The Government of Newfoundland and Labrador is committed to providing access to capital for entrepreneurs with high-growth potential to build on the significant momentum of the province’s growing tech industry. To support this goal, the Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, today announced a commitment of $4 million over a five-year period to Sandpiper Ventures Fund II.
Sandpiper is a first-of-its-kind venture capital firm which invests exclusively in Canadian women-led technology companies. Headquartered in Halifax, it supports women tech entrepreneurs with investment, business acumen and hands-on support that is proven to increase their chances of success in the marketplace. Its goal is to create funds that deliver superior returns by investing in founders and start-ups that are intent on changing the world around them.
Sandpiper Ventures Fund I launched in 2020 and closed in 2023, securing more than $20 million for investment in women-led startups. Following the Provincial Government’s investment of $750,000 in the initial fund, Sandpiper Ventures has directly invested $2.17M in two Newfoundland and Labrador women-led companies to date: Swiftsure Innovations and SiftMed Inc.
Swiftsure Innovations was founded by critical care nurse Deanne McCarthy who conceived of a better way to manage intubated patients’ oral health. Her SwishKit system aims to reduce the risk of Ventilator Acquired Pneumonia. SiftMed CEO and co-founder Holly Hill created a system to organize medical files for Independent Medical Examiners. The SiftMed platform uses machine learning and artificial intelligence to sort medical-related documents.
Sandpiper Fund II aims to raise a larger fund with balanced investment from both private and government investors. Sandpiper’s investments will focus on companies with potential to scale globally. It will evaluate companies to ensure that they are building transformative solutions that will have a positive impact beyond pure financial metrics. While Fund II will invest in companies across Canada, the Provincial Government’s $4 million commitment requires Sandpiper to invest at least this amount in companies in Newfoundland and Labrador.
This contribution to Sandpiper Fund II demonstrates the Provincial Government’s commitment to supporting promising women-led companies in Newfoundland and Labrador’s rapidly growing tech sector, and to driving broad and inclusive economic growth and development that can benefit the province as a whole. Female-founded companies perform 63 per cent better than those founded by males, and women-led teams generate a 35 per cent higher return on Investment than all-male teams.
Quotes
“Sandpiper Ventures’ unique approach is delivering promising results while directly supporting women-led tech companies. Investments such as this are essential to fostering a more diverse economy and are a key factor in our decision to invest in Sandpiper Ventures Fund II. This investment will make capital available to promising Newfoundland and Labrador startups, while advancing our goal of making our province the top destination in North America to start a tech company.”
Honourable Andrew Parsons
Minister of Industry, Energy and Technology
”When women thrive, economies grow. Investing in women-led businesses isn’t just about equality – it’s about unlocking innovation, driving economic success, and creating stronger communities for everyone.”
Honourable Pam Parsons
Minister Responsible for the Office of Women and Gender Equality
“We’re proud to have the support of the Government of Newfoundland and Labrador, who share our vision for building capacity and accelerating women-led innovation. Their investment in Sandpiper Ventures Fund II strengthens our robust pipeline of high-potential companies in the province – fueling economic growth, advancing equity, and driving innovation exactly when it matters most.”
Rhiannon Davies
Founder and Managing Partner, Sandpiper Ventures
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