“Canadian Business Spotlight: Startups, Funding, and Deals This Week”

Canadian Startups and Business Deals: What’s Buzzing This Week?

It’s an exciting time in the Canadian business landscape. From fresh funding rounds to mergers and acquisitions (M&A) and innovative product launches, this week has been abuzz with news. In this article, we break down the key highlights you need to know.

📈 Funding Highlights

• Starboard: The Toronto-based logistics platform specializing in international trade has successfully raised $5.5 million. This funding comes from notable investors, including Eclipse, Garuda Ventures, and Everywhere Ventures.
  • The platform allows freight companies to process shipments in real time, providing seamless invoice reconciliation and improving payment follow-ups. This makes international logistics far more efficient.
• Valsoft: Montreal-based private equity firm Valsoft, known for its focus on niche software businesses, has raised over $200 million at a valuation nearing $3 billion. The round was led by Portage, Propelr Growth, and Viking Global.
  • Other Canadian funds, such as Arcadea, Banyan, and Define Capital, are following in the footsteps of Constellation Software, a Toronto-based leader in small tech acquisitions.

🤝 M&A Deals

• Scotiabank: Canada’s Scotiabank has received regulatory approval to acquire another 10% of Cleveland-based KeyCorp.
  • Earlier in August, Scotiabank had announced its plans to acquire a 14.9% stake in KeyCorp, with the deal valued at nearly $4 billion.
  • This move strengthens Scotiabank’s exposure to U.S. retail banking, a sector where its Canadian competitors are already well-established.
• Fairfax Financial: The Toronto-based insurance conglomerate is fully acquiring UK-based insurer Brit for $383 million.
  • Fairfax already held a majority stake in Brit since 2015. The acquisition marks a complete buyout, as Omers, the minority stakeholder, exits the venture.

💡 Innovative Products and Updates

• Zpayd: This Toronto-based platform providing whitelabel bill payment solutions has integrated its services with MoneyGram, an international money transfer giant.
• Emoot: Vancouver’s latest app sensation allows users to send personalized greeting cards over Interac e-transfer. The app recently launched, capitalizing on the growing trend of digital message personalization.
  • Notably, Interac made a similar acquisition earlier this year with the purchase of Vouchr, signaling keen interest in this space.
• Kaira: This Montreal-based financial coaching app has partnered with AGA, an employee benefits provider, to make financial wellness part of workplace benefits.
• Bench Shutdown: After 13 successful years serving 30,000 customers, Vancouver’s bookkeeping platform, Bench, has abruptly ceased operations. Former CEO, Ian Crosby, has publicly addressed the closure, adding further insights into the challenges faced by the startup.

🌟 Wrapping Up

The Canadian business ecosystem is clearly thriving, with innovations, funding breakthroughs, and significant deals shaping the trajectory of various industries. Whether it’s fintech, logistics, or SaaS, the diverse entrepreneurial spirit continues to shine. Stay tuned to see how these developments impact the broader market in the months to come.

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🔗 Relevant Hashtags

#FundingNews #CanadianStartups #BusinessInnovations #MergersAndAcquisitions #FintechUpdates #StartupEcosystem