Province Invests in Female Entrepreneurs
News release from the Nova Scotia Department of Business
Women entrepreneurs with innovative ideas and a vision for their business deserve more access to resources. To support women pursuing their goals in business, government is contributing $5 million to Sandpiper Ventures, the first venture capital fund of the Atlantic Women’s Venture Fund.
“If our daughters have an idea, there should be resources available to them, just as it is to our sons,” said Premier Stephen McNeil. “We know the pandemic has led to a decline in women’s employment, at a time when we need more women entrepreneurs. Sandpiper Ventures will help women take their innovative ideas to market.”
The province’s contribution to Sandpiper is expected to be a catalyst for others. It will also help further develop Nova Scotia’s technology and digital start-up ecosystem.
Sandpiper Ventures focuses on initiatives developed and led by women and supports other ideas that drive growth and innovation in the Atlantic region. The fund is looking to raise capital from private and public investors with a target of $20 million.
Quotes:
Sandpiper is driven by the need to bring more women and diversity to the venture capital ecosystem. This investment by the province will attract additional capital to the fund and to the region from across the country. Sandpiper invests in women building ground-breaking technology companies, enabling innovative entrepreneurship and equitable growth opportunities.”
Rhiannon Davies, founding and managing partner, Sandpiper Ventures
Quick Facts:
- Sandpiper Ventures launched in May 2020 to fund early-stage women tech entrepreneurs
- it was founded by a group of nine entrepreneurs, investors and executives each of whom invested in the fund and are part of the advisory committee
- female-owned start-ups are more profitable than their male counterparts, generating an average $0.78 revenue per dollar invested compared to $0.31 revenue per dollar invested in male-led start-ups
- in Canada, only 2 per cent of angel investors are women
- female entrepreneurs receive an average of $900,000 compared to $2.1 million invested with male entrepreneurs
Additional Resources:
Sandpiper Ventures: https://sandpiper.vc
Media Contacts:
- Gary Andrea, Department of Business: Cell: 902-456-6196 Email: Gary.Andrea@novascotia.ca
- Rhiannon Davies, Sandpiper Ventures: Cell: 902-880-8307
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