Two Atlantic Canadian investment groups that back under-represented founders are working on new funds that could bring millions of dollars to high-growth companies.

Tribe Network, the Halifax-based support organization for BIPOC entrepreneurs, hosted a panel on investment Tuesday as a kickoff for its Leaders Summit, which is taking place today (Wednesday, Nov. 20). During the discussion, Tribe delivered an update on its new Tribe Ventures VC fund, and Sandpiper Ventures, the regional investment fund for female founders, revealed details about its second fund.

Sandpiper Managing Partner Rhiannon Davies said on the sidelines that Sandpiper raised more than $20 million in its first fund, and it’s now raising a second fund it hopes will double that amount. She added that Sandpiper is “actively deploying” capital from its second fund, meaning it is now preparing to invest in companies.

Savior Joseph, the Past Chair and Director at Tribe, said Tribe Ventures is conducting due diligence with an anchor investor, which would likely sink $3 million to $5 million in the group’s first fund. Closing that first deal, he said, would bring in other limited partners so Tribe Ventures could have $7 million to $10 million in investment within a few months. After that, he believes the group could close a $20 million fund within a year. The fund will be managed by Phillip Yoon, a finance veteran originally from Singapore.

“We’re feeling excited and we’re eager to close this round,” Joseph told a standing-room-only crowd at the Tribe headquarters in Halifax.

The main event of the get-together was a panel discussion about investment in companies headed by founders from groups traditionally not well represented in the funding league tables, such as women and minority founders. Karen Hutt, the Executive Vice-President of Emera, moderated the panel, which featured: Davies; Jonah Chininga, Co-Founder and CEO of Calgary-based Woveo; Amoye Henry, CEO of Toronto-based Foundhers Lab; and Konata Lake, a Partner at the law firm Torys LLC.

The over-arching theme in the discussion was delivered by both Davies and Henry, who said that investing in under-represented founders is not only the right thing to do morally but also makes total business sense. Female and minority founders bring perspectives, insights and competencies to the entrepreneurial journey that more established entrepreneurs may be missing. In backing often-overlooked entrepreneurs, these funds can find winners that other investors miss, they said.

Henry, whose organization supports Black women founders, said groups like hers and Tribe create an environment that helps minority entrepreneurs to thrive. “Founders need a place where they can fail and know that they have the support to try again,” she said.

And Joseph added that Tribe Ventures won’t be able to invest in every minority entrepreneur, but Tribe Ventures and Tribe Network working together can provide support that the BIPOC community needs. “Tribe Ventures is in the business of saying no, but Tribe Network is in the business of supporting entrepreneurs across our community,” he said. “We are able to support a variety of entrepreneurs and really dig down and pick the winners who are high-growth.”

The Leaders Summit will be held at the Scotiabank Centre in downtown Halifax. It aims to bring together students, professionals, entrepreneurs, and investors to celebrate entrepreneurship, and innovation. You can register for it free here.