News Summary: Communitech names top startups, Inovia raises new funds and Syzl rents kitchens



Snowflake plans Toronto office: Cloud computing company Snowflake announced it will open a new Canadian headquarters in Toronto later this year. The 50,000-square-foot space at the Bay Adelaide Center (pictured) will eventually house hundreds of software engineers working on the company’s app marketplace.

Wave CEO resigns: Wave Financial co-founder Kirk Simpson is stepping down as CEO. Simpson led the fintech startup until it was acquired by H&R Block in 2019 for $537 million. Former Mastercard executive Zahir Khoja will take over the position on July 1.

Communitech introduces Team True North: Innovation hub Kitchener-Waterloo, Communitech announced its first Team True North lineup on the Toronto Stock Exchange. The 35 Canadian companies on the list, including Toronto startups Ada, Clearco, Ecopia AI and League, are each expected to reach $1 billion in annual revenue by 2030.

talk money

Inovia launches new venture fund: Inovia Capital has raised $420 million for its fifth fund supporting early-stage startups. The new fund will invest in seed through Series A rounds. Despite numerous reports that venture capital funds are scaling back activity as interest rates rise, Inovia co-founder and partner Shawn Abbott told BetaKit that it’s a good time to make investments because valuations aren’t so high.

Augmenta Closes Seed Round: Augmenta has raised $5.3 million in seed funding. The startup was founded by a group of former Autodesk employees who are developing AI-supported building planning software for the construction industry. Toronto-based Hazelview Ventures led the round.

Babbly raises $3.2 million: Babbly announced a $3.2 million seed round to help expand its voice and language development platform. Founded in 2018 by founders Maryam Nabavi and Carla Margalef Bentabos, the platform uses AI to analyze a child’s speech and provides parents with activities and tips to help their children develop language and social skills.

Block investments in the Indigenous Growth Fund: The Indigenous Growth Fund has received a $3 million investment from Twitter founder Jack Dorsey’s Block Inc. The investment comes in addition to $150 million in funding from the federal government, the Business Development Bank of Canada and Farm Credit Canada.

I’ll do it

Syzl helps food business owners find kitchens: Syzl is a new platform connecting chefs and food entrepreneurs with restaurants looking to generate additional income by renting out their kitchen space. Syzl is backed by Restaurants Canada and is launching with 35 kitchens across GTA available for rent. “Syzl helps open doors to so many chefs and food workers who wouldn’t otherwise have the opportunity…while also benefiting from restaurants that aren’t open 24 hours a day,” said Romain Avril, chef and consultant at Syzl.

Celebrate proudly at Glad Day Bookshop: Located on Church Street in Toronto, Glad Day Bookshop is the oldest queer bookstore in the world. The store originally opened in a basement in Cabbagetown in 1970 before moving to its current location. “People see Glad Day as a safe and comfortable place. This sense of security also extends to our employees. Once you’re a Glad Day person, you’ll always be a Glad Day person,” said co-owner Jill Andrew.

Get the latest startup news, business advice, industry updates and success stories from Toronto entrepreneurs on our news site.


Comments are closed.