Women-led startups fear falling behind amid tech downturn
BNN Bloomberg
Members of Canada's tech community say they are worried the sector's recent downturn will weigh even heavier on women founders, who have long trailed their male counterparts when fundraising.
Their fears come as the global tech sector is being rankled by reduced spending as consumers shift back to pre-pandemic habits. The sector is also grappling with widespread layoffs, falling valuations, and as investor exuberance wanes, founders are struggling to drum up cash.
"The way one investor phrased it is, 'It's a bloodbath out there,' but ... the way I would say it is that the fundraising environment went to hell in a handbasket," says Caitlin MacGregor, the founder of Waterloo, Ont. recruitment technology company Plum.
She's been shopping around a pitch for more funding since September, after previously raising $11 million. While she's confident she'll come up with the cash she needs, she and others feel many women will struggle even more than usual to achieve the same feat.
