👋 You know how everyone in Vancouver tech gripes about the lack of early-stage funding for businesses? This week held a bumper set of announcements to cure that complaint. Vancouver’s Weave VC announced the close of a $6M fund for Western Canadian startups (and it’ll start deploying that money right now), the city’s Top Down Ventures has more than $13M to give to growing SaaS companies, and Brightspark Ventures closed $100M and appointed a new partner in Vancouver. Pretty cool.
Oh, and don’t miss the winners of this year’s Technology Impact Awards — which was one of 12 events happening in the ecosystem last week (including one of our own). We are ready for a nap.
Now onto today’s briefing. It’s 1,244 words: a three-minute read.
-Kate Wilson, managing editor
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🗞️ FROM VTJ
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🤝 FUNDING & DEALS
Vancouver’s Moment Energy, which works on electric vehicle batteries, has been selected by the U.S. Department of Energy and given USD $20.3 million to establish the first manufacturing facility in America for repurposing EV batteries.
Moment Energy will use the funding to construct a state-of-the-art Gigafactory in Taylor, Texas to produce safe, reliable, and affordable battery energy storage systems. Its work will start in Q1 of 2025 to prepare for the design and development of the facility.
The funding is one of the final moves from the current Biden-Harris Administration to accelerate domestic clean energy manufacturing in former coal communities across the United States, ahead of the U.S. election in two weeks.
🚨 Want all of the latest funding and deals announcements? VTJ members got it in their newsletter. Not a member? Fix that now.
🗞 IN OTHER NEWS
The federal government announced it will give $300 million to help small-and-medium-sized businesses develop and adopt generative AI. It’s created two programs which will be delivered by the country’s seven regional development agencies, and will roll out over the next five years.
PacifiCan — the agency that will provide that money to Vancouver-based businesses — has yet to disclose how much it has received, though PrairiesCan and FedDev Ontario have revealed that they received $33.8 million and $50 million respectively.
The application window has yet to open for B.C. companies, but given that both PrairiesCan and FedDev are accepting calls already, it’s likely to be soon.
🚨 VTJ members got 12 more stories like these in their Morning Report newsletter. If you’re not already a member, fix that now.
💡 IDEAS & INSIGHTS
“I had the pleasure of attending the Fall Fundraising Playbook event, hosted by Vancouver Tech Journal, featuring some incredible speakers,” Annika Ng, co-founder and COO of Blossom Social, wrote on LinkedIn. “Although we're not actively fundraising, I'm so glad I attended as this was by far one of the most insightful panels I've been to in a long time. Here's some key insights that stood out:
💡 Early-stage pitching to a VC:
- Without revenue and traction, answer why you're the right team, and why this is the right market
- With every milestone you achieve, prove how you're de-risking the business
💼 Navigating fundraising
- Going into it, make fundraising your full-time job and set clear fundraising timelines
- "No" means feedback! Implement it right away for your next pitch.
- Maintain consistent investor updates to build relationships and show progress.
🎯 Differences in Canada vs. U.S. fundraising mentality
Canada: Investors are more conservative, focused on traction and long-term relationships.
U.S.: A more visionary approach – “What’s the dream?” rather than “What’s the exit plan?”
Both markets have their pros and cons.”
👀 CAN’T MISS
November 13 | 🎟️ #VTJTalks: Lessons Learned from Multimillion Dollar Exits: Be in the room with leaders who entered the Vancouver tech ecosystem and achieved a successful exit. Learn from their companies' real-world stories and insights on navigating the path to multimillion-dollar deals. This gathering is a great opportunity to hear practical advice, ask questions, and network with other founders and investors, whether you’re looking to scale your business or are simply curious about the exit process.
➡️ Get tickets
November 18 | 🎟️ Vancouver Tech Business Book Swap: This event offers the perfect setting to connect with fellow members while sharing business or tech-focused reads. Bring a book (or two) that has inspired you, and trade it for a new source of knowledge from someone else in the community. It's a chance to swap more than just books — gain fresh perspectives, build connections, and spark inspiration as we head into the holiday season and prepare for the new year. For Vancouver Tech Journal members.
➡️ Register
🚨 Remember: VTJ members get early access and 50% off all our events as well as exclusive gatherings. Don’t miss out — if you’re not already a member, fix that now.
👋 YOUR COMMUNITY
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