👋 The title of the BC Securities Commission’s bold new music video — “we are not all f**ked” — is also true of at least some other Vancouver tech stories this week.
Digital, the Vancouver-based supercluster, announced that it’s expanding support for B.C. skills training — and its initiatives seem to run counter to the U.S.’s recent anti-diversity rhetoric. We dug into how Binta Financial makes it easier for newcomers to Canada to build their financial identity and find housing. Plus, a Vancouver leader shared his lessons in scaling local startups.
That said, it’s been a bittersweet week for TransLink, whose $663 million investment doesn’t come close to closing the gap on its operating shortfall — which is due in a large part to electric vehicles. The province is in the process of developing its critical minerals strategy for the cleantech evolution (great) but lots of that plan will be based on conjecture (not so great.) And there’s still that big ol’ issue of tariffs from the U.S. on Canadian goods.
Oh, and if you want to find out why the BC Securities Commission is telling us that we’re not f**ked, scroll down to our “ideas and insights” section.
-Kate Wilson, managing editor
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🤝 FUNDING & DEALS
Mangrove Lithium, a Vancouver-based company that refines the precious metal, announced the closing of a $35 million financing to construct a local refining plant in Delta. The state-of-the-art facility will produce sufficient battery-grade materials to power approximately 25,000 electric vehicles (EVs) each year. Construction is already underway, and the plant is slated to be operational by the end of the year.
Mangrove’s facility comes at a critical time, given China’s proposed export ban on lithium processing technology, which will hamstring the clean energy transition in the West. The Delta plant will be North America’s first electrochemical lithium refining facility, and the company says it will “significantly enhance the lithium supply chain and bolster regional energy security.”
It’s been a big January for Mangrove Lithium, as it was also named to the prestigious Global Cleantech 100: a comprehensive showcase of the most promising private cleantech companies in the world. Five other Vancouver outfits also made the cut: Ionomr, Moment Energy, MineSense, pH7, and Svante.
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IN OTHER NEWS
Vancouver videogame studio Phoenix Labs has announced that it will be laying off a majority of its staff.
In an official statement shared via LinkedIn, the company said the employee cuts are due to "unfortunate but necessary changes" at the developer. This news follows a previous round of layoffs at the company in May last year. Phoenix Labs was established in 2014 and counts the popular fantasy titles Fae Farm and Dauntless among its creations.
Phoenix Labs’ announcement comes on the heels of long-running Vancouver studio Hothead Games also closing its doors in December. Since the summer of 2023, thousands of employees have been laid off by videogame developers and publishers across North America, with major cuts announced by Microsoft, Embracer Group, Bungie, Sega, and more.
Despite that, the Entertainment Software Association of Canada (ESAC), just released its 2024 report on the economic impact of the videogame industry, where it says that B.C.’s sector “shows resilience amidst headwinds.” By its count, there are are currently 146 active videogame studios in the province, hosting 10,930 employees.
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💡 IDEAS & INSIGHTS
“We are not all f**ked,” according to a new campaign from the B.C. Securities Commission (BCSC).
The regulatory industry has released a — yup, you read it correctly — music video aiming to help British Columbians understand how to avoid falling victim to AI investment scams. And it’s actually pretty good.
The campaign acknowledges the anxiety many individuals are feeling about AI and encourages British Columbians to pause, scrutinize, and think critically before investing.
According to the regulatory agency, AI is becoming a common tool to lure and deceive investors by making it more difficult for individuals to distinguish fact from fiction. According to new research from the BCSC, 71 percent of British Columbians are worried about AI technology being used in investment fraud and over half are unsure of where to look for information about AI investment scams.
Alongside the music video, BSCS has built a new microsite that offers unbiased tips and information for investors to identify and protect themselves from AI scams.
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👀 CAN’T MISS
February 26 | 🎟️ #VTJTalks: The Global Risk Playbook: Insights for Tech Founders: For Vancouver entrepreneurs and leaders, this event is your guide to navigating the challenges of 2025. With Canadian political shifts, a brash new U.S. government under Donald Trump, and global uncertainty fueled by AI disruptions, inflation, and evolving supply chains, the stakes have never been higher for tech leaders. Hear from experts in global affairs, venture investing, and startup growth, including experienced founders and advisors, as they share strategies to manage risk, seize opportunities, and build resilient businesses in turbulent times.
➡️ Get tickets
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