Canadian tech companies experienced a boom in Venture Capital Funding during the second quarter of this year, despite tough economic conditions. The Canadian Venture Capital and Private Equity Association (CVCA) reported that $2.8 billion CAD was invested in Canadian tech startups across 170 deals. This represents a 140% increase compared to the previous quarter and a 45% increase year-over-year. The surge in funding indicates investor confidence in the resilience and growth potential of the Canadian tech sector.
Ideogram Secures $22.3 Million CAD for AI Text-to-Image Platform
Artificial intelligence startup Ideogram has launched its generative text-to-image platform with $22.3 million CAD in seed funding. The Toronto-based company, led by AI experts from Google Brain, UC Berkeley, and the University of Toronto, aims to revolutionize the text-to-image technology space. The substantial investment highlights the potential value of AI-powered visual content creation tools and signifies the growing interest in this technology.
MindBridge Founder Joins Fresh Founders as Managing Partner
Solon Angel, the founder of Ottawa-based artificial intelligence startup MindBridge, has joined Fresh Founders as a managing partner. Fresh Founders is an exclusive investment and advisory firm that brings together founders, CEOs, and high-impact individuals. Angel’s addition to Fresh Founders will contribute to the firm’s expertise in AI and its commitment to supporting early-stage startups.
TikTok Ends Storefront Integration with Shopify
TikTok has announced that it will be discontinuing its Storefront feature, which enables merchants on platforms like Shopify to link their product catalogues to TikTok. Instead, TikTok is encouraging merchants to use its own platform, TikTok Shop, for selling products. This change comes as Shopify introduces a new integration called Solana Pay, a decentralized payments protocol built on the Solana blockchain.
Hopper Partners with Air Canada for FinTech Expansion
Travel booking app Hopper has formed a partnership with Air Canada to further its embedded FinTech capabilities. As part of its strategy to create the first travel super app in North America, Hopper aims to integrate FinTech products and services into its platform. Hopper’s FinTech offerings already contribute to 50% of the company’s total app revenue, and the partnership with Air Canada will help expand these capabilities.
Firehood and Elevate Announce Women+ Entrepreneur Incubator Cohort
The Firehood and Elevate have revealed the first cohort of the Women+ Entrepreneur Incubator, a joint initiative to support women entrepreneurs in the technology sector. Thirty-seven startups have been selected to participate in the incubator, which aims to provide resources, mentorship, and networking opportunities to help female founders succeed in their ventures.
Founders Share Scaling Tips in CIBC Innovation Banking Series
Leaders from four different companies, Bridgit, 7Shifts, Jane App, and Bloomerang, have shared key lessons in scaling their startups as part of a video series by Cibc Innovation Banking. The series aims to provide insights and inspiration for other founders and entrepreneurs. Each founder shares their unique experiences and strategies for success, highlighting the importance of adaptability and innovation in scaling a business.
(Sources: CVCA, Ideogram, Fresh Founders, Shopify, Hopper, The Firehood, Elevate, CIBC Innovation Banking)
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