News Summary

The Canadian startup scene is witnessing several significant developments. Montréal-based online fashion retailer Ssense has filed for protection from creditors, aiming to safeguard the company amidst economic challenges. Meanwhile, the Toronto FinTech company Wealthsimple has acquired the Montréal investment research platform Fey, enhancing its offerings with new professional-grade tools. In Markham, Ontario, aerospace startup NordSpace delayed the first suborbital flight of its Taiga rocket, which would have been the first commercial rocket launch from Canadian soil.

In leadership changes, Martin Kon, president of Toronto-based LLM developer Cohere, stepped down to assume an advisory role while maintaining his board seat. Cohere recently closed a $500 million USD financing round, reaching a $6.8 billion valuation. Additionally, Jonathan Ferrari, co-founder of Montréal-based Goodfood, resigned as CEO and board chair, with co-founder Neil Cuggy taking over operations.

On the global stage, the Canadian tech job market is experiencing a downturn, with tech job listings falling sharply since 2020 due to decreased tech investment and the rise of AI. The upcoming Source Canada conference in Toronto aims to boost Canadian tech by encouraging enterprise procurement of Canadian offerings.