Ottawa takes up-to-$1.6 billion stake in Cohere funding round

Ottawa will invest up to $1.6 billion in Cohere, a company founded in Toronto that builds secure AI systems for businesses and governments. The money buys the government a stake in a Series E round, a funding round in which a private company sells shares to investors. Cohere said the round targets up to $7 billion at a $35.7 billion valuation, and calls it the largest private financing ever by a Canadian technology company. Cohere said Schwarz Group, the German owner of the Lidl and Kaufland retail chains, is the lead investor.

BetaKit reported that Evan Solomon, the federal minister, said the money flows through the Canada Development Investment Corporation, a Crown corporation that manages assets for the government. It will be paid in stages, with regular reporting on Cohere’s progress against its commitments. Those include at least 1,000 new Canadian technical jobs by 2030 and at least $1.7 billion of extra computing infrastructure in Canada by 2030. Cohere must also keep its Canadian incorporation and headquarters.

BetaKit reported that Cohere has more than 800 employees. For context, Statistics Canada says Toronto’s professional, scientific and tech jobs rose from 249,000 in 2006 to 532,000 in 2024, up 11% from 479,000 in 2023.

In 2024, BetaKit reported, Ottawa awarded Cohere up to $240 million for an AI data centre through its Sovereign AI Compute Strategy. The new commitment is far larger.

Cohere describes itself as headquartered in Toronto, with offices in cities including Berlin, Montreal and San Francisco. Cohere said that, under its combination with Germany’s Aleph Alpha, it plans to have headquarters in both Berlin and Toronto. That deal has not closed and remains subject to final regulatory approvals.

Sources: Prime Minister of Canada · BetaKit · Cohere Inc · Trending Topics · Statistics Canada · Cohere

Cohere’s valuation has more than tripled since 2023, reaching US$7.0 billion

Cohere’s valuation at funding rounds, in US dollars, US$ billion

Extension, 2025 is the largest, at 7.0 US$ billion. That is 3.2 times Series C, 2023 (2.2). It is 33% of the 4 combined.

Sources: Compiled by Toronto Ledger: Crunchbase News · BetaKit · BetaKit

Allied cuts monthly payout by 90% to pay down debt

Allied, a landlord that leases office and other urban space, is cutting its monthly payout to investors by 90%. Allied said the cut, from November 2026, keeps about $126 million a year in the company for debt reduction.

Its net debt to EBITDA rose to 12.5 times in the nine months to September 30 from 12.0 in the second quarter. That ratio compares debt, less cash, with earnings before interest, taxes, depreciation and amortization (EBITDA); higher means more debt per dollar earned. Allied expects it to fall to the mid-11 range by year end, with property sale proceeds going to debt.

Occupancy was higher than Allied expected, at 84.9% of its space at the end of September. CBRE reported that downtown Toronto office vacancy fell more in the third quarter than in Calgary, Ottawa or Halifax. The board reviews the payout every quarter.

Sources: GlobeNewswire · CBRE Canada · Allied Properties REIT

Toronto certifies 2026 election results, with 989,990 ballots cast

Toronto’s city clerk has confirmed who won the 2026 municipal election and how many people voted. The City of Toronto said that John D. Elvidge, the City Clerk, certified the official results, and that 989,990 ballots were cast. The City has published each candidate’s total votes, plus poll-by-poll results split by advance, mail and election-day voting.

The City said the 2026-2030 term of council begins on Sunday, November 15. Until then, the winners are councillors-elect. Before council first meets, the new members will make their Declaration of Office, which they do privately with the City Clerk. The first meeting is set for Wednesday, November 18 and Thursday, November 19.

The City said final voter statistics will come within 30 days of the election, including the official number of eligible voters. Until that figure is published, the share of eligible voters who cast a ballot is not known.

Sources: City of Toronto

Tribunal orders Rogers to pay $15 million over Infinite ads

BNN Bloomberg reported that the Competition Tribunal, a court-like body that decides competition cases, ordered Rogers to pay a $15 million penalty over its “Infinite” wireless plans.

The Competition Bureau, the federal agency that enforces competition and advertising law, brought the case in December 2024. It alleged the ads wrongly suggested limitless data, when service is throttled, meaning deliberately slowed, once a data cap is hit.

The bureau had sought $15 million plus customer refunds, or $135 million if refunds were not ordered. The tribunal gave the lower figure, and no refunds were reported. Rogers must also issue a corrective notice, a public notice correcting the ads, and pay the bureau’s legal costs.

Rogers said it stands behind its advertising and is considering next steps. Full reasons for the decision are due within 10 business days.

Sources: BNN Bloomberg

Ontario raises 2026-27 deficit forecast to $16.9 billion

CP24 reported that Ontario’s fall economic statement, tabled by Finance Minister Peter Bethlenfalvy, raises the 2026-27 deficit to $16.9 billion from $13.8 billion in March.

Global News reported that much of the rise is a $3.8 billion top-up to the contingency fund, a reserve held against economic uncertainty, which now totals $4.9 billion. Land Transfer Tax revenue is projected at $3.28 billion, $497 million below the budget forecast, because of a sluggish housing market.

Mr Bethlenfalvy blamed US tariffs on steel, autos and manufacturing for higher costs and uncertainty. John Fraser, interim Ontario Liberal leader, said the premier, who leads the Ford government, “can’t keep blaming Trump” and should look at his own choices.

Smaller deficits of $12.7 billion and $6.7 billion follow in the next two fiscal years, then a $200 million surplus in 2029-30. The spring budget had aimed to balance in 2028-29 with a $600 million surplus.

Sources: CP24 · Global News

$1.6 billion: the most the federal government says it will invest in Toronto-founded AI firm Cohere. Prime Minister Mark Carney announced it. It is separate from the planned $500-million Canadian Tech Growth Fund announced in June.

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New City Hall, 1965. In 1958 Toronto held an international competition for a new City Hall and received 540 entries from 42 countries. The Finnish architect Viljo Revell won, but died in 1964, before the building was finished. It opened on September 13, 1965. It stands on land that had been the city’s first Chinatown, much of it expropriated and bulldozed.

Sources: Wikipedia: Toronto City Hall

Isn’t it nice to think that tomorrow is a new day with no mistakes in it yet?

L. M. Montgomery, Anne of Green Gables (1908). Canadian novelist (1874-1942), who lived her last years in Toronto, at Journey’s End on Riverside Drive.

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