Year in review: Vancouver tech's top news

From Clio’s history-making $900 million raise to Copperleaf’s $1 billion acquisition, there’s been no shortage of success stories.

Author

Kate Wilson
December 05, 2024

Image: Kate Wilson / Gemini

What a year it’s been.

From Clio’s history-making $900 million raise to Copperleaf’s $1 billion acquisition, there’s been no shortage of big-money success stories.

Several of Vancouver’s hottest companies have seen even more investment, as well as some changes. To name but a few, General Fusion received another $20 million for its technology — bringing its total raised to $71 million in the last two years. Sanctuary AI, which is building artificial general intelligence in humanoid robots, raised even more money — and then saw its leader step down (while its former CTO started a new company which is setting out to engineer AI consciousness.) UniUni, meanwhile — the delivery company which has doubtless been behind some of your packages this winter — has been growing faster than anyone anticipated.

It’s not all been good news, however. A number of Vancouver companies have seen a downswing — including former-unicorn Nexii’s retreat to bankruptcy. INNOVATEwest, which launched its inaugural conference in the city this year, announced it won’t be taking place in 2025, due to Web Summit Vancouver’s upcoming takeover. And pay equity for women in tech has taken a decided downturn.

Take a ride with us through the top stories of the year, and look back at the most important headlines you’ve missed.

January

Innovate BC announces new leader, doubling down on IP

After an almost nine-month search, Peter Cowan will succeed interim president Tomica Divic

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Metro Vancouver is adding jobs faster than anywhere else in Canada

That growth is partly due to rising labour force participation rates among people aged 55 and over.

February

Nordic Capital Advisors acquires Zafin — marking one of the largest deals of its kind in Canada

The partnership is expected to propel Zafin in becoming a global leader in banking technology solutions.

March

Why Vancouverites need to pay attention to Calgary becoming one of the fastest-growing tech hubs in the world

Top takeaways from our recent #VTJtalks with some of Calgary’s notable players: the Calgary Economic Development, Thin Air Labs, Fortinet, Slalom, and Showpass

April

INNOVATEWest is harnessing diversity in thinking to drive innovation

Co-founder David Tyldesley shares how the event’s approach and programming will foster breakthrough ideas — and action

How Fantuan built a niche product that's become North America's largest Asian food delivery platform

Co-founder, Yaofei Feng, opens up about his journey of quitting Amazon to build Fantuan and what drove the company’s success in growing and expanding quickly

May

An inside look into the state and outlook of M&As in Canada

Fasken partner Jonathan Conlin shares insights on this year’s theme and trends and predictions for 2025

June

Why Web Summit Vancouver won’t just be another tech conference

B.C.'s Minister Brenda Bailey, Destination Vancouver’s Royce Chwin, AmbiMi’s Jeff Harris, and Convergence’s Matthew Housser weigh in

The state of women in tech in Canada has worsened, even reversed when it comes to pay equity

A new report reveals the issue is companies not putting their money where their mouth is — rather than women not being qualified or negotiating

July

Clio raises USD $900 million at a $3 billion valuation — making history in Canada and globally

CEO and founder Jack Newton reflects on Clio’s scrappy start to its 16-year journey and reveals what’s shaped the company’s success

New B.C. projects receive funding through Innovate BC’s integrated marketplace initiative

The projects involve supporting the development of a magnetized target fusion machine and boosting YVR’s operations through drone tech and an enhanced PA system

August

Copperleaf acquired by IFS for $1 billion

The Vancouver unicorn is going private and plans to help more global clients make better investment decisions.

Three tech communities officially launch Vancouver Tech Week

The week-long event is setting out to foster collaboration, improve access to support, and spotlight the city’s talent.

Lululemon could face a class action lawsuit

A legal firm is alleging that the athletic apparel company committed securities fraud.

General Fusion raises $20 million from Canadian Nuclear Laboratories and BDC Capital

The funding will further the company’s goal of de-risking the commercialization of fusion energy

September

TimeZyx clinches top prize in 2024 New Ventures BC competition

The digital twin builder was one of seven companies honoured in last night’s ceremony, which awarded $250,000 in cash and prizes to local startups.

Spring joins forces with Propel Impact to catalyze $110 million

The two Vancouver-based organizations aim to serve more than 560 entrepreneurs and 600 investors over the next fiscal year.

Digital leads investment of $159 million into AI-enabled tech

The Vancouver-headquartered organization, formerly known as the Digital Supercluster, is accelerating the commercialization of Canadian artificial intelligence.

October

BC Tech Association announces winners of the 2024 Technology Impact Awards

The companies were recognized for their contributions to make the province the ‘best place to grow and scale a tech company.’

Checking in on Vancouver’s unicorns

In 2021, thirteen companies headquartered in B.C. were worth over $1B. How are they doing now?

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November

Ken Sim’s tech midterm report

We’ve taken a look back at the mayor’s campaign promises to the tech industry, and given him a grade on how well he’s met them.

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Richmond’s UniUni closes USD $30 million Series C2 round

Listed as one of Canada’s fastest-growing companies, the startup plans to use the new funding to expand rapidly in the U.S.

Procurify raises USD $20 million from CIBC Innovation Banking

The software is used by the likes of Asana and Hootsuite and backed by Boris Wertz, Ryan Holmes, and Mark Cuban.

December

Innovate BC’s former CEO Greg Caws remembered for his legacy

B.C.’s tech community shares their experiences learning from the late visionary and innovator.

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