Plus: OpenAI teases Canadian office.
Dear reader,
I hope you had a relaxing holiday filled with friends and family.
As I write this, I'm sitting on the couch, surrounded by loved ones, slowly recovering from the unfortunate combination of high-calorie treats and low impulse control.
Speaking of soft goods, Team BetaKit has this week's update on Elevate's latest developments, Canadian venture capital figures, and the company's major milestones. As a result, I had literally no kilobytes left to contribute anything other than serving their efforts on a foil-covered to-go plate, still warm and reminding you of home.
I'll be back next week. If I could just get off this couch.
Douglas Soltis
editor-in-chief
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Sent from Elevate
This year's Elevate festival focused on Canada's role in the artificial intelligence race.
- Innovation leaders (and Canadian actor Simu Liu) reveal the human impact of AI, from job loss to mental health. premiere.
- OpenAI Director of International Relations Chris Lehane teased opening of the Canadian office in an interview with BetaKit.
- Canadian healthcare entrepreneurs discussed how slow policies and weak procurement are limiting Canadians' access to aging and fertility technologies.
- Elevate wouldn't exist without pitch competitions. Find out who The Black Innovation Zone, Moneris eCommerce North and Elevate Women+ are crowned as their winners.
Shopify Names Jess Hertz as Chief Operating Officer as Chief Revenue Officer Resigns
Shopify has named general counsel Jess Hertz as chief operating officer as the company's chief revenue officer Bobby Morrison announced his departure after three years.
Hertz fills the void left by the departure of Kaz Nejatian, who left Shopify last month to lead San Francisco-based real estate technology company Opendoor.
Manzil tops $100 million in halal mortgages for Muslim Canadians
Toronto-headquartered Islamic fintech startup Manzil has surpassed $100 million in total halal mortgage finance after doubling the size of its mortgage business in less than a year.
Manzil co-founder and CEO Mohamad Sawwaf called the milestone for BetaKit “a testament” to both the strength of the company's mortgage product and the demand for it.
Canadian Venture Updates
- Radical Ventures from Toronto closed US$650 million (C$907 million) for a new fund investing in early-stage artificial intelligence companies.
- Vancouver-based venture capital firm Pender Ventures. hired Cherie Corbett as partner. Corbett, formerly of BDC Capital, joined Pender nearly a month after his Montreal partner Isaac Suvain left the firm.
- Quebec's leading artificial intelligence institute Mila, May create your own venture fund turn most of their research results into commercial ventures. Mila approached Jonathan Shaanan, managing director of Couche-Tard's corporate venture division, to help develop the fund.
Canadian cloud providers team up to launch sovereign cloud offering for government
ThinkOn, Hypertec Group, Aptum and eStruxture are contributing components of what they claim is Canada's first end-to-end, sovereign and AI-ready government cloud.
“This initiative restores both data and operational sovereignty, ensuring the Government of Canada can run its most critical workloads under its own control,” said ThinkOn CEO Craig McLellan.
Former Cohere executives Sarah Hooker and Sudip Roy unveil a new artificial intelligence startup
Former executives from Toronto-based Cohere and its research arm are launching Adaption Labs, a startup that aims to create efficient artificial intelligence that can “adapt and learn continuously.”
Former Cohere Labs CEO Sarah Hooker will lead the new venture along with her former Cohere colleague Sudip Roy, who was the company's senior director of insights.
Former Dye & Durham executives return with $100 million SPAC offering targeting Canadian tech
Toronto-headquartered MAK Acquisition, led by former executives from legal technology company Dye & Durham, has filed with Canadian regulators a plan for a US$100 million (C$139.5 million) initial public offering on the Toronto Stock Exchange.
The special purpose acquisition company hopes to acquire technology businesses that provide “critical solutions in niche markets” such as technology services, space and defense.
