IV. May 12, 2017: True North Strong
This is the fourth volume of The UnderDog’s bi-weekly newsletter on the highlights from Canadian tech, and more.
I. Highlights
- Wealth is Health: Wealthsimple raises $50 million to bring simple, auto-pilot investing to the masses.
The Headline: If you’re like me, you’ve seen those charming videos of the bellhop from The Grand Budapest Hotel on Facebook talking about investing. With relatable marketing, a wicked-easy interface, and a customer-centric focus — Wealthsimple has become the beloved “money guy” of the millenial generation.
With $1B of assets under management, and raising $100M to date — I’m officially a fangirl.
2. ABC, it’s easy as…12 acres of land? Google-parent Alphabet applies to turn 12 acres of Toronto waterfront land into high-tech hub.
The Headline: This is what dreams are made of for Larry Page. Where some build from the ground-up, Larry is looking to build from “the internet-up.” Sidewalk Labs LLC, the urban innovation unit of Page’s Alphabet Inc., is scoping for a space to bring a theoretical urban zone with some of the bedrock principles that have fueled tech companies such as Google (duh), Apple, Tesla, and Palantir to become household names.
P.s. My mind immediately pictured something akin to The Jetsons, but I’m sure that’s just me.
3. Slap Shot: OMERS Ventures closed $300 Million new fund
OMERS Ventures — started in 2011 as the answer to the depravity of Canadian startup funding — has closed its third fund to the tune of $300M.
With a proven track record since its inception, CEO John Ruffalo states that: “Six years later, [since inception] our third fund is oversubscribed, complete with strategic investors and corporate partners. We are proud to operate on a ‘Canada-first’ mandate,’ and are ready to meet new companies and deploy the next $300 million into the innovation economy.”
You know you’re killing it when people are asking to be invited to the party. In the past, OMERS has led investments in Canadian companies such as D2L Inc., HootSuite, Shopify, and LEAGUE.
P.s. Read about “How OMERS Ventures has become the saviour of Canadian startups” on the Financial Post here.
II. Links
- “Uncanny Valley” by Anna Wiener. A dive into the hierarchies between the technical and non-technical parts of a startup, in her words “I would say more, but I signed an NDA.”
- “The uncomfortable relationship between entrepreneurship and privilege” by Andrew Yang (Founder/CEO, Venture for America)
- “The case for bicycles’ inevitable triumph over cars” by Matt McFarland (Writer, CNN)
- “If you think women in tech is just a pipeline problem, you haven’t been paying attention” by Rachel Thomas
III. Blog Post:
Mirror Image: A retrospective on Hollywood’s portrayal of the business world.
It begs the question: Has privilege become a barrier to entry in starting a business?
