In this interview, we’re excited to speak with Delilah Panio, Vice President of U.S. Capital Formation for Toronto Stock Exchange and TSX Venture Exchange, where she advises U.S. companies on accessing the Canadian capital markets.
As the founder of Fortuna Funding and Co-Founder of We Are Enough, Delilah is a passionate advocate for women entrepreneurs, providing strategic guidance on funding and investing in women-owned businesses.
A recognized leader in finance, she was named one of the Top 100 People in Finance in 2019 and continues to champion female founders through initiatives like Coralus and Project Female Founder. Delilah, thank you for sharing your expertise and experiences with our readers.
IMAGE: DELILAH PANIO
1. You’ve had a 20+ year career advising companies on raising capital in both Canada and the US. What are some of the biggest changes you’ve seen in the capital markets during that time, particularly for female founders?
Over the past two decades, we’ve witnessed notable growth in venture capital funding and activity in the US public markets. However, the situation for female entrepreneurs remains challenging; they continue to receive only about 2% of all venture capital funding, and very few manage to take their companies public.
On a positive note, we are seeing an increase in women investors, particularly angel investors, along with the emergence of more micro venture funds created by and for women. New platforms are also being developed to support female founders.
The last two years have been marked by a significant bear market, with a sharp decline in valuations following 2021. Debt has become more expensive, and many venture capitalists are experiencing a lack of exits from their portfolio companies, leading to a slowdown in new investments. Investors are taking their time to re-enter the market, and it’s clear that the landscape has shifted and won’t revert to its previous state.
For women entrepreneurs, this has meant relying more on bootstrapping, which has made them more cash-efficient. However, without substantial access to capital, their ability to scale and fuel growth remains constrained.
2. As the VP of US Capital Formation for the Toronto Stock Exchange, what challenges do you see in helping companies go public, and do you notice any significant differences in how male and female CEOs approach this process?
One of the key challenges for companies looking to go public, particularly in the US, is the increasing time it takes to complete the process—now averaging XX years compared to previous trends. A critical factor in this is the need to secure venture capital funding, which many women-led companies struggle to access. This disparity reflects a broader issue: the mindset for building scalable businesses that can go public is not uniformly adopted, particularly among women.
In 2021, we saw a record 21 women-led IPOs out of approximately 1,000 total IPOs, highlighting the stark underrepresentation of female founders in this space. The ecosystem for funding women remains fragmented and in need of reform, with limited access to VC capital creating significant barriers.
This difference in access and mindset ultimately influences how male and female CEOs approach the IPO process, with female leaders often needing to navigate additional hurdles to secure the necessary resources for growth.
3. Female founders receive only 2% of venture capital funding. In your opinion, what are some of the biggest obstacles they face in accessing capital, and how can the industry address this funding gap?
The funding ecosystem is fundamentally broken for female founders. Accessing venture capital often hinges on securing angel investment first, which many women—especially women of color—struggle to obtain from friends and family.
Both conscious and unconscious biases further complicate this issue, as investors tend to back individuals and ideas they know. To bridge this gap, increasing the number of women investors at all funding levels is crucial.
On a positive note, more women are investing in other women, and micro venture funds aimed at supporting female entrepreneurs are emerging. However, we need a much broader shift to create meaningful change.
4. You created an investor readiness curriculum to help female founders prepare for their first venture capital round. Can you tell us more about what that curriculum involves and how it has impacted the women you’ve worked with?
My curriculum emphasizes that confidence and courage are key to success. By equipping female founders with knowledge about their business and financials, they gain the confidence to pitch clearly and effectively.
The framework I developed for being investor-ready includes several key components:
- Personal Readiness: Are you prepared for external capital? Does it align with your values and goals?
- Business Preparedness: Is your business organized with necessary documentation, such as IP, shareholder agreements, and cap tables?
- Financial Model: Do you understand how much you need to raise, for what purposes, and how long it will last? Are you familiar with the key numbers that investors look for?
- Capital Options: Are you aware of your funding options? Do you believe you can attract the right capital for your stage of growth?
- Pitch Readiness: Is your pitch authentic and effective? Does your pitch deck meet investors’ requirements?
- Custom Funding Strategy: Do you have a tailored strategy for securing funding?
This curriculum has greatly impacted the women I’ve worked with, empowering them to approach fundraising with clarity and confidence.
5. With your partnership with UBS Women’s Wealth in London and the success of Project Female Founder, what key elements have contributed to the success of this global accelerator for female founders?
In 2021, UBS Women’s Wealth published “The Funding Gap” report and took action to address it by launching Project Female Founder, a global virtual accelerator for women raising their first external capital round.
Key elements of our success include a tailored curriculum based on my investor readiness framework and a record cohort of over 75 women from around the world last year. What sets the program apart is that UBS client advisors in each region nominate female founders, providing them access to UBS resources, investor mentors, and activation through Coralus’ global community. This unique support network has been instrumental in empowering female entrepreneurs.
6. You co-founded the non-profit We Are Enough to educate women on investing in female-led businesses. What have you learned from this experience about how to engage women in becoming investors, and why is it crucial for women to invest in women?
The mission of We Are Enough is to educate women worldwide on why and how to invest in women-led businesses and adopt a gender lens in public markets. Engaging women as investors is vital for closing the funding gap for female entrepreneurs. It’s equally important for women at all socioeconomic levels to invest, as this helps build sustainable generational wealth.
This fall, We Are Enough will launch a global campaign to further promote this mission and encourage more women to participate in investing.
7. This year, you created a Special Purpose Vehicle (SPV) to pool capital for investing in a female-led VC fund. How has this new asset class been received, and what advice do you have for other women looking to diversify their portfolios by investing in women-led companies?
The SPV has gained traction as a way for investors to pool capital and invest in private companies, allowing them to contribute smaller amounts while aiming for high returns. This structure also helps companies secure necessary funding while keeping their cap tables clean.
I hadn’t seen anyone create an SPV for a VC fund until I met the emerging Emmeline Ventures, a fund led by three talented women focused on investing in female-led companies at the seed stage in sectors like femtech, fintech, and sustainability. As a Limited Partner, I couldn’t meet the typical $100k minimum, so I gathered friends to collectively invest.
I intentionally reached out to friends who aren’t traditionally investors; for instance, a pilot with Delta who is an accredited investor but hadn’t had access to such opportunities. She was excited to support women entrepreneurs while diversifying her portfolio. I initially brought in seven friends, but I realized this model could easily extend to many others, highlighting the unique potential of this new asset class for women.
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