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Canadian Tech Weekly #08: $108 million for Keep

Another exciting week in Canada's vibrant tech ecosystem!

Author

Feranmi Akeredolu
May 24, 2025 • Estimated Reading Time: 4 minutes

🌟 Editor's Note

This edition is packed with sharp insights, standout events, and stories straight from the frontlines of innovation.

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  • Rival Group, the parent company of Vancouver-based Rival Technologies, announced a merger with fellow Vancouver-based market research firm Angus Reid Group. The combined entity will form the largest Canadian-owned independent market research company, with projected annual revenues exceeding $60 million CAD.

  • Novisto, a Montréal-based ESG reporting platform, raised $37.7 million CAD in Series C funding led by Inovia Capital.

  • Google granted $5 million to the Alberta Machine Intelligence Institute (Amii) to help post-secondary institutions develop AI curricula.

  • Keep, a Toronto-based financial platform for small businesses, raised $108 million CAD in funding, comprising $33 million CAD in equity financing led by Tribe Capital, a $71 million CAD credit facility from Coventure (Treville), and a $4 million CAD venture debt line from Silicon Valley Bank.

  • CureDuchenne Ventures invested $1 million USD (approximately $1.36 million CAD) in Edmonton-based Entos Pharmaceuticals.

  • BWX Technologies, a nuclear solutions company, completed its acquisition of Toronto-based Kinectrics, a provider of nuclear power plant lifecycle support solutions.

Did You Know? OpenText, one of Canada’s oldest and biggest software companies, started as a University of Waterloo project to digitize the Oxford English Dictionary.

🦄 Startup Spotlight

Keep: Canada’s All-in-One Business Banking Platform

Keep is a Toronto-based fintech company transforming business banking for Canadian small and medium-sized businesses (SMBs). It offers a suite of financial tools, including high-limit corporate credit cards, multi-currency accounts, and automated expense management.

The Backstory: Founded in 2023 by Oliver Takach and Helson Taveras, both with experience in Y Combinator-backed startups, Keep was built to address the gap in modern financial services for Canadian businesses.

What It Does: Keep offers a comprehensive financial platform tailored for Canadian SMBs. Its flagship product is a no-fee business Mastercard that provides up to 10 times higher credit limits compared to traditional banks, along with up to 4x cashback rewards. The platform also features automated expense management, real-time spend controls, and seamless integrations with accounting software like QuickBooks.

Funding: As of May 2025, Keep has raised a total of $108 million CAD in funding. This includes $33 million in equity financing led by Tribe Capital, and $75 million in debt financing from Treville and Silicon Valley Bank.

🔥 In Case You Missed It…

News Roundup:

 📚️ Worth Reading/Watching

Till next time,