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Canadian Tech in 100 Words

MaRS CEO Alison Nankivell Moves to EDC Leadership

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Alison Nankivell is leaving her post as CEO of Toronto’s MaRS Discovery District to become President and CEO of Export Development Canada (EDC). Announced by Minister Mary Ng, Nankivell succeeds Mairead Lavery at the Crown corporation focused on supporting Canadian export businesses.

Nankivell’s tenure at MaRS, which began in March, included a significant restructuring effort, with staff cuts aimed at reducing public funding reliance. Previously, she held leadership roles at BDC Capital and EDC, emphasizing venture investments and global scaling.

MaRS now faces leadership uncertainty amid ongoing financial challenges.

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Zombie Funds Haunt Canada’s Venture Capital Scene

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The number of new Canadian venture capital (VC) funds is plummeting, with just 14 launched in 2024, the lowest in a decade, according to PitchBook. Behind this trend lurk “zombie funds,” VC firms unable to raise new financing but still managing old portfolios.

Liquidity challenges, weak returns, and inflated valuations during low-interest years have deterred investors from reinvesting in underperforming funds. Emerging managers, particularly vulnerable, face prolonged breaks or reduced operations.

Despite this downturn, initiatives like the federal Venture Capital Catalyst Initiative and secondary investment deals offer hope. Experts foresee gradual recovery, though the zombie fund dilemma remains urgent.

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

Fiserv to Acquire Toronto’s Payfare in Major Deal

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Fiserv, a global financial technology leader, has announced its agreement to acquire Toronto-based Payfare. The deal, pending shareholder and court approvals, is set to close in early 2025. Known for its instant banking solutions for gig workers and hourly employees, Payfare’s innovations include its Pronto platform for on-demand wage access.

Fiserv aims to integrate Payfare’s program management solutions with its own banking and payment expertise, enhancing embedded finance solutions for enterprises. CEO Marco Margiotta called the merger a “tremendous opportunity.”

The acquisition aligns with Fiserv’s goal to empower clients with scalable financial tools for workforce payments and lending solutions.

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

Hothead Games Shuts Down After 18 Years

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Vancouver’s Hothead Games has closed its doors after nearly two decades. The studio filed for bankruptcy following abrupt contract cancellations by key partners, president Ian Wilkinson announced.

Hothead’s pivot back to console development faltered when prospective publishers for its AAA game playable withdrew. “Our only remaining option was bankruptcy,” Wilkinson stated.

Founded in 2006, Hothead created notable titles like Hero Hunters, winner of Google Play’s Most Innovative Game Award, and the Kill Shot series, marking its most successful era. Praised as a top workplace in Canada’s tech industry, the studio’s final day was December 13.

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AI: The $230 Billion Opportunity for Canada

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2024 saw generative AI transform from experimental to essential for Canadian businesses. Companies like TELUS reaped efficiency and cost benefits through full-scale AI deployments. AI’s economic potential in Canada is vast, with predictions of a $230 billion boost and 175 annual work hours saved per employee.

Looking ahead, AI-powered products will reshape customer experiences, streamline workflows, and drive innovation in sectors like finance, telecommunications, and healthcare. Canadian startups like Cohere and Viral Nation are poised to scale with AI.

As AI adoption deepens, leaders must embed AI strategies into their operations, setting the stage for a transformative 2025.

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Roger McNamee Joins Indiegraf to Back Local Journalism

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Indiegraf, a Vancouver startup reshaping local journalism, announced tech investor Roger McNamee’s addition to its board. Known for warning against misinformation on social media, McNamee brings expertise in venture capital and media strategy as Indiegraf expands globally.

Indiegraf offers a “media business in a box” solution, providing tools for website creation, ad management, and marketing automation to sustain independent publishers. Amid growing news deserts, McNamee hailed Indiegraf’s model as a lifeline for local journalism.

CEO Erin Millar praised McNamee’s dedication to advancing local media, highlighting his alignment with Indiegraf’s mission to empower underserved communities worldwide.

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

Legal Tech Leader Clio Targets Canadian Market Growth

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Legal tech giant Clio has inaugurated its largest office yet, a 28,000-square-foot Toronto space at 16 York Street, housing 200 employees. CEO Jack Newton emphasized its importance, balancing a distributed work model with in-person collaboration. Clio’s rapid expansion follows a record-breaking $900M funding round in 2024 and hitting $250M ARR.

The new office supports a strategic focus on Canada, leveraging Toronto’s tech and sales talent to tap into the dense legal market. Newton highlighted embedded payments and generative AI as key growth drivers. Clio’s ambition aims to inspire Canadian tech growth beyond Toronto.

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

From AI to Cleantech: Meet Canada’s Tech Innovators

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The Toronto Star has spotlighted 11 Canadian tech entrepreneurs set to shape 2025. From AI to cleantech, these innovators are driving the nation’s global tech influence. Highlights include Natasha Kostenuk and Dr. Brandy Kinkead of Ayrton Energy, revolutionizing hydrogen storage, and Hussein Fazal of Snapcommerce, whose Super.com app reshapes e-commerce.

Other leaders, like Mike Katchen of Wealthsimple, are redefining fintech, while Anna Sainsbury of GeoComply strengthens online security. The list also features startups tackling sustainability, like Natasha Kostenuk’s Summit Nanotech. These entrepreneurs are celebrated for solving critical challenges and scaling ventures with international reach.

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

Lion Electric Secures Creditor Protection Amid EV Market Woes

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The Superior Court of Quebec has granted Lion Electric protection under the Companies’ Creditors Arrangement Act, allowing the electric vehicle maker to continue operations while restructuring. The company, known for producing EV buses and trucks, will maintain fleet services for customers.

Lion aims to solicit bids for its assets or entire business by January 7, with an auction likely in March. Facing $500M in liabilities and just $26.3M in cash, Lion struggles with the slower-than-expected adoption of EVs. This move may ease concerns for operators relying on its parts and services but raises uncertainty about the company’s future.

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

Wealthsimple Celebrates 10 Years with Major Innovations

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Wealthsimple marked a decade of growth in 2024 by unveiling products addressing Canadians’ evolving financial needs. The company introduced its first lending product, margin trading, attracting over a third of waitlisted clients.

It expanded access to private investments for clients with $50,000 or more and enhanced Wealthsimple Cash with features like ATM fee reimbursement and joint accounts. The company also became a leader in First Home Savings Accounts, opening over one-third of Canada’s accounts. Looking to 2025, Wealthsimple plans to launch USD chequing accounts, a credit card, and enhanced advisory services.

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