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News Roundup: Economic downturn nervousness rises and Wealthsimple launches new app

The personalities of the news

Startups prepare for the downturn: The Globe and Mail spoke to Canadian tech leaders to get their thoughts on preparing for a possible economic downturn. Some companies are announcing layoffs as sales slow due to rising inflation and ongoing supply chain challenges. “We’ve grown tremendously over the past two years, and while we’re still positioned for continued growth, we’d be naïve to think everything would be clear,” said DMZ incubator executive director Abdullah Snobar. .

Wealthsimple is launching a new app: Wealthsimple has launched a new mobile app that combines its trading, investing and payment services. In a blog postWealthsimple said it was the first step towards its goal of democratizing finance for everyone.

Jennifer Couldrey leaves the Upside Foundation: After six years with the Upside Foundation, Jennifer Couldrey has announced that she is stepping down as Executive Director. During that time, the foundation has raised $3 million for good causes by encouraging Canadian tech companies to participate in charities.

talk about money

Kruzee raises $500,000 in pre-seed: Online driver education platform Kruzee announced pre-seed funding of $500,000, with backers including N49P, Wattpad founder Ivan Yuen and Juno founder Heather Payne. Founded by University of Toronto alumni Mikael Cataldo and Osama Siddique, Kruzee pairs student drivers with instructors and online courses.

Manzil announces seed funding of $2.44 million: Halal financial services firm Manzil has secured a $2.44 million seed round to expand its services across Canada. Manzil provides alternative mortgage and investment services that meet Islamic ethical and religious requirements, such as not charging interest on loans.

Launching a digital mortgage startup: Proptech startup Pine has come out of stealth mode and launched in Ontario. The startup, which has raised $27 million to date, now offers Ontarians an “all-digital mortgage experience” from filling out an application to getting a loan. CEO Justin Herlick told BetaKit that he plans to expand across Canada by the end of the year.


Disabled entrepreneurs are often overlooked: The Globe & Mail spoke to entrepreneurs with disabilities about their difficulties in marketing products and obtaining financing. While 22% of Canadians live with a disability, a 2021 BDO research report showed that only 0.5% of small or medium-sized businesses in Canada are owned by someone with a disability.

Helping Ukrainians find housing in Canada: Since the start of the war in Ukraine, Canada has welcomed more than 28,000 Ukrainians, but finding housing for everyone continues to be a challenge. Proptech startup Soulroom has brought together 25 partners to create a platform to help Ukrainian refugees find housing in Canada, including Toronto-based RentSync. “If we all come together as an industry, we can have a positive impact for an unthinkable time,” Max Steinman, CEO of RentSync, told BetaKit.

Five things every food entrepreneur should know: Bringing a new food product to market takes more than a home kitchen and a nice logo. Foodpreneur Lab founder Janice Bartley shares five things every food entrepreneur needs to know to build a successful business.

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