Investment in venture capital company to support women-led businesses27 July 2022
FREDERICTON (GNB) – Opportunities NB is providing funding to Sandpiper Ventures, a female-led venture capital company established in 2020 with the mandate to invest in women-led and owned businesses in the Atlantic provinces.
The company is focused on seed investment in companies with at least one woman in a chief executive-level position and equal ownership in the company.
“Sandpiper’s vision and work is something that I strongly believe in,” said Arlene Dunn, minister responsible for Economic Development and Small Business and minister responsible for Opportunities NB. “This funding commitment from our government is exciting news. By creating the right conditions for growth, where companies like Sandpiper want to invest, our government is paving the way for a stronger New Brunswick. I am excited to see what is next for Sandpiper and for all female entrepreneurs in Atlantic Canada.”
The company’s first investment in New Brunswick is with knowledge management software company, ProcedureFlow.
"I applaud Sandpiper for their commitment to our business, but, more importantly, for their broader vision to advance women entrepreneurs,” said ProcedureFlow CEO Danielle Degrace. “We are fortunate to have this team of leaders in our region who are fostering the talent and ambition of founders.”
The provincial government, through Opportunities NB, is providing $3 million to Sandpiper over five years. Other funding initiatives are ongoing, and the company expects to raise $20 million from outside sources.
“Atlantic Canada is home to some of the strongest, hardest working female business owners in the world,” said Rhiannon Davies, Sandpiper Ventures co-founder and managing director. “We are proud to be working with partners like Opportunities NB to serve these incredible entrepreneurs, creating the capacity to bring their tech-enabled companies to bigger audiences.”
In Canada, it is estimated that women receive four per cent of venture capital funding and comprise just 15.2 per cent of Canadian venture capital partners and 16.7 per cent of angel investors.
Opportunities NB is the economic development agency for the province. The agency aims to accelerate growth by attracting global business and talent, strengthening exports, and empowering local companies and entrepreneurs.