Author: womensequitylab

Women’s Equity Lab (WEL) Manitoba backs Marlow and femtherapeutics in first two investments of Fund 3

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Women’s Equity Lab (WEL) Manitoba backs Marlow and femtherapeutics in first two investments of
Fund 3

In a show of WEL’s strength beyond “just writing a cheque”, investors delivered key introductions to Marlow in the local market even before deciding to invest

TORONTO, ONTARIO, CANADA – SEPTEMBER 15, 2026 – Women’s Equity Lab (“WEL”), a national network of investment funds that fast tracks women into angel investing in Canada, today announced the first two investments of WEL Manitoba’s third fund: period care company Marlow and medtech company femtherapeutics.

Fund 3 closed fully subscribed in May 2026 at $310,000 CDN with 62 limited partners, the largest investor group of any WEL fund to date. Most are first-time angel investors. WEL investors pride themselves on going well beyond writing a cheque, offering founders support, guidance, connections, and a sounding board when they need it most.

When a new Manitoba legislation, effective September 1, 2026, required Manitoba employers to provide free menstrual products in workplace washrooms – WEL investors moved quickly to help Marlow capture the market opportunity. On the strength of the pitch alone, and while the fund was still deciding on investment, WEL Manitoba investors introduced the company to Manitoba employers and retailers. 

Those introductions became supply agreements with eight Manitoba workplaces and shelf space at Red River Co-op, which operates more than 40 stores across Manitoba and northwestern Ontario. WEL Investors also helped carry Marlow’s story to local and national media, including BNN Bloomberg and the Winnipeg Free Press. 

“Our limited partners are accountants, operators, executives, business owners and lawyers, working across a wide range of industries, and when they back a company they bring their expertise, advice, and contact lists – not just their cheques,” said Katie Hall Hursh, Managing Partner, WEL Manitoba. “For an early-stage founder, support far beyond a cheque is often worth more than the investment.”

Hall Hursh is one of six Managing Partners of WEL Manitoba Fund 3, alongside Melanie McCreath, Lindy Norris, Joelle Foster, Trudy Martens, and Mia Balansag. They are supported by former WEL Manitoba Managing Partners and senior advisors Sandra Foster and Priti Mehta-Shah.

“Before they had even invested, WEL Manitoba was making strategic introductions to retailers and partners to help increase our distribution,” said Nadia Ladak, Co-Founder and Chief Executive Officer, Marlow. “When Manitoba passed its legislation, they immediately connected us with organizations looking to create more inclusive workplaces. The best investors don’t just write a cheque. They open doors, create opportunities, and become true partners in building the business.”

Marlow is a Canadian-founded, women-led organic and toxin-free period care company cofounded by Ladak, Harit Sohal, and Kiara Botha. The company is known for its organic cotton tampons with a plant-based applicator, plastic-free pads, and its innovative tampon lubricant – the first of its kind designed to make insertion smoother and more comfortable. Marlow sells on Amazon and in over 300 stores across Canada and the United States. Its founders have been named to Forbes 30 Under 30 and appeared on CBC’s Dragons’ Den. In May 2026, Marlow was named to the National Angel Capital Organization (“NACO”) Canada’s Top Moonshot Ventures list. 

femtherapeutics, based in Montreal and cofounded by Inara Lalani, Negin Ashouri, and Dr. Mihnea Gangal, is building a better front door for women’s pelvic health, starting with the world’s first home-use pessary for pelvic organ prolapse and postpartum recovery, a condition affecting one in two women over 50 and three in four who have delivered vaginally. femtherapeutics removes the barriers of specialist referrals, invasive clinic fittings, and recurring maintenance visits with a device a woman screens for, sizes, and manages entirely at home, paired with a digital platform that supports her across any pelvic condition she may face from postpartum through menopause. 

