Dissecting the anatomy of a Canadian tech seed round with Two Small Fish, Calico & Wavy

SAAS NORTH panel on seed rounds 2022.

We all know that “things have changed” this year compared to 2021. But it’s not as easy to pin down how.

“If we take a look at some of the salaries we were seeing, it was probably four engineers and our entire round was gone.”

Beyond layoffs and an evolving sense of dread, what has tangibly changed What’s the new strategy, what are the new tactics? What is no longer the play?

Well, we keep hearing from VCs – on this podcast in fact – that the fundraising market changed – but what does that mean for founders looking to raise a round?

This week on the podcast we have Shawn Hewat, CEO and co-founder of Wavy, and Kathleen Chan, founder and CEO of Calico—both startups raised early-stage seed rounds in 2021. They join me with Eva Lau, general partner at Two Small Fish Ventures, which recently secured new funds to invest in early-stage Canadian tech companies. Recorded live at SAAS NORTH on the BetaKit Keynote Stage, we dig deep into what it was like to raise a seed round in 2021 and what changed in 2022 so founders are ready for 2023.

Let’s dig in.


The BetaKit Podcast is sponsored by Caravel Law.
Caravel Law supports you through it all – from incorporating a new company to raising funds as you scale, all the way to successful exits. Their lawyers are trained at the best firms in Canada, meaning they have the experience you’re looking for, but with a new innovative business model and flexible rates that deliver excellent value.
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The BetaKit Podcast is hosted by Douglas Soltys & Rob Kenedi. Edited by Kattie Laur. Sponsored by Caravel Law.

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