Business

Venture fund aims to unleash the power of female capital in the agri-tech space

CALGARY – For proof that feminine entrepreneurs face distinctive challenges in comparison with their male counterparts, one want look no additional than Katie Wilson.

The entrepreneur and founding father of Belli Welli, a plant-based baked diet bar firm that caters to folks with irritable bowel syndrome, was sooner or later away from the official launch of her enterprise final 12 months when she unexpectedly went into labour together with her second youngster, two-and-a-half months earlier than her due date.

“We did launch the enterprise the subsequent day, however we launched it from the hospital room,” Wilson stated.

Now, 18 months later, the California-based Belli Welli is a thriving small enterprise — certainly one of 30 ventures thus far throughout Canada and the U.S. which have acquired funding from The51, an Alberta-based enterprise capital fund which goals to harness the ability of “monetary feminism” by getting funding {dollars} into the arms of girls entrepreneurs. The fund, so named as a result of ladies symbolize 51 per cent of the inhabitants, goals to “democratize entry” to capital for girls.

It’s a mission Wilson endorses, as a result of she stated feminine founders like herself nonetheless face gender-related biases and limitations.

“The most important and most blatant instance for me is the truth that I fundraised pregnant, and I didn’t share that reality with any investor,“ Wilson stated. ”I bought nothing however help from our male traders once I needed to write that e-mail saying, ‘hey guys, not solely did I not let you know I used to be pregnant, but it surely seems I’m now going to be launching the enterprise from the hospital.’

“However I feel there’s one thing to be stated about the truth that I didn’t share it. There was some a part of me that felt it’d damage my probabilities of closing the spherical.”

The51 was launched final 12 months by Shelley Kuipers, Alice Reimer and Judy Fairburn — three Calgary ladies who mixed have many years of expertise as firm founders, board chairs, group leaders and traders. It has since developed right into a group of feminine accredited traders, entrepreneurs, and people who help them.

The51’s first $9-million, sector-agnostic fund closed earlier this 12 months, with 90 per cent of the funding {dollars} coming from personal ladies’s capital. Fairburn — a former govt vice-president at Cenovus Power Inc. who sits on the boards of a number of outstanding power corporations and know-how corporations — stated that’s practically exceptional in Canada, and but there’s no good cause that ought to be the case.

She factors to funding trade statistics that say that by 2030, 65 per cent of Canada’s wealth will probably be within the arms of girls. But ladies stay under-represented at enterprise capital corporations, round company boardroom tables, and inside the startup funding area.

“What we hear from quite a lot of our traders — and we now have some extremely certified ladies — is that they’ll say ‘yeah, my husband will get invited to get entangled with these rising corporations … however I’m not even invited to be on the desk,’” Fairburn stated.

The response to The51’s first fund was so enthusiastic (the founders met with 300 female-led corporations looking for funding) that it’s now actively looking for traders for its second fund, which can focus particularly on women-led and various companies within the meals and agricultural know-how area.

The choice to focus in on agriculture and meals was made due to what The51’s founders imagine is an “unprecedented financial alternative” within the area. The agriculture trade generated $143 billion and accounted for 7.4 per cent of Canada’s GDP in 2018, in line with Statistics Canada. And with world inhabitants development and local weather change pushing the problem of meals safety to the forefront, the trade is just anticipated to develop — with the projected market measurement for meals and Ag Tech globally anticipated to succeed in US$8 trillion by 2025.

As well as, the face of agriculture is altering. Statistics Canada says practically one in three farm operators between the ages of 35 and 54 are ladies. And within the Agri-food know-how area, feminine entrepreneurs are engaged on every part from the best way meals is grown and harvested, to the event of plant-based proteins, to blockchain and traceability improvements.

But in line with the Silicon Valley-based enterprise capital platform AgFunder, solely seven per cent of agri-food tech offers went to women-founded groups in 2018. And a 2015 research from the Canadian Agriculture Human Sources Council discovered that 95 per cent of girls in agriculture felt “important limitations to their success.”

“The sector’s diversifying shortly, the capital isn’t. So we are attempting to supply that variety of capital,“ stated Kuipers, who has based a number of corporations herself and calls herself a ”serial personal investor.“

“We’re actually looking for these founders who’re actually being modern on this sector, and never receiving funding – and go there.”

“Fundraising is actually difficult for everybody, and there’s little question that ladies face one other type of problem that perhaps male entrepreneurs don’t need to face,“ stated Bethany Deshpande, founding father of SomaDetect, a Halifax-based agritech firm that benefited from an funding from The51’s first fund. ”The dairy trade is just not identified for its variety, for instance.“

SomaDetect makes use of optical sensors, synthetic intelligence and deep studying to watch herd well being and milk high quality on dairy farms. It’s only one instance of the sort of cutting-edge work feminine founders are doing within the agritech area. And it’s the sort of work that ladies traders — with their cash, but additionally their mental capital and networks — need to be a part of, Kuipers stated.

“On the investor aspect, what we’re persistently listening to from ladies is, ‘There’s a spot I can activate my capital, in a method that’s significant to me,’” Kuipers stated. “They’re saying, ‘Lastly. Thanks.’”

This report by The Canadian Press was first printed Oct. 10, 2021.




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