Archives: Briefings

Retail app maker holdco WeCommerce buying Stamped for initial US$85M

The Victoria-based company will pay US$75 million in cash and US$10 million in stock for the Singapore-based firm, whose tools for reviews and loyalty programs integrate with e-commerce platforms like Shopify and BigCommerce. Stamped reported US$11 million in annualized recurring subscription revenue at the end of 2020, and its shareholders will receive an additional US$25 million if it hits earnings targets. WeCommerce backer Tiny is also an investor in The Logic. (The Logic)

DeepGreen raises US$330M in SPAC deal to go public on NYSE

The Vancouver-based company, which extracts minerals used to power electric vehicles from the ocean floor, has agreed to be acquired by special-purpose acquisition company Sustainable Opportunities Acquisition, with the combined entity valued at US$2.4 billion. (The Logic)

Wealthsimple sells U.S. book of business to Betterment

Both companies declined to disclose the price of the transaction. The deal involves 17,400 accounts with US$190 million in assets under management (AUM), said Betterment spokesperson Danielle Shechtman. Wealthsimple will not cut any staff as a result of the sale, and its U.K. business will keep operating independently, said spokesperson Sarah Pattillo. (The Logic)

Coalition of survivors, NGOs urges Ottawa to investigate MindGeek

In a letter to the House of Commons, 104 survivors of sexual exploitation and 525 non-profit organizations called on the government to launch an RCMP investigation into the parent company of Montreal-founded Pornhub and take “immediate legislative and regulatory action to protect children from this predatory and unethical corporation.” (The Canadian Press)

Messaging shopping startup Snapcommerce raises US$85M

The Toronto-based company uses chatbots on existing messaging platforms like SMS and WhatsApp to surface deals to consumers, recommend products and complete transactions. Inovia Capital and London-based private equity firm Lion Capital led the growth round, which also included $20 million in debt from Silicon Valley Bank. Snapcommerce plans to grow its core staff of 70 to about 200 by January 2022, and double its customer service team to 200. (The Logic)

Virtual pharmacy Mednow to go public on TSX Venture Exchange

The Vancouver-based telemedicine firm has closed its public offering, raising just over $37 million at $6.75 per share. Gravitas Securities, Eight Capital and Stifel Nicolaus Canada co-led the offering, with participation from Canaccord Genuity and Raymond James. Mednow plans to list on March 9 under the symbol MNOW. (The Logic)