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The Alphabet subsidiary had committed $10 million to the venture capital fund, set up to support early-stage companies working on smart-city technologies. Toronto-based Plaza Ventures, which was also involved in QVP, plans to continue the fund in some form with other investors. A spokesperson for the firm said either Sidewalk or Alphabet may still be involved in some capacity, despite pulling their funding. (BetaKit, The Logic)

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Talking point: Sidewalk’s retreat from QVP follows news it closed its Toronto office and laid off more than half of its staff there after abandoning plans to develop a mixed-use smart-city neighbourhood along the city’s eastern waterfront. Some leaders of Toronto’s business community had held on hope that Sidewalk leaving the Quayside wouldn’t necessarily be an end to its smart-city ambitions in the city: “We’re … pleased that they’re keeping a presence here in Toronto … because it shows that they see the opportunity here in Toronto in terms of working with the business community,” Farah Mohamed, a senior vice-president at the Toronto Region Board of Trade, told The Logic at the time. The company’s decision to leave QVP challenges assumptions it will keep investing in the local tech ecosystem.

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Toronto-based InCapital Ventures led the round, with participation from a group of investors including two other VCs from the city: Plaza Ventures and Kensington Capital Partners. Also today, Iguazio announced its AI platform will be used for real-time fraud detection by digital payment firm Payoneer, which has four million customers. (The Logic)

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Talking point: Canadian venture capital firms are increasingly interested in Israel, which produces 1,400 startups per year and spends a greater percentage of its GDP on research and development than any other OECD country. InCapital is a newly founded firm focused on investments in early-stage Israeli companies; it has two firms in its portfolio so far. This is Kensington’s first investment in Israel; last month, Kensington managing partner Rick Nathan told The Logic he was in the process of closing this deal, as well as looking at other deals and fund investments in the country. The focus on Israel comes as the Canadian VC landscape is getting increasingly competitive: $2.4 billion was invested in Canadian VC in the third quarter of 2019, a six-year high.