By DMZ, Tech Incubator
April 17, 2023
The DMZ’s News Roundup: What went down in May
Canada's venture deal woes, the country's latest unicorn company and DMZ's incoming Pre-Incubator cohort - this is your monthly DMZ news roundup.
Power up with DMZ’s News Roundup: a blog series 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 and notable wins from the ecosystem, DMZ updates and more.
Here’s a rundown of what went down.
INDUSTRY NEWS
New BDC report reveals a record-breaking 2021 for venture capital and private equity deals, while 2022 is expected to experience turbulence
A new BDC report revealed that 2021 was a shattering year for VC, with Canada breaking records by almost every metric. Canada saw a jump in domestic and international VC investing, with 752 deals made, representing $14.7 billion CAD. However, this past quarter, VC deal counts and the money behind private equity deals took a fall. Despite the forecasted challenges, BDC suspects that the startup economy and Canadian entrepreneurs are well-positioned to take them on.
Check out the full report here.
Neo Financial secures $185 million CAD in Series C funding, becomes the country’s newest Unicorn status company
Calgary-based Neo Financial closed their Theil-led Series C funding round, in which they raised $185 million CAD. This additional funding launched the company’s valuation to more than $1 billion CAD, making them the newest tech company to earn official unicorn status in the country. Neo Financial is an online bank bringing a low-fee alternative to the Canadian financial market, helping users save costs on spending and earn high interest on savings.
Learn more here.
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STARTUP NEWS
SPM solution provider, Forma.AI, is expanding platform development with $45 million CAD secured in Series B funding
DMZ alumni Forma.AI (Incubator ’18), a sales performance management solution provider, recently closed its Series B funding round. With the $45 million CAD secured in funding, they plan on expanding the marketing and development of their fintech platform.
Read more here.
Fable secured $10 million USD to make online accessibility a reality for disabled users
Fable (Incubator ’20), a Toronto-based startup that helps companies make digital products more usable by people with accessibility challenges, announced a $10.5 million USD round in venture capital funding to support the company’s growth. Alwar Pillai, CEO and Co-Founder of Fable, says the company is focusing on unlocking access to more clients by targeting large corporations’ digital teams to target their users.
Check it out here.
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WBI-affiliated technology firm CyborgTech to acquire DMZ FinTech alumni Fortuna.AI
DMZ alumni Fortuna.AI (Incubator ’18) announced its acquisition from WBI-affiliated technology firm CyborgTech, home to robo advisory platform Cy, for an undisclosed amount. Fortuna.AI is an AI-powered platform helping financial services scale digital tools to get new clients in the marketing and advertising sector. Fortuna.AI was the winner of the DMZ-Bank of Montreal Fintech accelerator program.
Learn more here.
DMZ NEWS
Introducing DMZ’s Pre-Incubator Fall 2022 cohort of cutting-edge tech companies
In a new DMZ blog, we welcome 13 up-and-coming tech companies into our new Pre-Incubator cohort. Hailing from across Canada, the United States, Brazil, Estonia and Africa, this new cohort is already hitting above their own weight in a diverse range of industries. Check out all the companies in our new Pre-Incubator cohort here.
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