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Canadian Tech in 100 Words

Canada’s VC Deal Count Hits Five-Year Low

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Canadian startups raised $1.26 billion in Q1 2025, but from just 116 deals—the fewest since early 2020, according to CVCA. Early-stage investment has notably slowed, prompting CEO Kim Furlong to warn of long-term risks to the innovation economy. Venture debt hit $283 million, a record high, as founders seek non-dilutive capital amid tighter equity markets.

Private equity remained steady at $18.2 billion, skewed by GardaWorld’s $14B recapitalization. However, M&A and IPO exits collapsed. Just seven VC-backed exits closed, down from 14 last year. The report links the downturn to trade uncertainty and cautious U.S. acquirers.

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

Inside Shopify’s Retreat from Equity Commitments

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Shopify has shuttered its equity-focused programs, ending initiatives that supported Black, Indigenous, and women entrepreneurs. Internal discord began after executive Kaz Nejatian pledged to restore a Sir John A. Macdonald statue, sparking debate over the company’s commitment to inclusion.

Former staff allege that diversity was used as marketing, not mission. Programs like Build Native and Build Black, once heralded, were quietly cut in 2025. Executives now frame DEI work as “virtue signalling.” Staff say the closures came abruptly, erasing support for merchants who brought in real revenue. For some, it marked a cultural turning point—and a political one.

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

Crypto Push: Robinhood Buys WonderFi, Bitbuy, Coinsquare

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Robinhood Markets will acquire Toronto-based WonderFi in a $250 million all-cash deal, offering $0.36 per share—a 41% premium on WonderFi’s last TSX close. The transaction brings 1.7 million users, $2.1 billion in client assets, and crypto platforms Bitbuy and Coinsquare under Robinhood’s control.

WonderFi’s team will join Robinhood’s Canadian operations, which already employ 140 staff in Toronto. The deal is expected to close in the second half of 2025, subject to regulatory approvals. Robinhood aims to grow its Canadian footprint and expand in crypto, as deregulation efforts under U.S. President Donald Trump reshape the sector.

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

Canada’s First University VC Fund Moves Fast, Backs Five

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Velocity Fund II, a venture capital fund spun out of the University of Waterloo’s startup incubator, has secured a $10 million USD first close. It’s the first Canadian university-backed VC fund, with Waterloo contributing $2 million USD from its $525 million endowment.

The $25 million fund targets pre-seed and seed investments in the Waterloo region, with cheque sizes ranging from $25,000 to $1 million USD. Managed independently, the fund has already backed five companies, including Phoenix and Voltra Energy. Investors include Graphite Ventures and AngelList. The fund prioritizes quick decisions, aiming to empower founders and catalyze local tech growth.

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

B.C. Climate Tech Firm Targets Billion-Tree Goal

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Vancouver-based Veritree Technologies has raised $9.1 million in Series A funding to scale its nature-based restoration platform, bringing total investment to over $15 million. A 2022 spinout from sustainable clothing brand tentree, Veritree uses LiDAR, drones, and blockchain to verify environmental outcomes in reforestation projects.

The funds will support the addition of AI features and global expansion. Led by CEO Derrick Emsley, Veritree has planted 100 million trees and aims to reach one billion by 2030. With high data integrity and transparent monitoring, Veritree enables corporate investors to track impact with confidence.

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

Doora: New AI Tool to Guide Canadian Homebuyers

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Edmonton-based HonestDoor is set to launch Doora, a 24/7 AI-powered real estate assistant, in 2025. Designed to support homebuyers and sellers nationwide, Doora will provide data-driven answers through natural conversation. The company, already known for its HonestDoor Price estimates, is enhancing its offerings with AI Property Comparable Reports, priced at $20.

These include price projections, valuation history, and detailed photos. HonestDoor is one of few tech firms that also operates as a licensed brokerage. With 1 million monthly visitors expected next year, CEO Dan Belostotsky says Doora reflects HonestDoor’s next evolution in real estate technology.

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

Calgary SMEs Get $3.5M Boost for Innovation

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The Opportunity Calgary Investment Fund, with support from Alberta’s government, has launched OCIF Express—a new funding stream deploying up to $3.5 million to 23 Calgary-based SMEs. Focused on short-duration projects under 24 months, the initiative targets high-growth sectors like AI, clean energy, and aerospace.

OCIF Express aims to create over 150 jobs and provide skills training for nearly 90 workers. Recipients include ZayZoon, CoolIT Systems, Carbon Upcycling, and MRO Electronics. Alberta contributed $1.2 million to the fund. Officials say OCIF Express will accelerate innovation and local hiring while reinforcing Calgary’s economic resilience.

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

CICE Rebrands as NorthX to Scale Climate Tech

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The BC Centre for Innovation and Clean Energy (CICE) has rebranded as NorthX Climate Tech, reflecting a broader national focus on scaling climate hard tech. Launched in 2021, the organization has supported 65 climate solutions and created over 800 jobs. NorthX will prioritize energy storage, clean fuels, hydrogen, and carbon management while expanding support for large-scale industrial decarbonization.

Its new strategy includes repayable, non-dilutive investments and extended follow-on funding. CEO Sarah Goodman said the model aims to build Canada’s climate economy by backing early innovation and recycling capital. “Let’s build what matters,” she stated.

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

Clio Strengthens Leadership With Foreman Appointment

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Clio has appointed John Foreman as Chief Product Officer, reinforcing its commitment to innovation in legal technology. Foreman, previously Chief Product and Marketing Officer at Podium and former Chief Product Officer at Mailchimp, brings over 15 years of SaaS leadership experience.

At Clio, he will lead product strategy across its expanding platform, with a focus on intelligent, AI-driven tools that simplify legal work. CEO Jack Newton called Foreman a “bold” leader poised to redefine legal operations. Foreman’s background in data science and product development aligns with Clio’s mission to improve efficiency and client service in the legal profession.

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

Vancouver’s Tech Sector Gears Up for Web Summit

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Vancouver will soon host Web Summit, one of the world’s premier technology conferences, offering BC’s tech sector a rare global spotlight. Local firms view it as a pivotal opportunity: 44% aim to drive sales or partnerships, 25% seek insights, and others target funding, exposure, or talent. For investors, strong sector alignment and product-market fit matter more than ever.

Web Summit signals BC’s global ambition and opens doors to capital and collaboration. More than a tradeshow, it’s a catalyst for long-term growth—if companies approach it with purpose, preparation, and a post-conference plan.

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