News Story

Women’s Equity Lab Manitoba Closes First Fully Subscribed Fund in Chapter History

Women’s Equity Lab Manitoba Closes First Fully Subscribed Fund in Chapter History

WEL Manitoba Team: Mia Balansag, Lindy Norris, Joelle Foster, Sandra Foster, Priti Mehta-Shah, Trudy Martens, Katie Hall Hursh, and Melanie McCreath

All-Women Investor Collective Reaches Full Subscription at 60 Limited Partners for Fund 3, Deploying $300,000 into Early-Stage Canadian Startups

WINNIPEG, MANITOBA, CANADA – MAY 1, 2026 – Women’s Equity Lab (“WEL”) Manitoba today announced that Fund 3 has closed fully subscribed at 60 Limited Partners, marking the first time in the Manitoba chapter’s history that a fund has reached full subscription.

The milestone reflects deliberate growth for WEL Manitoba, founded in 2023 within the WEL national network, which first launched in 2017. It also works to address a persistent national funding gap: women own 21% of businesses in Canada but receive less than 4% of venture capital¹1, according to Queen’s University Smith Business Insight via the Women Entrepreneurship Knowledge Hub.

With each Limited Partner contributing $5,000 in investment capital, Fund 3 will collectively deploy $300,000 into three to five early-stage, Canadian-headquartered, technology-enabled startups, with cheque sizes ranging from $35,000 to $80,000 per company. With Fund 3 now closed, active investing in portfolio companies begins this summer.

“When we founded the Manitoba chapter in 2023, we had a clear plan and a conviction that women in this province were ready to invest,” said Joelle Foster, Cofounder and Managing Partner of WEL Manitoba. “Closing Fund 3 fully subscribed is the result of that plan, executed by 60 exceptional Limited Partners who chose to put their capital, their expertise, and their time behind the next generation of Canadian founders leading game-changing startups.”

WEL Manitoba operates as part of the national Women’s Equity Lab network, Canada’s pioneering women-focused angel investing platform that has collectively invested $6.16 million into 66 primarily women-owned and women-led startups. Nationally, WEL spans nine cities and regions, has launched 23 funds, and counts more than 400 women investors. Across the WEL portfolio, over 73% of invested capital has gone to women-led or women-founded companies, and more than 86% to diverse-led or founded companies.

“Manitoba’s Fund 3 close is a signal to the Canadian innovation ecosystem,” said Stephanie Andrew, National Director and Board Member at Women’s Equity Lab. “An investment group established in 2023 reaching full subscription on its third fund tells us the model is working, and that the appetite for women-led investing in Canada is maturing. Manitoba’s Managing Partners built the investment group with intention, passion, and energy – and the results speak for themselves.”

A Portfolio With Traction

Fund 3 builds on the foundation laid by WEL Manitoba’s first two funds. Fund 1 portfolio companies include Ginger Desk (a virtual assistant service for health practitioners), SalonMonster (a booking and management SaaS platform for salons and spas), and VoxCell BioInnovation (a biotech company developing 3D tissue printing for cancer drug testing). Fund 2 investments include Bird&Be (a fertility and reproductive health brand), Sonaro AI (3D diagnostic ultrasound technology), and Taiv (an AI-enabled offering that helps venues manage and monetize their TV screens, and a Manitoba-grown success story). All non-exited companies remain active in the portfolio. 

“I’ve been a part of all three WEL Manitoba funds, and what stands out about Fund 3 is the momentum and discipline behind it,” said Katie Hall Hursh, Managing Partner, WEL Manitoba. “Our Limited Partners are not only deploying capital; they are learning the craft of early-stage investing alongside experienced peers. That combination – capital paired with capability – is what will move the numbers in this country.”

The Investors and Leadership Behind Fund 3 

WEL Manitoba’s Limited Partners come from every corner of the provincial economy, including law, healthcare, agriculture, finance, technology, skilled trades, the creative sector, and public service. While 75% of Fund 3 Limited Partners are beginner investors or new to angel investing, they share a common interest in backing primarily women-owned and women-led companies while learning how to invest in startups in a supported, peer-driven environment. WEL Manitoba’s Fund 3 is led by six Managing Partners:

  • Mia Balansag (Finance Transformation Leader, AgriTech and Private Investor)
  • Joelle Foster (Cofounder, President, and Chief Executive Officer of North Forge)
  • Katie Hall Hursh (Vice President, The Megill-Stephenson Company Limited)
  • Trudy Martens (Fractional Chief Financial Officer for select organizations)
  • Melanie McCreath (Chief Executive Officer, MEDOCare Inc.)
  • Lindy Norris (Managing Director, Parkline Public Affairs)

They are supported by former WEL Manitoba Managing Partners, senior advisors, and investor experts Sandra Foster (Managing Partner, Capstone Ridge Group), and Priti Mehta-Shah (President, Mehta Capital).

What’s Next for WEL Manitoba

With Fund 3 closed, WEL Manitoba moves into active investing, with due diligence commencing shortly on several prospective portfolio companies. Fund 4 is anticipated to launch in 2027.

ABOUT WOMEN’S EQUITY LAB MANITOBA

Women’s Equity Lab (“WEL”) Manitoba was founded in 2023 to bring the WEL model to women investors in the province. Operating as an investment group of the national Women’s Equity Lab network, WEL Manitoba sets its own local investment thesis and invests in Manitoba and across Canada, while drawing on the deal flow, mentorship, and collective expertise of WEL members network-wide. To learn more, visit womensequitylab.com/manitoba or contact manitoba@womensequitylab.com.

ABOUT WOMEN’S EQUITY LAB

The Women’s Equity Lab (“WEL”) investment model was built to challenge and change the outdated norms of early-stage investing where women have historically been underrepresented. The WEL investment model activates women’s capital by addressing traditional barriers to angel investing such as access to deal flow, specialized expertise, and gender bias. Our Learning on Investment™ (“LOI”) approach allows women to start investing while building expertise alongside a network of peers.

Since launching in 2017, WEL has grown into a bold and influential community of over 500 women investors, activating over $6 million in capital, including co-investments by investors across 80+ investments in 66+ companies across Canada. In the innovation economy where capital is power, WEL women are using theirs to shape the future they want to see. We’re not asking for equal representation. We’re building it. For more information about Women’s Equity Lab, visit womensequitylab.com.

MEDIA INQUIRIES

WEL Manitoba manitoba@womensequitylab.com

  1. Smith School of Business (Queen’s University): “How Investors Can Help Close the Gender Funding Gap” (published January 22, 2025) ↩︎