BDC Launches $500 Million Thrive Venture Fund and Lab for Women

The Business Development Bank of Canada (BDC) announced in September 2022 the launch of its $500 million Thrive Venture Fund and Lab for Women. Unveiled during the Elevate Festival in Toronto, the platform is the largest of its kind globally and aims to support Canadian women-led businesses to foster their growth and economic impact.

The Thrive platform is designed to address the barriers faced by women entrepreneurs and comprises three components. These include a $300 million direct investment fund targeting promising women-led technology companies at seed and Series A/B stages, a $100 million lab focused on developing innovative equity investment models for women-led businesses that may not follow traditional venture capital paths, and a $100 million indirect investment envelope for deployment into women-led or focused funds.

BDC President and CEO Isabelle Hudon emphasized that the launch of the Thrive platform is a bold initiative highlighting the immense potential of women-led businesses. "We believe that tapping into the incredible potential of these women can become a significant driver of economic prosperity for the country," Hudon stated. Data indicates that women-led startups generate substantially higher revenue per investment dollar compared to male-led companies.

Michelle Scarborough, Managing Partner for WIT and Thrive Venture Funds, noted that while there is still significant work to be done to remove systemic biases in the industry, the direction is correct. "We are already seeing enormous opportunity in the market, and there’s never been a better time to invest in disruptive companies led by women," Scarborough added. Over the life of the WIT Venture Fund, the team made 38 investments in women-led businesses, achieving eight successful exits.