Founded through McGill University’s Surgical Innovation Program, the company is backed by 2048 Ventures, Investissement Québec, and Mayo Clinic Platform. Its founders have been featured in Forbes 30 Under 30, and its flagship device was recently recognized in Fast Company’s Health and Wellness Design awards, alongside some of America’s best-known companies, including Pfizer and L’Oréal,

“WEL truly believes in the founders they back. Rather than putting us through a process that slowed us down, their diligence made our raise stronger, and they’ve connected us with other women’s health investors along the way. That support, and their commitment to advancing women’s health research and investment, is why we’re proud to have them behind us,” said Inara Lalani, Co-Founder and CEO, femtherapeutics.

“Less than 3% of venture capital in Canada goes to women-led businesses, and you do not fix that by writing slightly more cheques,” said Sally Morris, Board Chair, Women’s Equity Lab. “You fix it by changing who is at the table and what they bring with them. Manitoba just set a national record for investor participation, and those same investors are motivated and engaged.”

Both companies are in women’s health, but WEL Manitoba is sector-agnostic. Its main requirements are that a company be Canadian, early-stage, and technology-enabled. 

Its wider portfolio includes advertising technology company Taiv, ranked #4 on Deloitte’s Technology Fast 50 for 2025 and the largest recipient of PrairiesCan’s Business Scale-up and Productivity program in July 2026; fertility company Bird & Be, which launched in more than 300 Ulta Beauty stores across the U.S.; Sonaro, a 2026 CIX Startup Award recipient; 3D bioprinting company VoxCell BioInnovation; and Ginger Desk, acquired by healthtech company Jane App in June 2026.

Fund 3 is still investing and actively reviewing submissions, with the fund expected to close later this year. WEL Manitoba accepts submissions at manitoba@womensequitylab.com.

ABOUT WOMEN’S EQUITY LAB

Women’s Equity Lab (“WEL”) is a national network of women angel investors in Canada. The WEL investment model was built to challenge and change the outdated norms of early-stage investing where women have historically been underrepresented. It 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 $7 million in capital, including co-investments, across 97 investments in more than 75 early-stage companies.  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.

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. Its third fund closed fully subscribed in May 2026 with 62 limited partners, the largest investor group of any WEL fund to date. To learn more, visit womensequitylab.com/manitoba or contact manitoba@womensequitylab.com.

MEDIA INQUIRIES

WEL Manitoba
manitoba@womensequitylab.com

Women’s Equity Lab Submits 2026 Pre-Budget Submission

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WEL recommends the Canadian Government invest $10 million over five years to activate more than 1,000 women angel investors and spur $50 million in new private capital for Canadian-owned companies

September 14, 2026: Last week on September 8, Women’s Equity Lab (WEL) submitted its recommendation for the 2026 Pre-Budget Consultations, calling for $2 million annually over five years to expand WEL’s capacity to recruit, educate and activate women as angel investors across Canada.

WEL’s submission highlights the role women’s capital can play in strengthening Canada’s innovation economy. Women are expected to manage more than $4.7 trillion in private wealth in Canada by 2028, yet relatively little of that capital currently reaches early-stage companies.

Since 2017, more than 500 women investors through WEL have invested $7 million across 97 investments in more than 75 early-stage companies. WEL’s model brings women into angel investing through education, access to deal flow and hands-on participation in sourcing, due diligence and investment decisions.

The submission also outlines WEL’s plans to expand its work in artificial intelligence, including a free bilingual AI investor education program, a national AI-focused Investment Group and increased AI due diligence capacity across WEL’s regional Investment Groups.

WEL has demonstrated that government funding can help catalyze significantly more private investment. The submission notes that approximately $250,000 in WAGE funding helped unlock $1.5 million in angel investment last year, a 1:6 ratio.

Through the proposed five-year investment, WEL aims to grow its network beyond 1,000 women investors and mobilize more than $50 million in private early-stage capital, supporting Canadian companies that create jobs, generate revenue and retain intellectual property in Canada.

