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Canadian Tech in 100 Words

 

Coinbase Becomes CFL’s First Crypto Partner

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Coinbase has been named the Official Crypto Partner of the Canadian Football League (CFL) and the 111th Grey Cup, marking the first crypto partnership in the league’s history. As part of the agreement, Coinbase will sponsor the opening coin toss at the Grey Cup championship in Vancouver on November 17th.

Coinbase’s Canadian CEO, Lucas Matheson, highlighted Canada’s importance, with 13% of the population holding cryptocurrency. Fans can receive $25 in bitcoin and participate in giveaways, including a grand prize of $50,000 in bitcoin. Coinbase aims to enhance Canadians’ engagement with cryptocurrency.

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

Two-Thirds of Canadian SMBs Struggling With Cash Flow

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A recent survey by Float Financial highlights financial and operational challenges facing small and medium businesses (SMBs) in Canada. Although 87% of Canadian SMBs expressed confidence in their performance, two-thirds report ongoing cash flow struggles. Float’s CEO, Rob Khazzam, points to outdated banking practices and insufficient financial tools as key obstacles stunting business growth.

The survey also found 60% of SMBs feel more optimistic than in 2023, but high operating costs and lack of access to capital persist. Float believes fintech innovations will better serve SMBs by addressing key areas of speed, access, and ease.

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

Rising Fuel Costs and Environment Driving Gen Z’s Interest in EVs

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Volvo Car Canada’s 2024 Mobility Trend Report reveals a growing shift among Gen Z and Millennials toward electrified vehicles, especially Plug-In Hybrid Electric Vehicles (PHEVs). While 91% of Canadians still drive gas-powered cars, 51% of Gen Z and 54% of Millennials are eyeing PHEVs, driven by rising fuel costs and environmental concerns.

Key motivators include reducing fuel expenses and the flexibility of combining electric and gas power. Volvo’s fixed pricing model also appeals to younger buyers, who value price transparency over negotiation. Volvo continues to prioritize sustainability as it expands its electric vehicle offerings.

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

Brightspark Closes $100 Million Fund, Expands to BC

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Montréal-based venture capital firm Brightspark Ventures has closed its latest fund, BCOF II, with over $100 million CAD in commitments. The fund, initially targeted at $120 million, will continue Brightspark’s strategy of leading seed to Series A rounds for tech startups across Canada.

The firm has also expanded to British Columbia, hiring Vancouver-based Andrew Lugsdin as a new partner to capture more deal flow in the province. Despite challenging VC fundraising conditions, Brightspark’s strong support from existing investors helped secure the fund’s success, with the firm now managing over $500 million in assets.

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

AI and Legal Tech Drive Surge in Canadian Venture Capital Funding

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Canadian venture funding reached its highest level since early 2022, with companies raising US$2.8 billion in the third quarter of 2024, according to PitchBook data.

Major deals drove the surge, including a US$500-million round for AI firm Cohere and a US$900-million deal for legal software company Clio, which accounted for half of the total capital raised. However, the number of deals dropped, with just 165 companies securing funding, down from 235 in the previous quarter. Investors noted that while the quality of startups is improving, VC firms continue to face challenges raising new funds.

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

Cleantech Startups Struggle as SDTC Funding Stays Frozen

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Canada’s cleantech startups are facing significant challenges as Sustainable Development Technology Canada (SDTC), their largest funding source, remains in limbo. Despite a motion in Parliament calling for transparency in a probe into the agency’s operations, the Liberal government has withheld documents, and SDTC has yet to reopen applications.

Allegations of mismanagement and conflicts of interest froze funding in October 2023, leaving startups in a funding crisis. Although SDTC’s funding capabilities were restored in June, cleantech ventures continue to struggle, leading to layoffs and stalled projects as venture capital funding remains scarce.

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

Subscription Cancellations Loom as Living Costs Rise, Adyen Finds

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New research from Adyen reveals that 40% of consumers plan to unsubscribe from recurring payment services in the next 12 months, citing high living costs. The study, part of Adyen’s inaugural Global Digital Report, surveyed consumers across 23 countries. It found that most people are signed up to three subscriptions, spending $19 per subscription monthly.

Services most at risk include TV, music, and food delivery. Despite this, 77% of businesses plan to invest in repeat purchase models, with many expanding their offerings. Adyen’s Trevor Nies emphasized the need for businesses to build lasting relationships through personalization and seamless payments.

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

Vancouver’s Semios Rebrands as Almanac, Leading Agtech Innovation

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Vancouver’s Semios has officially rebranded as Almanac, a global leader in agricultural technology. This transformation brings together Semios’ crop management expertise and Agworld’s farm management platform under one brand, covering over 100 million acres of farmland worldwide.

CEO Sumer Johal, who joined in 2023, envisions Almanac as a sustainable, data-driven farming solution, powered by its AI platform Alma. The rebrand solidifies Vancouver’s growing influence in the agtech sector, offering farmers actionable insights to improve crop yields and reduce costs.

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

50% of Canadians Delay Medical Care Due to System Barriers

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A new report from Maple, titled Health on Hold, reveals that 50% of Canadians delay seeking medical advice due to barriers in accessing proactive healthcare. Based on a survey by the Angus Reid Forum, the report highlights that 81% of Canadians face obstacles, with many turning to search engines instead of consulting doctors.

The report underscores a critical need to transform Canada’s healthcare system, as lack of access to primary care is leading to costly interventions. Maple CEO Brett Belchetz emphasized that proactive care could improve outcomes and reduce healthcare strain by leveraging technology.

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

Hiive Surpasses $1 Billion in Transactions on Private Stock Marketplace

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Vancouver-based fintech Hiive has surpassed $1 billion in transactions on its online marketplace for private company stocks, following its Canadian launch last year. The platform allows accredited investors to buy and sell shares in privately held, VC-backed companies without the need for a broker.

Co-founder Prab Rattan noted this milestone reflects the trust clients have placed in Hiive. With traditional exit paths for VC-backed companies limited, Hiive provides a crucial liquidity solution. The company is now handling more than $100 million in monthly transaction volume and is poised for continued growth.

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