Scotiabank (TSX/NYSE: BNS) has committed undisclosed amount to Disruption Ventures I Limited Partnership, female-founded venture capital fund for women entrepreneurs. Scotiabank will assist with marketing initiatives, drive awareness of the partnership, and offer educational content to support women entrepreneurs.
Led by Elaine Kunda, Founder and Managing Partner, Disruption Ventures will proceed with making initial investments and continue to fundraise to reach its objective in 2019. Disruption Ventures started fundraising in 2018 with a target of $30 million in capital commitments. Relay Ventures is reportedly committed to the fund.
Though dubbed as first private female-founded VC fund for women entrepreneurs, Disruption Ventures is not first female-founded venture capital fund. District Ventures CPG-1, a $30 million fund, is founded and run by sole General Partner Arlene Dickinson, though it is not solely focused on women entrepreneurs.
update: CI Financial Corp. (TSX: CIX) announced that it has committed $2 million to the fund.
photo credit: Disruption Ventures
News Release
Scotiabank Invests in Disruption Ventures, Canada’s First Private, Female-Founded Venture Fund for Women
TORONTO, March 6, 2019 /CNW/ – Scotiabank and Disruption Ventures today have announced a partnership that will provide women with support to take their business to the next level. The milestone investment will be additive to The Scotiabank Women Initiative, which helps women with access to capital, support from senior business leaders, and education tailored to their needs.
Disruption Ventures is Canada’s first private female-founded venture capital fund for women entrepreneurs. Through this partnership, Scotiabank has committed capital to Disruption Ventures, and will assist with marketing initiatives, drive awareness of the partnership, and offer educational content to support women entrepreneurs.
“Women entrepreneurs are a huge commercial opportunity,” says Elaine Kunda, Founder and Managing Partner of Disruption Ventures. “Early-stage investing is only one part of a company’s success, which is why I am proud to announce this very unique strategic partnership with Scotiabank. Access to capital and banking services are critical to the sustainable growth and long-term success of any business. Scotiabank’s support will create tremendous value for our portfolio companies.”
“When we launched The Scotiabank Women Initiative in December 2018, we committed to supporting women business leaders through access to capital, education, and mentorship, and we’ve seen early success and tremendous engagement,” says Gillian Riley, President & CEO, Tangerine, and executive sponsor of The Scotiabank Women Initiative. “Research has shown that women are significantly underserved in venture capital markets. Funding female entrepreneurs is what drives tangible change, and our partnership with Disruption Ventures is another way for us to expand access to capital and deliver on our promise.”
Disruption Ventures will proceed with making initial investments and continue to fundraise to reach its objective in 2019, at which point it will be the largest private, independent, and women-only fund in Canada.
About Disruption Ventures
Disruption Ventures is the first private Canadian female-founded venture capital fund that invests in businesses founded or managed by women. Recognizing that women-led companies are underfunded, despite their ability to perform and grow successful businesses, Disruption Ventures is committed to being the starting point for the very best female founders when early stage capital is required. For more information, please visit www.disruption-ventures.com and connect with us on Twitter @Elaine_Kunda and @DisruptionVC.
About Scotiabank
Scotiabank is Canada’s international bank and a leading financial services provider in the Americas. We are dedicated to helping our more than 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 98,000 employees1 and assets of over $1 trillion (as at January 31, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.
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1Employees are reported on a full-time equivalent basis.
SOURCE Scotiabank
For further information:
Media inquiries: Lukas Gerber, lukas.gerber@scotiabank.com, 416-448‑7024; Samantha Ventresca, samantha@ideaworkshop.ca, 416-303-9780