Read the submission:

Women’s Equity Lab – Pre-Budget Submission – September 2026

Women’s Equity Lab Launches in Calgary and Makes Its First Investment in Par Olive

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Women’s Equity Lab Launches in Calgary and Makes Its First Investment in Par Olive

WEL Calgary Limited Partners gather with the founder of Par Olive at a celebration event in Calgary, Alberta.

New Calgary fund activates an ambitious group of women angel investors, backs founder-led wellness brand Par Olive, and opens the door to additional early-stage investments

CALGARY, ALBERTA, CANADA – July 14, 2026: Women’s Equity Lab (“WEL”) has launched its Calgary investment group (“WEL Calgary”), bringing its women-led model of angel investing to Alberta. WEL Calgary is already active, having made its first investment in Par Olive, a founder-led wellness and beauty brand, with additional investments to follow. Calgary joins a national WEL network that has activated more than 500 women investors across Canada.

Women in Canada are expected to control roughly two-thirds of the country’s private wealth, an estimated $4.7 trillion, by 2028. Yet they remain underrepresented in the innovation economy: only about 25% of angel investors are women, and while women own 21% of Canadian businesses, women-led companies receive less than 4% of venture capital1. WEL was built to close that gap by activating women’s capital and removing the traditional barriers to angel investing, including access to deal flow, specialized expertise, and gender bias.

WEL Calgary launches with a founding group of 40 participating women angel investors and a first fund of CDN$200,000, positioning WEL Calgary to invest in early-stage, technology-enabled and high-growth companies across Canada and beyond.

“Calgary’s energy, ambition, and strong sense of community make it an ideal home for Women’s Equity Lab. We’re incredibly excited to activate women’s capital in Calgary and to invest with a talented group of professional women who are ready to shape the future of this ecosystem,” said Shanlee von Vegesack, Managing Partner, WEL Calgary.

A First Investment in Par Olive

WEL Calgary is proud to announce its first investment: Par Olive, an ingestible beauty and wellness brand founded by former beauty and lifestyle editor Olivia Boyd-Smith. The Calgary group invested USD$100,000 from the WEL Calgary Fund, and, in addition, individual WEL Calgary limited partners co-invested USD$230,000 in the company, participating alongside Wittington Ventures. 

The founder of Par Olive with members of the WEL Calgary team.

Par Olive is redefining beauty from the inside out through its ingestible-only wellness platform focused on skin, hair, and nail health. The brand’s flagship Marine Collagen Superpowder formula combines clinically proven marine collagen peptides, pearl powder, and Australian Kakadu plum, while emphasizing sustainability, ingredient traceability, under rigorous Australian TGA supplement standard protocols. 

The company has already demonstrated strong early traction and meaningful product-market fit across Australia and the U.S. through the expert Dermatology channel (over 600 clinics worldwide) and the direct-to-consumer market, significantly de-risking its initial thesis. Building on the success of its hero collagen peptide product, Par Olive is expanding into a broader multi-SKU clinical ingestible beauty ecosystem.

“Olivia has built more than a product, she is building a lifestyle brand and community with strong cultural relevance,” said WEL Calgary. “Her authenticity, brand alignment, and ability to connect with highly engaged consumer communities create a powerful foundation for long-term growth.”

WEL Calgary is optimistic about Par Olive’s future and proud to make the company the inaugural investment of its first fund.

Open for Additional Investments

With its first cheque deployed, WEL Calgary is actively reviewing additional opportunities and welcomes connections from Canadian founders raising early-stage capital, as well as from women in Alberta interested in joining as investors in subsequent WEL Calgary funds. Founders can submit investment opportunities, and prospective investors can express interest by visiting womensequitylab.com/calgary or contacting calgary@womensequitylab.com.

The Managing Partners Behind WEL Calgary

WEL Calgary is led by a founding group of Managing Partners:

The WEL Model

At the heart of WEL is its signature Learning on Investment™ (LOI) approach. Unlike traditional limited partners, WEL members collaborate across every stage of the investment process, from sourcing deals and conducting due diligence to making investment decisions. With a low-stakes entry point of approximately $6,000 per investor, WEL gives women access to a platform for growth, learning, and financial return, while building expertise alongside a network of peers. About 68% of WEL investors are new to angel investing, bringing fresh talent and recurring private capital into an ecosystem that needs both.

