She's Ready. The System Isn't: The State of Female Founder Funding in Canada

FOR IMMEDIATE RELEASE June 10, 2026

CANADA — The Elleiance Network and Athena Collective today released Funding the Unfundable: Canada’s Female Founder Capital Gap Report, a data report drawing on structured, self-reported data from 710 women across Canada who applied to the Capital Elle Business Impact Award program. The full report is available for download here

Across every dimension examined, the data points in the same direction. These female founders are building real businesses and they are ready for the capital needed to help them grow. Yet 19.2% of all funding source selections indicate either no external funding received or a prior denial, and 78.2% are openly seeking both banker and private investor contact. The system is not meeting them where they are.

"Every number in this report represents a real woman who built something real and ran into a wall that should not exist. We produced this report because we believe that naming the problem clearly is the first step to fixing it, and because Canadian female founders deserve nothing less than a system that works for them." — Erin Sisko, Founder, Elleiance Network

"We are on a mission to support the 100 million women building, scaling, and exiting businesses globally. This report reminds us why that mission is urgent. Female founders are ready. The ecosystem around them needs to catch up, and we are committed to helping close that gap one founder at a time." — Sarah Bundy, CEO, Athena Collective

Who Applied
The 710 applicants reflected the grassroots reality of Canadian female entrepreneurship. Over half are startups of two years or fewer, and more than half report gross revenues under $30,000. Applications came from across the country, with Ontario, British Columbia, Alberta, and Quebec representing the largest shares, as well as a small but notable number of applicants from U.S. states, signalling cross-border reach.

How They Are Funded
Personal and bootstrapped funds accounted for the largest share of capital sources cited, a reflection of both resourcefulness and structural exclusion from formal capital markets. Grants were the most commonly secured external funding source, yet nearly 1 in 5 capital selections indicated either no external funding received or a prior denial. At the same time, 78.2% of applicants are open to both banker and private investor contact. These founders are not waiting to be discovered. They are asking to be connected.

What They Are Up Against
Consistent cash flow and financial management was the single most cited challenge across the entire applicant pool. Marketing consistency and operational efficiency followed. For many of these founders, these pressures do not exist in isolation. They compound, making each harder to solve without outside support.

The report identifies three urgent opportunities for the broader ecosystem to act on. Those findings are detailed in full and available for free download here

Behind every data point is a founder who answered every question honestly, her revenue, her setbacks, her plans, and what she knows she could do with the right support. That honesty deserves a real response: a grant that gets approved, a mentor who picks up the phone, a community that shows up when it counts.

This report is not another call for awareness. These founders are already aware of what they need, what they are capable of, and what is standing in their way. It is a call to the investors, lenders, policy makers, and community builders who have the power to change that. The question is simple: what are you going to do differently?

About the Elleiance Network

The Elleiance Network exists to accelerate the growth of female-led businesses across Canada by connecting founders to capital, community, and recognition. Learn more at https://www.elleiance.ca/

About Athena Collective

Athena Collective is a membership platform and community built specifically for female founders at every stage of entrepreneurship. Their mission is simple: help 100 million women in business build, scale, and exit on their own terms. Learn more at https://athenacollective.co/

Media Contacts

Athena Collective
Colby Davidson
Marketing Manager
marketing@athenacollective.co

The Elleiance Network
Erin Sisko
CEO and Founder
erin@elleiance.ca