Young Businesswoman Addressing Boardroom Meeting

A new “angel investor” fund focused on female entrepreneurs in the tech sector is taking flight.

The Phoenix Fire fund announced plans to make investments of between $100,000 and $250,00 in early-stage tech start-ups with “high-growth potential.”

The fund is backed by a coalition of women with backgrounds in tech, including several with ties to the financial sector, including Leen Li, CEO of the Wealthsimple Foundation; Claudette McGowan, global executive officer, cyber security at TD Bank; and Sai Cherla, former chief administration officer, technology and operations at BMO Financial Group.

“Our goal for Phoenix Fire is to unlock angel stage capital for women entrepreneurs. With the strategic value of The Firehood network, we will support our start-ups as they grow and scale globally,” said Danielle Graham, managing partner of Phoenix Fire, in a release.

The group noted that women still only receive 3% of venture capital funding, despite the well-documented barriers to female entrepreneurs in seeking financing.

And it said that the tech sector in particular lags other industries in advancing women.

“Several factors include limited access to networks, training, leadership opportunities and capital.,” it noted.