“At WEL, we invest in the best companies we see, and most of them are led by women,” explains Stephanie Andrew, Co-Founder, WEL Board Member and Managing Partner in WEL Vancouver and Victoria. “We see opportunities others might miss, and our results speak for themselves in the form of revenue milestones, job creation, and sector-shaping innovation.”

ABOUT WOMEN’S EQUITY LAB CALGARY

WEL Calgary launched in 2026 to bring the WEL model to women investors in Alberta. Operating as an investment group of the national WEL network, WEL Calgary sets its own local investment thesis and invests in Alberta, across Canada and beyond, while drawing on the deal flow, mentorship, and collective expertise of WEL members network-wide. To learn more, visit womensequitylab.com/calgary or contact calgary@womensequitylab.com.

ABOUT WOMEN’S EQUITY LAB

The 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 Victoria, BC 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, 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, visit womensequitylab.com.

OUR SUPPORTERS

All WEL investments are funded entirely by women angels. WEL National, our not-for-profit organization that powers WEL’s educational programming and national growth strategy, receives public support, sponsorships, and philanthropic capital to enable our scaling. 

This expansion project has been funded in part by Women and Gender Equality Canada.

MEDIA INQUIRIES

Shanlee von Vegesack
WEL Calgary
calgary@womensequitylab.com

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

Women’s Equity Lab Launches in Montréal

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Women’s Equity Lab Launches in Montréal

National angel investing network expands to Montréal, inviting Quebec women to back the next generation of high-growth companies

MONTRÉAL, QUEBEC, CANADA – June 18, 2026: Women’s Equity Lab (“WEL”) has launched its Montréal investment group (“WEL Montréal”), a women-led angel investing community built by and for women in Quebec.

The gap is real, and it’s an opportunity

Women in Canada are expected to control roughly two-thirds of the country’s private wealth, an estimated $4.7 trillion by 2028. Yet they remain underrepresented in the innovation economy: only about 25% of angel investors are women, and while women own 21% of Canadian businesses, women-led companies receive less than 4% of venture capital1.

WEL was built as a direct response to that gap: a structured, education-first model that gives women the tools, network, and deal access to become active investors, many for the first time.

Women Equity Lab (WEL) is now in Montréal

Montréal launches as part of a national network that has activated more than 500 women investors and deployed over $6 millions across 80+ investments in 66+ companies across Canada. Operating locally and setting its own investment thesis, WEL Montréal will back early-stage companies with high-growth potential in Quebec.

WEL Montréal is led by founding leaders Alexandra Leclerc, Jeanine Hage, Kika Armata and Alexandra Schwarz Brown. 

“Montréal is one of the most dynamic startup ecosystems in the country, and women are ready to play a bigger role in shaping it. WEL Montréal gives them a way to learn, lead, and invest in the companies that will define our future, together.” — Alexandra Leclerc, Managing Partner, WEL Montréal

“Who writes the cheques shapes, who gets funded, and what gets built. For too long, very few of those cheques have been written by women. WEL Montréal puts that opportunity directly in the hands of women in Quebec, who are best placed to spot the founders and ideas the rest of the market is missing.” — Stephanie Andrew, Co-Founder, WEL & Managing Partner, WEL Vancouver and Victoria

An Invitation to Montréal Women Investors

WEL Montréal is now welcoming its founding limited partners ahead of its first fund. The group aims to bring together 30 to 50 women of diverse backgrounds, each committing $6,000 in capital to collaborate across every stage of the investment process, from sourcing deals, conducting due diligence to making investment decisions. Members invest with the dual goal of building expertise and generating financial returns.

