263 jobs gone, 263 people for hire
Layoffs are hitting Vancouver's tech sector. Welcome to the Sunday Briefing.
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.
Tuesday, Aug 9: Vancouver Tech Morning Coffee
August 8-11: SIGGRAPH 2022
August 9-10: Frontier Summit
August 10-11: Traction Conference
Now onto today’s briefing. It’s 813 words, a 3-minute read.
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
Spotlight on New Ventures BC top 25 ventures
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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
Jennifer van Dijk, Dapper Labs’ senior vice president of sports partnerships, featured in Fast Company: More than any other sports league, the NBA has gone all in on Web3
Michelle Kwok, head of community growth at Scale, writing on LinkedIn: Do not go into startups if/Go into startups if
How Shafin Diamond Tejani, CEO of Victory Square Technologies, sees a downturn
Allen Pike, co-founder and CEO of Steamclock, writing on his personal blog: How to Go Over Budget
Ally Smith, content writer at Fundraising KIT, writing on the firm’s blog: The Ultimate Guide to Accepting Cryptocurrency Donations
Chris Neumann, general partner at Panache Ventures, writing on his blog: How to set up the perfect fundraising CRM