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Canadian Tech in 100 Words

Novacap Raises $1B for Digital Infrastructure Fund

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Montreal-based private equity firm Novacap has raised over USD $1 billion USD for its first fund dedicated entirely to digital infrastructure. Backed by institutional investors, family offices, and high-net-worth individuals globally, the fund exceeded its original $750-million USD target.

The fund aims to invest up to $100 million in 10 regional companies offering connectivity and data access services. Novacap CEO Pascal Tremblay attributes demand to AI-driven growth.

Initial investments include INdigital, All West Communications, Communications Tower Group, and H5 Data Centers. Founded in 1981, Novacap manages over $10 billion CAD in assets.

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

Amazon Shuts Quebec Warehouses, Lays Off 1,700 Workers

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Amazon is closing all Quebec warehouses, laying off 1,700 regular employees and 250 seasonal workers. Operations will cease at seven sites, including a fulfillment center, sorting centers, and delivery stations, within two months.

Spokesperson Barbara Agrait denied unionization at Laval’s DXT4 warehouse influenced the decision, citing a return to Amazon’s third-party delivery model used until 2020. Employees will receive severance packages, job placement support, and up to 14 weeks of pay.

Many employees expressed shock and frustration, claiming the closures were abrupt and union-related. The layoffs leave workers like single mother Bobbie-Jo Vaughan facing uncertain futures.

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

Big Six Shrinks Climate Commitment Amid Criticism

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Scotiabank has joined CIBC, BMO, National Bank, and TD Bank in withdrawing from the Net-Zero Banking Alliance (NZBA), leaving RBC as the sole Canadian member. The alliance, launched in 2021, committed banks to achieving net-zero portfolio emissions by 2050 with detailed plans.

Critics, including U.S. Republicans, argue the NZBA violates fiduciary duties and targets the oil and gas industry. Pressure to abandon climate commitments intensified ahead of Donald Trump’s inauguration, with his administration rolling back climate initiatives like the Paris Agreement. Despite leaving NZBA, banks claim continued commitment to climate goals.

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

DIGITAL Drives Quantum Tech with $5M Co-Investment

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DIGITAL, Canada’s Global Innovation Cluster for digital technologies, announced $5M in co-investments to accelerate quantum technology commercialization. Supported by Canada’s National Quantum Strategy and industry partners, the initiative will leverage $7M in additional contributions.

Projects include Verge Ag’s collaboration with D-Wave to create real-time agricultural decision tools, Quantum Bridge Technologies’ quantum-resistant cryptography solution for critical infrastructure, and Xanadu Quantum’s open-source quantum computing platform.

DIGITAL CEO Sue Paish highlighted quantum’s transformative potential across key sectors, while Minister François-Philippe Champagne emphasized its societal and economic benefits. DIGITAL has driven 185 products and 730 patents since 2018.

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

Hopper Eyes $10 Billion Valuation with IPO Plans

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Montreal-based Hopper plans a dual listing on the TSX and Nasdaq, potentially valuing the company at up to $10 billion. Known for its travel price prediction app, Hopper serves millennials and Gen Z while powering B2B travel platforms for companies like Capital One.

Founder Frederic Lalonde emphasizes profitability before the IPO, highlighting the company’s $1B revenue goal. Backed by $740M from investors including Goldman Sachs and Inovia Capital, Hopper’s competitive edge lies in its AI-driven data algorithms. Lalonde’s journey from hacker to industry disruptor underscores Hopper’s moonshot success.

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

BlackRock’s Decarbonization Partners Fuels Orennia’s Growth

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Calgary’s Orennia has closed its Series C funding round, led by Decarbonization Partners, a joint venture of BlackRock and Temasek. The company’s Ion_AI platform uses cutting-edge AI to deliver actionable insights across power, renewables, and carbon capture.

CEO Brook Papau highlighted the platform’s industry impact, with 95% of clients reporting accelerated workflows. Dr. Meghan Sharp of Decarbonization Partners called Orennia’s tools “critical for enabling decarbonization.”

The funding will expand Ion_AI’s capabilities, empowering global energy transition sectors like hydrogen and data centers. Orennia continues driving innovation to meet the climate challenge.

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

Toronto Panel Tackles Fintech’s Challenges for 2025

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On January 28, 2025, Canada’s fintech leaders will gather at OneEleven, Toronto, for Payments, Platforms + Progress: What’s Next for Fintech in 2025. Hosted by Category Communications, the event will feature Tal Schwartz of Exit North Ventures, Andrew Graham of Borrowell, Sarah Sheikh of Loop, Yvette Wu of Yield Exchange, and Laviva Mazhar of Luge Capital.

Panelists will discuss challenges like stalled open banking legislation, trade tariffs, and the weak dollar while exploring AI’s role in fintech. Startup founders and fintech enthusiasts are invited to register for this exclusive event.

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

Toast Co-Founders Slam Tech’s Toxic Culture

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Toast co-founders April and Marissa released a powerful statement addressing systemic misogyny and inequality in tech, following Meta’s rollback of hate speech policies and Mark Zuckerberg’s controversial comments on “masculine energy.” Highlighting cases like Hamed Abbasi’s sexual assault trial and Canada’s widening gender pay gap in tech, they criticized leaders prioritizing profit over accountability.

Toast called on male leaders to take meaningful action against workplace toxicity, urging the industry to protect women and marginalized groups. The statement concluded with an invitation to a virtual support group, creating a safe space for women in tech to share and find solidarity.

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

Weston Family Funds Alzheimer’s Tech Startup

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Canada’s Weston family, known for philanthropy, is now backing innovation. Wittington Investments’ new fund led a $14M financing for Grey Matter Neurosciences, a startup licensing focused ultrasound technology from Sunnybrook Research Institute.This non-invasive technology, pioneered by Dr. Kullervo Hynynen, aims to treat Alzheimer’s by enhancing cognition using a helmet-like device. Grey Matter’s CEO, Jeffrey Coull, plans safety trials with seed funding.

Jim Orlando of Wittington Ventures said the fund seeks to close Canada’s commercialization gap in health tech. The deal is supported by TIAP, Ontario Brain Institute, and others.

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

AI-Generated Campaign by Boardy Sparks Outrage

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Toronto’s Boardy, an AI introduction platform, ignited controversy with emails mimicking Donald Trump’s tone. Sent on Inauguration Day, the emails featured gender-biased comments: women received appearance-focused feedback, while men’s messages emphasized professionalism.

Tidal Equality’s Anna Dewar Gully was praised for her “perfectly shaped eyebrows,” while marketing director Natalie Williams endured comments about her jewelry. Men, including Boardy CEO Andrew D’Souza, received leadership-centric remarks. Women like Milly Barker criticized the tone-deaf campaign, highlighting harassment risks. With 91% of LinkedIn’s women facing inappropriate messages, Boardy’s attempt to “#MakeLinkedInFunAgain” backfired. CEO D’Souza apologized, vowing change.

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