No prior investing experience is required, and none is expected.  Across the national WEL network, about 68% of members began their investing journey with WEL, and WEL Montréal is designed to be just as accessible. 

“We are building WEL Montréal with and for the women of Quebec. If you’ve ever wanted to invest in the companies shaping our future but didn’t know where to start, this is your invitation.”— Jeanine Hage, Managing Partner, WEL Montréal

Women who are ready to learn, invest and shape what gets built in Quebec are encouraged to reach out to womensequitylab.com/montreal or montreal@womensequitylab.com.

ABOUT WOMEN’S EQUITY LAB MONTRÉAL

WEL Montréal launched in 2026 to bring the WEL model to women investors in Quebec. It operates as an Investment Group of the national Women’s Equity Lab network, with its own local investment thesis and access to the network-wide deal flow, mentorship, and collective expertise. For more information, visit womensequitylab.com/montreal or contact montreal@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 Victoria, BC 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, 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, visit womensequitylab.com.

OUR SUPPORTERS

All WEL investments are funded entirely by women angels. WEL National, our not-for-profit organization that powers WEL’s educational programming and national growth strategy, receives public support, sponsorships, and philanthropic capital to enable our scaling. 

This expansion project has been funded in part by Women and Gender Equality Canada.

MEDIA INQUIRIES

Alexandra Leclerc
WEL Montréal
montreal@womensequitylab.com

Women’s Equity Lab s’installe à Montréal

Le réseau national d’investissement ange poursuit son expansion à Montréal et invite les femmes du Québec à soutenir la prochaine génération d’entreprises à forte croissance

MONTRÉAL, QUÉBEC, CANADA – 18 juin 2026 : Women’s Equity Lab (le « Labo d’investissement pour les femmes » ou « WEL ») a lancé son groupe d’investissement montréalais (« WEL Montréal »), une communauté d’investisseuses anges dirigée par et pour les femmes du Québec.

L’écart est réel, et c’est une opportunité

On prévoit que les femmes au Canada contrôleront environ les deux tiers de la richesse privée du pays, soit environ 4,7 billions de dollars d’ici 2028. Pourtant, elles demeurent sous-représentées dans l’économie de l’innovation : seulement environ 25 % des investisseuses anges sont des femmes et, bien que les femmes détiennent 21 % des entreprises canadiennes, les entreprises dirigées par des femmes reçoivent moins de 4 % du capital de risque2.

WEL a été fondé en réponse directe à cet écart : un modèle structuré axé sur la formation qui donne aux femmes les outils, le réseau et l’accès aux transactions pour devenir des investisseuses anges actives, souvent pour la première fois.

Women’s Equity Lab (WEL) est maintenant à Montréal

Montréal rejoint un réseau national qui a mobilisé plus de 500 investisseuses et déployé plus de 6 millions de dollars dans le cadre de plus de 80 investissements dans plus de 66 entreprises partout au Canada. Ancré localement et doté de sa propre thèse d’investissement, WEL Montréal soutiendra des entreprises en démarrage à fort potentiel de croissance au Québec.

WEL Montréal est dirigé par ses associées fondatrices Alexandra Leclerc, Jeanine Hage, Kika Armata et Alexandra Schwarz Brown. 

« Montréal est l’un des écosystèmes de démarrage les plus dynamiques du pays, et les femmes sont prêtes à y jouer un rôle plus important. WEL Montréal leur permet d’apprendre, de diriger et d’investir dans les entreprises qui définiront notre avenir, ensemble. » — Alexandra Leclerc, associée directrice (Managing Partner), WEL Montréal

« Ceux qui signent les chèques décident qui est financé et ce qui se construit. Pendant trop longtemps, très peu de ces chèques ont été signés par des femmes. WEL Montréal remet cette opportunité directement entre les mains des femmes du Québec, qui sont les mieux placées pour repérer les fondatrices, fondateurs et idées que le reste du marché ne voit pas. »— Stephanie Andrew, cofondatrice, WEL et associée directrice, WEL Vancouver et Victoria

Une invitation aux investisseuses montréalaises

WEL Montréal accueille maintenant ses premières commanditaires avant le lancement de son premier fonds. Le groupe vise à rassembler 30 à 50 femmes d’horizons variés, chacune s’engageant à investir 6 000 $ en capital afin de collaborer à toutes les étapes du processus, de la recherche de transactions et de la due diligence jusqu’aux décisions d’investissement. Les membres investissent avec le double objectif de développer leur expertise et de générer des rendements financiers.

