Opportunities NB is providing funding to a female-led venture capital company with the mandate to invest in women-led and owned businesses in the Atlantic provinces.
A release states Sandpiper Ventures is focused on seed investment in companies with at least one woman in a chief executive-level position and equal ownership in the company.
The province is providing $3 million over five years, and the company expects to raise a total of $20 million from outside sources.
Sandpiper’s first investment in New Brunswick is with ProcedureFlow, a knowledge management software company.
Government says it is estimated that women receive four per cent of venture capital funding in Canada, and comprise just 15.2 per cent of the country’s venture capital partners, and 16.7 per cent of angel investors.
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