News

Empowering Women-Led Social Impact Businesses: Women’s Equity Lab (WEL) Partners with BDC’s $100M Thrive Lab to Co-Invest Alongside 25 Canadian Partners.

Women’s Equity Lab (WEL) is excited to be one of the 25 partners collaborating with BDC’s $100M Thrive Lab to support women-led social impact businesses. This initiative’s first phase will co-invest, alongside partners from across Canada, up to $35M in businesses at the earliest stages of development, where they face the most challenges in fundraising.

Below is the official news release from BDC detailing the specifics of this collaborative partnership:

Ottawa – November 14, 2023 – After building the one-of-a-kind, $100 million Thrive Lab over the past nine months, BDC is now providing equity and equity-like investments, plus training and support, for at least 100 ambitious, women-led businesses committed to delivering solutions to some of our most pressing social issues.

The Lab’s first phase will co-invest, alongside 25 partners from across Canada, up to $35 million in businesses at the earliest stages of development, where they face the most challenges in fundraising.

“Women entrepreneurs are underrepresented and underfunded. BDC aims to change that, and the fastest and most impactful way to deliver on that change is to work with organizations already rolling up their sleeves to support emerging women-led and social impact companies. We realized we could bolster their expertise and resources, without duplicating what they already do exceptionally well, and get critical funding into the hands of inspirational women at the speed of their business,” said Sévrine Labelle, Managing Director, Thrive Lab.

The first 25 partners who will co-invest alongside BDC are changemakers for emerging companies. They are a mix of accelerators, incubators, angels, and family offices that are the first to provide support and write investment cheques. They were chosen based on their track record of supporting women entrepreneurs or their expertise in social impact, their capacity to deliver resources, and ability to reach women where they are across Canada, including in underserved communities.

“Working together, our goal is to ensure each company is surrounded by a strong syndicate of partners. Partners who are fully committed to ensuring each company has the capital and resources required to succeed financially and deliver the positive social impact they intended. Ultimately, the Thrive Lab will build a pipeline of future female leaders who will redefine what good investing and entrepreneurship looks like,” added Sévrine.

To bring as much support to women entrepreneurs as possible, the Lab also looks for opportunities outside of traditional investment deals to bring together investors and partners. Pitch competitions are one examples of how the Lab is drawing in a larger pool of investors. At StartupFest in Montreal, Ora Medical won the $100,000 Women in Tech prize presented by The Firehood. BDC’s Thrive Lab offered to match the prize and any audience investment. As a result, co-founder and CEO, Sarah Lambert, walked away with over $300,000 in commitments.

“Securing funding in today’s challenging market requires the backing of an entire ecosystem that believes in your vision and goals. Fortunately, the support system for underrepresented communities is strengthening, thanks in part to initiatives like Thrive Lab and The Firehood,” added Lambert. “Additionally, the endorsement from BDC, a respected institutional investor, along with our other committed partners, has been instrumental in opening numerous opportunities for us. As a result of this collaborative effort, we are now on the verge of closing an even larger funding round.”

BDC has earmarked $35M for the first phase. To be eligible a business must be women-led, making a measurable positive impact tied to the UN Sustainable Development Goals (such as food security and responsible agriculture, health and well-being, education, reduced inequalities, and responsible consumption and production), be actively raising capital, and be nominated by a Thrive Lab partner.

Working collaboratively, the Lab is designed to experiment and adapt. Developing new ways of providing support, always in line with the needs of women-led businesses. The second phase will build on learnings from this initiative and ongoing feedback from partners and women entrepreneurs.

The Thrive Lab is part of BDC’s $500M Thrive Platform. Announced in Fall 2022, it is the largest investment platform in the world supporting women-led businesses and includes three components: the $300M Thrive Venture Fund, a $100M Indirect Investment Envelope, and the $100M Thrive Lab.

