263 jobs gone, 263 people for hire

Layoffs are hitting Vancouver's tech sector. Welcome to the Sunday Briefing.

Author

William Johnson
August 07, 2022

With multiple rounds of layoffs, last week was tough for the local tech sector. But there was also a positive POV. It showcased the ecosystem’s capacity to come together and support everyone. And fortunately, this upcoming week, there are even more opportunities to connect, build networks, and form new valuable relationships. There are multiple events on the horizon that we’ll be at. We hope to see you there.

Now onto today’s briefing. It’s 813 words, a 3-minute read.

-William, @notionport

Article lays off 200+ people amid tech sector turmoil

Article, the e-commerce company known for its stylish furniture, has laid off 216 employees. The cuts impact 17 percent of Article’s workforce across all of its teams. The announcement was made by CEO Aamir Baig at an all-hands meeting on Wednesday, August 4.

In a letter to staff, Baig explained that because pandemic-induced online purchasing trends have not continued as projected, Article was operating “at a size larger than current demand would sustain.” He said the company was living beyond its means and that he “needed to resize our business to restore our position of financial strength.” » Get the full story.

Unbounce lays off 20% of its employees (47 people) amidst economic uncertainty

The company is one of several prominent Canadian businesses to cut their workforce by double digits in the past three months. » Start reading.

Canalyst acquired by Chicago-based Tegus

According to The Globe and Mail, the deal is worth north of USD $400M. The firm joins a growing list of B.C. companies that have been acquired by U.S. buyers. » Get the full story.

Spotlight on New Ventures BC top 25 ventures

Check out the NVBC Competition's top 25 feature stories on companies like WiiBid, OnDeck Fisheries AI, and VoxCell BioInnovations.

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🤝 Funding and deals

  • Fibre-optic network owner Beanfield, which is based in Toronto and Montreal, acquired Vancouver-based Urbanfibre. » Continue.

  • Sierra Wireless is in talks to be acquired by California-based Semtech for USD $1.2B. » Business in Vancouver.

  • Foodtech firm Trendi received $85K from the Canadian Food Innovation Network to advance its Smoothie Machine vending solution. » Get the full story.

  • Victoria’s Origen Air closed a $1.5M seed round. » Victoria Tech Journal.

  • Ecofish Research, a Vancouver-based aquatic environmental consultancy, was acquired by Dallas-based Trinity Consultants. » Consulting.ca

📌 Community Bulletin Board

BCIT Computing’s Industry Sponsored Student Projects provide students with real-life experience working on IT or software development projects directly from industry. It also gives industry an early connection to soon-to-graduate talent. A student team could work on your project this fall – submit your idea now!

🗞️ In other news

  • Canadian Women in VC is launching local chapters across Canada. » Continue.

  • Rebates for electric vehicles in B.C. have increased to a maximum of $4,000 under the CleanBC Go Electric Passenger Vehicle Rebate Program. » Continue.

  • ImagineAR worked with client Jet Media Network to launch a mobile app featuring immersive holograms of Brazilian soccer legend Ronaldinho. » Continue.

  • World Trade Centre Vancouver at the Greater Vancouver Board of Trade launched the Digital Transformation Workshop, designed to help businesses capitalize on all the benefits of a digital reinvention. » Continue.

  • Dapper Wallet from Dapper Labs, is now one of a handful of third-party wallets that can be connected to Instagram to use its NFT showcasing features. » Techcrunch.

  • Thinkific released Q2 earnings with revenue up 38% to $12.6 million. » Continue.

🕴️Tech jobs of the week

Post or find a job at jobs.vantechjournal.com

💡 Ideas and insights

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