The Business Development Bank of Canada (BDC) has promoted Mona Minhas to managing partner of its Thrive Venture Fund for women-led Canadian technology startups.
“I look forward to continuing our valuable work with our amazing portfolio founders, fellow investors, and partners as we continue to propel Thrive Venture Fund in its next chapter,” Minhas wrote in a LinkedIn post announcing the promotion from her previous role as partner.
BDC Capital executive vice-president Geneviève Bouthillier told BetaKit that Minhas’ “leadership, dedication, and deep commitment” to the Thrive Venture Fund’s mission have proven “instrumental” to date.
Minhas replaces longtime leader Michelle Scarborough, who left the organization earlier this year
“With over two decades of experience across corporate, entrepreneurial, and venture capital environments, she brings a unique blend of strategic insight and operational excellence,” Bouthillier added.
Before she joined BDC Capital in 2021, Minhas served as CFO and COO at Toronto-based e-commerce startup Knix, in addition to holding leadership roles at Rogers Communications and the Canadian Broadcast Corporation.
Minhas replaces longtime leader Michelle Scarborough, who left the organization earlier this year.
BDC is a Crown corporation wholly owned by the Government of Canada that operates at arm’s length. Its mandate is to support Canadian entrepreneurship, with a focus on small and medium-sized businesses, and operate as a complementary player in the market. The bank provides loans, equity funding through its investment arm BDC Capital, and advisory services to companies and funds across the country.
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BDC Capital’s $300-million Thrive Venture Fund succeeded its $200-million Women in Technology Venture Fund and is part of the $500-million CAD Thrive platform that BDC launched in 2022 to bolster its support for women-led Canadian startups and funds.
According to BDC’s latest annual report, the bank has directly supported 21,586 women entrepreneurs in Canada and is on track to reach nearly 23,000 by fiscal 2027.
BDC Capital has also recently added two other new team members to the Thrive Venture Fund, associate Valerie Lando and analyst Cole Brodkin. They join Minhas, existing partners Steven Abrams and Kimberly Yeung, principal Thomas Green, associate Phuong Bui, and analyst Benjamin Corbett.
Minhas’ promotion comes shortly after BDC revealed its new, $50-million Thrive Entrepreneurship Through Acquisition (ETA) Fund to help women entrepreneurs buy businesses from aging owners and build up Canada’s search fund ecosystem. Amanda Kattan is serving as Thrive ETA Fund partner, and Geoff Otto has been brought on as an analyst.
BDC also recently launched a second, $200-million Industrial Innovation Venture Fund and disclosed plans to ramp up its support for Canadian defence tech startups.
Feature image courtesy BDC.