TORONTO, March 6, 2019 /CNW/ - CI Financial Corp. ("CI") (TSX: CIX) today announced a $2 million investment in Disruption Ventures I Limited Partnership, a venture capital fund that finances businesses founded or led by women.
"Research shows that women-led businesses are highly productive, yet face many obstacles in getting funded," said Sheila Murray, President of CI. "As an investment management company, we understand how financing is crucial to the growth and development of a business. By investing in female entrepreneurs, we are proudly supporting an overlooked yet dynamic group and helping to foster an innovative and prosperous Canadian economy."
Disruption Ventures is Canada's first venture capital fund established by women with a focus on supporting female entrepreneurs. Founder and Managing Partner Elaine Kunda has over two decades of operating and venture capital experience and has been a mentor and advisor to the community for many years. "CI quickly recognized the opportunity and importance of Disruption Ventures and we are pleased to have the firm as part of our monumental first close," said Ms. Kunda.
"Our investment in Disruption Ventures also nurtures the development of a valuable support network for women entrepreneurs and women-led businesses by connecting them to venture capitalists, to each other and to companies such as CI," Ms. Murray said.
Only 2% of venture capital dollars in the U.S. were allocated to female-founded companies in 20171. A study by Boston Consulting Group in 2017 found that women-founded startups generated 78 cents in revenue for every dollar of funding, versus 31 cents for those founded by men.
For more information about Disruption Ventures, visit www.disruption-ventures.com.
1 Fortune, January 2018
About CI Financial Corp.
CI Financial Corp. (TSX: CIX) is an independent Canadian company offering global asset management and wealth management advisory services. Its primary operating businesses are CI Investments Inc., Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, Grant Samuel Funds Management Pty Ltd. of Australia, First Asset Investment Management Inc., and BBS Securities Inc. CI also holds majority stakes in WealthBar Financial Services Inc. and Marret Asset Management Inc. Further information is available at www.cifinancial.com.
About Disruption Ventures
Disruption Ventures is the first private Canadian female-founded venture capital fund investing in businesses founded or managed by women. Recognizing that women-led companies have been underfunded, despite their ability to perform and grow successful businesses, Disruption Ventures is committed to be the starting point for the best female founders when early stage capital is required. For more information, please visit www.disruption-ventures.com and connect with us on Twitter @DisruptionVC.
SOURCE CI Financial Corp.
For further information: Murray Oxby, Vice-President, Communications, CI Investments Inc., (416) 681-3254, [email protected]; Samantha Ventresca, Partner, Disruption Ventures, (416) 504-3977 x 28, [email protected]