The Globe and Mail reports in its Wednesday edition that Bank of Nova Scotia is deepening its ties to the tech sector with an investment in and formal partnership with Disruption Ventures -- moving the 10-month-old start-up fund closer to becoming the largest private, independent, women-focused venture fund in Canada.
The Globe's Josh O'Kane writes that Disruption will announce today that it has received commitments for $13-million of its $30-million fund target, led by Scotiabank with further commitments from CI Financial and several high-net-worth investors. Launched by Elaine Kunda last May, the fund plans to focus largely on seed and early growth financing rounds for start-ups founded or run by women.
The investment is the first of its kind for the bank and it expands the Scotiabank Women Initiative, which launched last December to give female entrepreneurs greater access to mentorship and capital.
Gillian Riley, chief executive officer of Tangerine, Scotiabank's on-line bank, is also the "executive champion" of the Scotiabank Women Initiative and chair of Roynat Capital, the bank's alternative financing arm. Women are vastly underrepresented in Canada's ranks of venture capitalists and tech executives.
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