TLDR:
- Sandpiper Ventures, a Halifax venture capital firm, is focused on investing in female-led tech start-ups.
- Female entrepreneurs have historically been more efficient due to underfunding and need for revenue, leading to better returns on investment.
Halifax-based Sandpiper Ventures, a venture capital firm run by women, has raised over $20 million in the past three years and is committed to supporting women-run businesses. The firm, co-founded by Rhiannon Davies, Cathy Bennett, and Sarah Young, aims to invest in female-led tech start-ups to address the significant gender gap in venture capital funding. In 2023, women-founded startups received only two per cent or less of venture capital funding in Europe and the United States, as reported by the World Economic Forum. Davies highlighted the fact that women entrepreneurs have historically been more resilient due to underfunding, leading to increased efficiency and better returns on investment.
One of Sandpiper Ventures’ early investments was in a Dartmouth biotech startup called DeNova, which focuses on revolutionizing fish food production for the aquaculture industry. By using methanol-eating bacteria, DeNova can produce protein for fish food that contains essential amino acids without the need for other fish or soy. With Sandpiper Ventures’ support, DeNova is working towards bringing its innovative product to market.
Brianna Stratton, the founder of DeNova, was drawn to the idea of sustainable protein for fish farms during her MBA studies at Dalhousie University. She recognized the potential of deriving protein from a non-food resource to address the sustainability challenges in the aquaculture industry. Davies, co-founder of Sandpiper Ventures, has been providing mentorship and advice to Stratton, emphasizing the importance of sharing knowledge and contacts in addition to capital in the start-up ecosystem.
Overall, Sandpiper Ventures’ focus on investing in female-led businesses and providing support beyond funding underscores the importance of empowering women entrepreneurs in the tech sector. By addressing the gender gap in venture capital funding and fostering a collaborative environment, Sandpiper Ventures is contributing to the growth and success of female-led start-ups in Halifax and beyond.