Aucune expérience en investissement n’est nécessaire pour rejoindre WEL Montréal. À l’échelle du réseau national, environ 68 % des membres ont fait leurs premiers pas en investissement grâce à WEL, et WEL Montréal est conçu pour être tout aussi accessible. 

« Nous bâtissons WEL Montréal avec et pour les femmes du Québec. Si vous avez déjà voulu investir dans les entreprises qui façonnent notre avenir, mais que vous ne saviez pas par où commencer, voici votre invitation. » — Jeanine Hage, associée directrice (Managing Partner), WEL Montréal

Les femmes prêtes à apprendre, à investir et à façonner ce qui se construit au Québec sont invitées à communiquer avec nous à womensequitylab.com/montreal ou montreal@womensequitylab.com.

À PROPOS DE WOMEN’S EQUITY LAB MONTRÉAL

WEL Montréal a été lancé en 2026 pour implanter le modèle WEL auprès des investisseuses du Québec. Il est structuré comme un groupe d’investissement du réseau national Women’s Equity Lab, avec sa propre thèse d’investissement locale et un accès au deal flow, au mentorat et à l’expertise collective de l’ensemble du réseau. Pour en savoir plus, visitez womensequitylab.com/montreal ou écrivez à montreal@womensequitylab.com. 

À PROPOS DE WOMEN’S EQUITY LAB

Le modèle d’investissement Women’s Equity Lab (le « Labo d’investissement pour les femmes » ou « WEL »), a été conçu pour remettre en question et transformer les normes traditionnelles de l’investissement en démarrage, où les femmes ont historiquement été sous-représentées. Le modèle WEL mobilise le capital des femmes en s’attaquant aux obstacles courants de l’investissement ange, notamment l’accès aux transactions, l’expertise spécialisée et les biais de genre. Notre approche Learning on Investment™ (« LOI ») permet aux femmes de commencer à investir tout en développant leur expertise aux côtés d’un réseau de paires.

Depuis son lancement à Victoria, Colombie-Britannique, en 2017, WEL a évolué pour devenir une communauté audacieuse et influente de plus de 500 investisseuses, mobilisant plus de 6 millions de dollars en capital, dont les co-investissements, dans le cadre de plus de 80 investissements dans plus de 66 entreprises partout au Canada. Dans une économie de l’innovation où le capital est synonyme de pouvoir, les investisseuses de WEL utilisent le leur pour façonner l’avenir qu’elles souhaitent voir. Nous ne demandons pas une représentation égale. Nous la bâtissons. Pour en savoir plus, visitez womensequitylab.com. 

NOS PARTENAIRES

Tous les investissements WEL sont entièrement financés par des investisseuses anges. WEL National, notre organisme sans but lucratif qui soutient la programmation éducative et la stratégie de croissance nationale de WEL, reçoit du soutien public, des commandites et des capitaux philanthropiques pour permettre notre expansion.

Ce projet d’expansion a été financé en partie par Femmes et Égalité des genres Canada.

DEMANDES MÉDIAS

Alexandra Leclerc
WEL Montréal
montreal@womensequitylab.com

  1. 1 Smith School of Business (Queen’s University): “How Investors Can Help Close the Gender Funding Gap” (published January 22, 2025). ↩︎
  2. 1 Smith School of Business (Queen’s University): “How Investors Can Help Close the Gender Funding Gap” (publié le 22 janvier 2025.
    ↩︎

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

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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) ↩︎