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Women's Equity Lab
Women's Equity Lab launched in Victoria, British Columbia, in 2017 from a simple observation — women wrote angel cheques but rarely led rounds, and few...
Women's Equity Lab
Women's Equity Lab launched in Victoria, British Columbia, in 2017 from a simple observation — women wrote angel cheques but rarely led rounds, and few formal structures existed to train them as disciplined, repeatable early-stage investors. Co-founders Shelley Voyer, Stephanie Andrew, and Kristina Milke designed a cohort-based model where 20 to 30 female investors pool capital and, over a one-year term, source, diligence, negotiate, and close seed-stage deals together. The format doubles as an education platform: participants rotate through diligence committees, term-sheet reviews, and board-observer roles that turn passive capital into active capability. WEL invests across generalist venture and growth-stage mandates, with confirmed capital flows into enterprise software, digital health, fintech, and consumer technology. The firm makes direct equity investments in Canadian startups, typically writing cheques between C$100,000 and C$500,000 per deal, and has backed companies including Certn, a background-check platform, and GoJava, a sustainable office-supply e-commerce business. Its geographic footprint spans Western Canada and Ontario, with chapters in Victoria, Vancouver, Toronto, and Waterloo — each operating an independent fund vehicle that invests into local ecosystems while coordinating portfolio support nationally. By early 2025, Women's Equity Lab had deployed capital across multiple fund vintages and served over 200 female investors through its cohort programs, making it one of the largest women-focused angel networks in Canada by participant count. The organization operates adjacent vehicles including WEL Partners, a later-stage growth-equity fund, and WEL Alberta, an Edmonton-based chapter. In January 2025, the firm announced the first close of its fourth British Columbia fund, targeting C$3 million to continue the model that trained and deployed female capital through its longest-running chapter. WEL's structural distinction is its training-first, capital-second sequencing: unlike standard angel networks that aggregate cheques, WEL requires every participant to complete a full deal cycle inside a structured diligence committee before gaining the right to reinvest. This creates a self-replenishing pipeline of experienced female investors — many of whom graduate to write independent cheques, join GP teams, or become limited partners in institutional venture funds — directly addressing the supply-side root of gender imbalance in Canadian early-stage capital.
General information
Firm type
Venture Capital
Year founded
2017
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Victoria
Corporate office
Victoria, BC, Canada
Additional offices
Vancouver, BC, Canada · Toronto, ON, Canada · Waterloo, ON, Canada
Principals
Shelley Voyer
Co-Founder & Managing Partner
Stephanie Andrew
Co-Founder & Managing Partner
Kristina Milke
Co-Founder & Managing Partner
Sector focus
Frequently asked questions
How does Women's Equity Lab's cohort model actually work?
Each chapter runs a one-year cohort of 20 to 30 female investors who contribute a fixed capital commitment — typically C$25,000 to C$50,000 — into a pooled fund. Participants meet regularly to review deal flow, form diligence teams, and collectively decide on investments. The cohort structure means every investor gains hands-on experience across multiple deals within a single cycle, rotating through functional roles from sourcing to portfolio support.
What is the relationship between WEL's chapter funds and WEL Partners?
WEL's chapter funds — located in Victoria, Vancouver, Toronto, and Waterloo — focus on seed and early-stage investments. WEL Partners is a growth-equity fund that writes larger cheques into later-stage companies, often co-investing alongside institutional venture firms. WEL Alberta operates as a separate chapter targeting the Edmonton ecosystem.
Does Women's Equity Lab limit membership to accredited investors only?
Yes. WEL participants must meet Canadian accredited-investor thresholds under applicable securities law exemptions. The firm structures its pooled funds to rely on exemptions typically available to angel-investor groups, which means participants need documented income or asset thresholds before joining a cohort.
Who runs investment decisions at Women's Equity Lab?
Investment decisions are made collectively by each cohort's members through a structured diligence and voting process, not by a centralised investment committee. The managing partners — Shelley Voyer, Stephanie Andrew, and Kristina Milke — oversee fund operations, coach diligence teams, and manage GP-level relationships, but the cohort itself votes on each deal.
How does Women's Equity Lab source its deal flow?
WEL's deal flow originates primarily through the professional networks of its cohort members, who collectively span tech operators, service providers, corporate executives, and existing angel investors. The firm also maintains relationships with Canadian accelerators, university commercialisation offices, and other angel groups, which refer pre-screened companies into each chapter's pipeline.
What happens to the investors after their cohort year ends?
Graduates can choose to reinvest as LPs in subsequent WEL cohort funds, join as mentors or chapter leads, or use the training to angel-invest independently. A measurable share of alumnae have gone on to become limited partners in institutional venture funds, launch their own investment vehicles, or join GP teams at Canadian venture firms — a supply-side outcome WEL explicitly tracks as part of its mission.
Is Women's Equity Lab a single family office or a venture firm?
Neither. WEL is a venture capital firm structured around pooled angel-cohort funds. It operates like a fund manager — raising capital from individual accredited investors, deploying into companies, and managing portfolio outcomes — but its LP base rotates through educational cohorts rather than representing institutional allocators or a single family's wealth.
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