Thrive Lab’s partners are:

• The51
• Women’s Equity Lab
• The Firehood
• SheBoot
• Raven Indigenous Capital Partners
• CEIM
• YSpace, Université York
• DMZ
• Genesis Centre
• Anges Québec
• Evol
• Spring Activator
• Good & Well
• Cycle Momentum
• Mars Discovery District
• University of Toronto Entrepreneurship
• Centech
• Yukonstruct
• Zu
• Esplanade Québec
• Startup TNT
• Telus Community Safety and Wellness
• Accelerator
• Propel
• Front Row Ventures (FRV)
• Volta Effect

About BDC

As Canada’s bank for entrepreneurs, BDC is a partner of choice for all entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Our investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the country’s most innovative firms. We are one of Canada’s Top 100 Employers and Canada’s Best Diversity Employers. For more information on BDC’s products and services and to consult free tools, templates and articles, visit bdc.ca or join BDC on social media.

About Women’s Equity Lab (WEL):

The Women’s Equity Lab (WEL) investing model was created to address the chronic and systemic underrepresentation of women in early-stage investing. By reducing the barriers to entry that have typically kept women out – gender bias, lack of previous investing experience, capital needed to get involved – our Learning On InvestmentTM (LOI) approach is designed to facilitate entry into this investment class. Launched in 2017, WEL now has a growing and powerful community of 350+ women investors and 35+ investments across Canada and in Silicon Valley. Our mission of “more female investor representation now, equal representation someday” continues. 

For more information about WEL and how to get involved, please visit www.womensequitylab.com or contact Stephanie Andrew at stephanie.andrew@womensequitylab.com. 

St. John’s, September 14th, 2023 – In just six short months since its inception, the WEL Atlantic angel fund has already made investments in three promising women-led businesses within the Atlantic provinces.

Founded with a mission to address the chronic and systemic underrepresentation of women in early stage investing, WEL has created opportunities for both new and experienced women investors. The WEL Atlantic Canadian Investment Group, which serves as a beacon of progress in this region, aligns with this vision and expects that a more diverse group of investors will lead to more diverse investment decisions. Additionally, by investing in women-led companies in the Atlantic provinces, the fund seeks to stimulate economic growth, promote gender diversity in leadership positions, and bridge the funding gap that has long hindered women in business. 

The Atlantic Canadian Investment Group’s recent investments in Hollo Medical (NS), Aurea (NS) and Uresta (NB) have garnered substantial attention, showcasing its commitment to fostering innovation and supporting female founders in the region. These investments reflect the fund’s dedication to creating a vibrant entrepreneurial ecosystem in the Atlantic provinces.

“There was no shortage of quality companies that applied for funding. As a new fund, we are incredibly proud of the swift and impactful investments we were able to make in a short amount of time,” said Kathryn Lockhart, one of the Managing Partners. “These initial successes are a testament to the talent that exists within the Atlantic provinces, and we know there are many more incredible investment opportunities in Eastern Canada.”

Looking ahead, WEL Atlantic is poised to increase its impact in the region. The fund is gearing up to invest the remaining funds throughout the fall season and has exciting plans to launch a second fund in early 2024, which will provide even more opportunities for women entrepreneurs and investors in the region.

WEL Atlantic Investment Group’s first fund brought together close to 40 remarkable women investors who are passionate about driving positive change in the business world. Their dedication and expertise have played a pivotal role in the success of the fund and its investments. The organization is currently inviting more women to join this dynamic group of investors for fund 2 and be a part of the movement to support and elevate women entrepreneurs.

“We want to help build the next generation of women investors. We have a great mix of both experienced and new investors in fund 1 and have created many opportunities for everyone to learn and participate” said Andrea King, Managing Partner of WEL Atlantic. “By joining WEL Atlantic, you not only become a part of a powerful network but also contribute to the growth and success of women-led businesses in Atlantic Canada.”

For more information about WEL and how to get involved, please visit www.womensequitylab.com or contact Andrea King at andrea.kennedy.king@gmail.com. 

About Women’s Equity Lab (WEL):
The Women’s Equity Lab (WEL) investing model was created to address the chronic and systemic underrepresentation of women in early stage investing. By reducing the barriers to entry that have typically kept women out – gender bias, lack of previous investing experience, capital needed to get involved – our Learning On InvestmentTM (LOI) approach is designed to facilitate entry into this investment class. Launched in 2017, WEL now has a growing and powerful community of 350+ women investors and 35+ investments across Canada and in Silicon Valley. Our mission of “more female investor representation now, equal representation someday” continues. 

