Improving access to capital is pivotal to innovative entrepreneurs with high-growth potential. To support and address this early stage financing for women in the province’s growing tech sector, the Provincial Government is investing $750,000 in Sandpiper Ventures – a first of its kind venture capital (VC) fund aimed at bringing greater diversity to the VC ecosystem in Atlantic Canada.
Through this initial investment, the Provincial Government will support Sandpiper in its effort to increase the number of funding opportunities for female and non-binary entrepreneurs by providing mentorship, and by encouraging entrepreneurs to start companies and create employment opportunities.
Sandpiper is a seed-stage investment fund spearheaded by a group of trailblazing female leaders with roots in Atlantic Canada. This organizational platform supports female investors and female founders through research, training, mentorship and network development. Sandpiper is raising an inaugural fund of $20 million for deployment in scalable female-led, seed-stage, tech-based ventures.
Sandpiper’s team of global c-suite executives have access to national and global networks, deep experience in building and scaling large companies, executing new market entry, mergers and acquisitions, as well as multi-billion dollar transactions. Each company in the Sandpiper portfolio will have active access to these opportunities, enabling rapid growth.
Investment from the Government of Newfoundland and Labrador for the newly established fund will support access to capital for seed stage companies, to promote diversity, and build on the significant momentum propelling our $1.6 billion tech industry. Female-founded companies perform 63 per cent better than those founded by males, and women-led teams generate a 35 per cent higher Return on Investment than all-male teams.
Quotes
“Our government recognizes the value and potential of our province’s tech sector, and by investing in early-stage venture capital we can help leverage investment and create jobs in a cost-effective way. Sandpiper is unlocking an incredible opportunity for women and non-binary entrepreneurs, by mobilizing capital for best use in high-performing, women-led companies that we are so proud to support.”
Honourable Andrew Furey
Premier of Newfoundland and Labrador
“Venture capital investment is vital to our growth and development as a province as we look to diversify and build our economy. We are seeing an unprecedented number of successful women-led firms emerging from our innovation ecosystem. We want our investment in Sandpiper to be a catalyst that encourages and entices even more women entrepreneurs to cultivate and advance their innovative ideas.”
Honourable Andrew Parsons
Minister of Industry, Energy and Technology
“Creative and resourceful, driven and resilient – our female and non-binary entrepreneurs are growth-oriented and ready for global competition. Our government understands the importance of advancing opportunities for women and non-binary entrepreneurs. Our investment in Sandpiper Ventures benefits our province by fueling that tremendous entrepreneurial spirit, supporting the transformation of vision to reality and creating new opportunities that break through gender barriers, increase employment and inspire our next generation of women and non-binary entrepreneurs.”
Honourable Pam Parsons
Minister Responsible for the Office of Women and Gender Equality
“Sandpiper launched to help women entrepreneurs scale to their full potential and to attract additional investors. We have identified a strong pipeline of female-led technology companies in the province and we are just getting started. Sandpiper is thrilled to partner with the Province of Newfoundland and Labrador to help support innovative growth and to continue to attract private sector investment to our region.”
Rhiannon Davies
Founder and Managing Partner, Sandpiper Ventures
“For me, it’s about being part of the solution to close the financing gap for women entrepreneurs. Increasing access to capital for female founders is an important part of gender equality, empowering women and driving economic growth. Sandpiper Ventures is proactively tackling the financing gap that limits the potential of women entrepreneurs. The positive ripple effect of this fund is momentous and I’m proud to be a part of it.”
Andrea King
Sandpiper Investor
“Innovation driven enterprises have the potential to massively scale because they solve big problems. It is logical that diversity in ideas and approaches to solving problems will bring about better solutions, improve the way we live, and in turn provide substantial return on investment. Great things are happening in our region because of the leaders who have worked to make this fund a reality.”
Deanne McCarthy
CEO, Swiftsure Innovations
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Media contacts
Meghan McCabe
Office of the Premier
709-729-3960
meghanmccabe@gov.nl.ca
Eric Humber
Industry, Energy and Technology
709-729-5777, 725-9655
erichumber@gov.nl.ca
Danielle Barron
Office of Women and Gender Equality
709-729-5188, 691-2944
daniellebarron@gov.nl.ca
Rhiannon Davies
Sandpiper Ventures
902-880-8307
rhiannon@sandpiper.vc
Andrea King
Sandpiper Investor
709-725-4788
Andrea.king@verafin.com
Deanne McCarthy
Swiftsure Innovations
709-640-0784
dmccarthy@SwiftSureInnovations.com