for balance, especially among women and single parents, eeva centralizes personal and home management to reduce stress and improve well-being. CEO Adrienne Jung emphasizes empowering Canadians to focus on relationships and passions.

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

Toronto’s Float Secures $70M in Series B Led by Goldman Sachs

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Toronto-based Float Financial has raised $70 million in Series B funding, led by Growth Equity at Goldman Sachs Alternatives. This brings Float’s total funding to $120 million in the past year.

Founded to modernize Canadian business finance, Float has grown its payment volume 15-fold and credit issuance 140-fold since 2021. Clients include Jane Software and Knix. The funding will support product expansion, talent acquisition, and nationwide growth. CEO Rob Khazzam emphasized empowering Canadian businesses with advanced financial tools.

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

BlackBerry’s Stock Surges Amid Cybersecurity and Auto Tech Focus

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BlackBerry is regaining investor confidence, with its stock rising 79% since October. The surge follows the $160 million sale of its struggling Cylance unit, slimming operations and boosting its secure communications division, now attractive to government clients.

BlackBerry’s QNX software, used in 255 million vehicles, gained momentum with a new Microsoft partnership. Analysts expect profits from cybersecurity and vehicle tech to grow, signaling a potential comeback for the once-dominant tech giant.

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

Canadian Tech Ecosystem Urged to Embrace Alternative Funding

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A Vancouver tech founder is challenging Canada’s startup culture, arguing that the Silicon Valley-inspired focus on venture capital (VC) harms many startups. Rising costs and limited VC returns highlight the need for alternative funding like bootstrapping and revenue-based financing.

With tech tools now cheaper and more accessible, founders can build sustainable businesses without chasing hypergrowth. The founder emphasizes prioritizing long-term value over vanity metrics, urging the ecosystem to redefine success beyond VC funding.

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

Foresight Canada Opens 2025 Cleantech Awards Nominations

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Foresight Canada has opened applications for its 2025 Cleantech Awards, celebrating pioneering ventures and ecosystem leaders in British Columbia, Alberta, and Atlantic Canada. Since 2020, the awards have highlighted firms like Moment Energy and Arca for significant climate impact.

British Columbia leads in electric vehicles and renewable energy, while Alberta advances in carbon capture and clean energy solutions. Atlantic Canada is emerging in wind, tidal, and ocean-based technologies. Five categories, including Startup and Scaleup Ventures of the Year, are open for nominations. Applications close February 20, 2025.

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

Top Canadian Fintech Startups to Watch in 2025

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Canada’s fintech sector is entering a growth phase, driven by rising demand for digital financial solutions and investor support. Startups like Baseline, Beacon, and Loop are leading innovations in lending, financial services for immigrants, and cross-border payments.

Vancouver’s Leasey.AI and Blossom are modernizing property management and retail investing, while Toronto-based Nmbr is transforming payroll. Uplinq’s AI-driven credit scoring and Quickly’s early payment platform further showcase Canada’s fintech strength. With strong funding and key partnerships, these startups are revolutionizing finance, improving accessibility, and driving Canada’s digital financial future.

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

Vancouver Startups Crush CES 2025 with Bold Tech

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Vancouver startups stole the show at CES 2025. Naqi Logix wowed with its Neural Earbud, turning subtle facial gestures into seamless device control. MATT3R’s K3Y transformed Teslas into AI-powered smart dashcams.

Human In Motion Robotics impressed with XoMotion, a self-balancing exoskeleton designed for natural movement and rehabilitation. From neurotech to road safety and health innovation, these B.C. trailblazers are proving Canada’s tech scene can lead on the global stage.

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