N.S. Government Invests $5-Million In Women’s Venture Capital Fund
HALIFAX — In an effort to provide more resources to women entrepreneurs, the provincial government is investing $5 million in Sandpiper Ventures, the first VC fund from the Atlantic Women’s Venture Fund. It was founded in early 2020 by nine entrepreneurs, investors, and executives who each invested in the fund.
The fund is looking to raise capital from private and public investors with a target of $20-million and will invest in initiatives developed and led by women.
“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,” said Rhiannon Davies, a founding and managing partner at Sandpiper.
According to the provincial government, women-owned startups 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 startups.
However, in Canada, female entrepreneurs receive an average of $900,000 compared to $2.1-million invested with male entrepreneurs.
The provincial government says it expects its investment in Sandpiper to be a catalyst for others, and help further develop Nova Scotia’s technology and digital start-up ecosystem.
“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,” Premier Stephen McNeil said in a news release.