• About That
  • Posts
  • Canadian Tech Weekly #02: VPN Provider Raises $230M

Canadian Tech Weekly #02: VPN Provider Raises $230M

Another exciting week in Canada's vibrant tech ecosystem!

Author

Feranmi Akeredolu
April 06, 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.

🗓️ Upcoming Events

Pitch & Storytelling

A 2025 New Ventures BC Competition Event. Presented by Innovate BC, as a part of Road to Web Summit Vancouver.

Fintech Social Toronto

Organised by the Fintech Cadence team, bringing the Toronto ecosystem for a networking event!

🚀 Deals, Deals, Deals

  • Tailscale, a Toronto-based company building secure private networks, raised $160 million USD ($230 million CAD) in funding at a valuation of $1.5 billion.

  • Adaptis, a Montreal-based climate design platform for architects and engineers, raised $4 million CAD in seed funding.

  • Blumind, a Toronto-based neuromorphic computing startup, raised $20 million CAD in Series A funding.

  • Corinex, a Vancouver-based provider of broadband-over-powerline solutions for the energy sector, raised $30 million USD ($42 million CAD) in funding.

  • Wealthsimple, a Toronto-based fintech company, acquihired San Francisco-based Plenty, a wealth management platform for couples.

  • Puzzle Medical, a Montreal-based medical device company developing a less invasive heart pump, raised $43 million CAD in funding.

Did You Know? Shopify began as a snowboard shop called Snowdevil, but founder Tobi Lütke, frustrated by clunky e-commerce tools, built his own software to run it—then realized the software was the real business.

🦄 Startup Spotlight

Float: All-in-one platform for Canadian business spending

Float is one of the Canadian fintech startups making things easier for businesses. It gives teams access to corporate cards, automates expense tracking, and helps companies stay on top of spending—all without the usual headaches.

The Backstory: Launched in 2021 by Rob Khazzam (formerly at Uber), Float started in Toronto after noticing just how slow and outdated corporate banking tools were—especially for growing businesses. The idea was to build something faster, easier, and built for how teams work today.

What It Does: Float offers both physical and virtual cards with built-in controls. You can set spending limits, track expenses in real-time, and connect everything to your accounting software. No more chasing receipts or dealing with clunky bank portals.

Funding: So far, Float has raised about $120 million CAD from backers like Tiger Global, Golden Ventures, and Susa Ventures.

🔥 In Case You Missed It…

News Roundup:

  • Shopify CEO Tobi Lütke tells employees to prove AI can’t do the job before asking for resources

  • WonderFi spent $3.6 million on ransom and security upgrades in connection with CEO’s kidnapping last year

  • Corus posts $55M quarterly loss as revenue shrinks and costs grow

  • Scale AI offering $30-million envelope for Canadian companies to accelerate AI adoption

 📚️ Worth Reading/Watching

Till next time,