About WEL Atlantic:
With a focus on investing in women-led businesses in the Atlantic provinces, the organization aims to bridge the funding gap, promote gender diversity in leadership, and drive economic growth in the region. They are also committed to building up a network of local women investors. The Managing Partners are Lauren Ledwell, Laurie MacKeigan, Kathryn Lockhart, and Andrea King.
www.womensequitylab.com/locations/atlantic

WEL Atlantic’s Investments:
Hollo Medical
Hollo Medical was founded to reduce the burden of chronic respiratory diseases. Ninety percent of inhaler users do not receive the medication they need, and current solutions (chambers/spacers) are so bulky, that as little as ten percent use one! Hollo’s Bre-Z Chamber™ replaces cumbersome spacers with a device that can deliver more medication while fitting comfortably in a pocket.
www.hollomedical.com

Uresta
Uresta is a women’s health company with a game-changing solution for stress urinary incontinence (SUI). SUI is described as bladder leaks when a woman coughs, laughs, sneezes, or jumps and impacts 1 in 3 women. Uresta improves the quality of life of women with bladder leakage because it stops the leaks from happening vs. absorbing like a pad. Uresta is also reusable and available over the counter without a prescription. Uresta has been clinically proven to be safe and effective through multiple clinical studies and is cleared by Health Canada and the FDA.
www.uresta.com

Aurea Technologies
Aurea Technologies is a female-founded, cleantech startup that develops and manufactures portable renewable energy systems. The Shine Turbine (www.shineturbine.com), an ultra-portable wind turbine for charging handheld electronics, is their first consumer product. They are also developing the RISE Turbine (www.riseturbine.com), a portable wind energy system for defense markets.

March 7, 2023

WEL Toronto launched its second fund in February – bringing together 50 women investors from the GTA to pool their capital to invest in early stage Canadian businesses.

WEL Fund 2 follows the debut Toronto fund launched in 2021. WEL is an investing and learning platform where a group of 40-50 women can get access to early stage deal flow, and learn how to invest alongside other women and experienced investors.

“We’re thrilled to get our second fund up and running,” says Sally Morris, Managing Partner, WEL Toronto. “The response to our first WEL Toronto fund was extremely strong, and we are very happy to be able to bring 50 more women into our second capital raise.”

WEL Toronto is part of WEL National – an organization founded in 2017 with a mission to get more women involved in angel investing. “Women controlled capital can be a powerful force for change. Investment capital controlled by women continues to grow, and we’ve seen an incredible opportunity to bring women together to actively participate while providing essential financing to early stage companies.” says Stephanie Andrew, Founding Partner, WEL.

WEL Toronto has invested in tech-enabled startups from a cross section of industries ranging from environmental, medtech, beauty and the funeral industry. With growing momentum, access to more deals and a larger investment pool, WEL Toronto is poised to become a meaningful force in increasing diversity in the flow of private equity.

Our mission of ’more female investor representation now, equal representation someday’ is resonating across the country,” says Jane Tucker, Managing Partner, WEL Toronto. “In addition to Toronto, WEL has chapters in Victoria, Vancouver, and funds launching in Manitoba, Silicon Valley, and an Atlantic Provinces group fund made up of investors from Nova Scotia, New Brunswick, PEI and Newfoundland.”

About WEL:

The WEL investing model was created to address the chronic and systemic underrepresentation of women in early stage investing. By reducing the barriers to entry that have typically kept women out – gender bias, lack of previous investing experience, capital needed to get involved – our Learning On InvestmentTM (LOI) approach is designed to facilitate entry into this investment class. Launched in 2017, WEL now consists of a powerful community of over 150 women investors from across the country managing a growing portfolio of investments which should reach about 40 company investments by the end of the year. Over 70% of WEL investments are in women-run and women-led businesses. WEL not-for-profit was created to support national fund operations with funding from the Government of Canada.