Swirl teams up with former Raptors star Jerome Williams for a 40-city college tour
Toronto and San Francisco-based Swirl will lead a 40-city North American tour as part of Shooting for Peace, a non-profit educational program created by NBA legend and former Toronto Raptors player Jerome Williams.
Launching in Toronto, Shooting for Peace will curate its programs using Swirl's new AI agent offering, Pulse. Pulse will listen to Williams' session and find out which topics are most important to students and teachers.
Position your startup as a trusted security partner
Join Rogers Cybersecure Catalyst on Friday, October 24th for a free webinar designed to help Ontario startups take advantage of growing opportunities in OT (operational technology) security.
We will look at:
- Why OT requires a fundamentally different approach than IT
- The biggest risks and challenges facing critical industries today
- How startups can develop solutions adapted to the realities of OT environments
- Why OT Security is a Huge Opportunity for Innovators
When: Friday, October 24, 2025
Time: 12:00 – 13:00 EST | Where: Virtually (Zoom)
Cost: Free
Space is limited – register now to learn how your startup can help protect Ontario's critical industries while accelerating your growth.
SELECTED STORIES FROM OUR PARTNERS
- Based in Toronto and San Francisco, with a team of over 20 people, FutureSight Ventures co-founds and funds vertical B2B AI SaaS companies and strives to build world-class businesses with experienced leaders. Its $15 million Artificial Intelligence Fund will close in November 2025. Find out how FutureSight makes starting a company a science.
- Astin Edwards of Punchcard Systems has worked with companies to modernize their software for over a decade. Too many extend the life of legacy applications until the cost of maintaining them outweighs the benefits. Read his six rules for renewal without spiraling.
🇨🇦 Weekly Canadian Deals, Dollars and More
- 1Password holds $100M Secondary Sale and A.I. Integration Deal
- Book of Spells raises $50 million Series B led by Khosla Ventures
- TransCrypts brand supported by Cuba closes Seed round valued at CAD 20 million
- PhenoTips raises $2 million for international expansion
- Melamun presentation competition awards $200K to Black Founders
- CDL, Vimy Forge and Qalian launch defense technical programs
- Nordspace partners with C-Core for aerospace infrastructure
- TransPod partners with Canadian steelworkers for Hyperloop in Alberta
- deep sky build $500 million carbon capture facility in Manitoba
- Equalizer Bank reveals new account for Canadian small businesses
- Felix launches new “longevity” platform
BetaKit Podcast – Can Canada Create Its Own Social Network?
“It's one thing to say, 'Let's do this in a sovereign way.' It’s another thing to actually do it.”
Gander Social is trying to do what seemed unthinkable six months ago: build a Canadian social network. What do sovereign social networks look like? And what will stop Gander from becoming any other social network? CEO Ben Waldman joins us to answer these questions and more.
Take the BetaKit Test: Manziel's Major Milestone, Venture Capital Folding, and the Return of “Trash Yard Dog”
Think you're up to date on Canadian technology and innovation news? Time to prove it. Test your knowledge of Canadian tech news with the BetaKit quiz on October 10, 2025.
A message to investors, entrepreneurs and ecosystem partners
Join FutureSight Ventures for its annual Investor Summit and Demo Day for world-class speakers, inspiration, and company pitches. At the legendary National Club in Toronto, where you can gain rich experiences and new relationships, thought leaders will share hard-won lessons, bold predictions and practical principles you can apply immediately.
Expect founder stories, live demos, and candid conversations about building secure AI businesses and scaling in a disciplined manner. Connect with LPs, operators and technologists as they shape the next decade of vertical B2B AI SaaS, and discover opportunities for investment, consulting or collaboration.
The number of places is limited. Request an invitation to take your place and become part of a community dedicated to turning ideas into sustainable companies.
We look forward to welcoming you on October 29 from 15:00 to 19:00.
BetaKit is a media partner of Elevate. Artistic image courtesy of Brandon Ferguson Media for Elevate Festival.
