The DMZ’s news roundup: What went down in March

Power up with the DMZ’s News Roundup. Our new blog series is dedicated to providing you with a quick look back on what went down in the Canadian startup and innovation ecosystem this past month.

We’ve got you covered with the most relevant news, notable ecosystem wins, DMZ updates and more. 

Here’s a rundown of what went down.

INDUSTRY NEWS

New BDC report reveals Canadian tech sector driving growth across the economy and expects tech sector revenue to grow by 22% by 2024

The Canadian tech sector is driving growth across the economy. Experts are expecting tech sector revenue to grow by 22% by 2024. A new BDC report states that growth in the tech sector is expected to be 5.3% in 2022, and growth for the 2021-24 period is expected to be 22.4%. 

Read more here.

Export Development Canada makes pandemic investment program permanent for small- and medium-sized businesses

Export Development Canada (EDC) is making its investment matching program permanent after it was first launched as an emergency pandemic measure. The program provides up to $5-million in capital for companies that are raising funds from private investors. So far, EDC has invested $223-million in 82 companies through the program. Moreover, it aims to build a portfolio worth up to $500-million. 

Learn more here.

“Y Combinator on steroids” – New security-focused tech fund

Glenn Cowan, a former member of Canada’s elite special operations unit, Joint Task Force 2, and Shopify co-founder Daniel Weinand launched a new venture capital fund aimed at financing national security startups. Cowan led high-risk military missions across the globe and recognized that special force units are the breeding grounds for new security related technologies, and are comparable to US accelerator Y Combinator. 

One9 Venture Partners launched its Special Mission Fund I, which is focused on national security and infrastructure. 

Read more here. 

STARTUP NEWS

Vancouver-based tech recruiter, VanHack, is supporting Ukrainian tech talent

DMZ alumni VanHack (Accelerator ‘18) is helping tech professionals from Ukraine find work. A global leader in tech recruitment, VanHack is waiving its placement fee for all Ukrainian tech hires. Plus, they are encouraging employers to donate to verified Ukrainian-based charities in lieu of its placement fees. 

Read more here.

Virtual Gurus Secured $8.4 Million CAD to Grow Virtual Assistant Marketplace Across North America

Virtual Gurus announced a $8.4 million CAD Series A and non-dilutive funding round to support the company’s growth. The company is a virtual assistant marketplace that focuses on supporting underrepresented individuals who have been historically overlooked for quality jobs.

Additionally, Founder and CEO Bobbie Racette is one of the first Indigenous women from the Canadian startup ecosystem to successfully raise a Series A round.

Check it out here.

Proptech startup iRestify raised $6 million CAD and announced its expansion into the United States

DMZ alumni iRestify (Incubator ‘17) announced a $6 million CAD raise to pursue expansion plans in the United States. The all-in-one technology-driven solution for building maintenance management has been adopted by Canadian property management brands Minto and Canadian Urban. 

After a successful soft launch in New York, Co-Founders Erifili Morfidis and Charlotte Gummesson are excited for further growth. 

Learn more here.

DMZ NEWS

The DMZ revealed inaugural award recipients of DMZ’s Women of the Year

In celebration of International Women’s Day, the DMZ unveiled the inaugural winners of our highly anticipated annual award: DMZ’s Women of the Year. Launched this year, the award honours inspirational women in Canada’s tech and business community and highlight their outstanding accomplishments and contributions to creating impact.

Check out all award winners here. 

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