Brothers Shamier Anderson and Stephan James Launch Canada’s First $100MM CAD Venture Fund For BIPOC Entrepreneurs

Canadian Actor-brothers Shamier Anderson and Stephan James, alongside their youngest brother Sheldon James have co-founded Canada’s first ever, black-owned Venture Capital firm dedicated to BIPOC entrepreneurs in Canada. The Bay Mills Investment Group is led by the youngest of the trio Sheldon James, 25, who will serve as Chief Executive Officer and General Partner.

“As a serial entrepreneur and a Black Canadian, I’ve seen first-hand the stark disparities in adequate support for minority business owners not unlike myself,” says Sheldon James, Co-Founder & CEO. “This glaring gap has driven me to partner with my brothers to form this fund.”

The Bay Mills Diversity Fund, now open for business, will support and mentor young entrepreneurs in the BIPOC community in building profitable businesses and delivering real and lasting returns to their shareholders. Through bringing equitable access to growth capital and other resources, bridging the gap between underrepresented founders and enduring business opportunities.

Melissa Allen, BBA will serve as the firms’ Partner and Chief Operating Officer. She joins the group after previous stints with Google and Desjardins, alongside Teneica Toban, who will serve as the firm’s Chief Technology Officer. 

“The fund will aim to invest in early stage and emerging companies with at least one BIPOC founder,” says Allen. “With the focus being on growing and diversifying the Canadian VC, tech and entrepreneurship ecosystem. The problem is simple- there is a lack of diverse investments, because of the lack of diverse investors.”  A problem the fund will aim to fix as it tackles systemic racism in the Canadian financial sector head-first.

The announcement comes on the heels of another recent initiative tackling systemic racism launched by two of the three founding members. Two months ago, Shamier Anderson and Stephan James launched The Black Academy. A place dedicated to breaking down barriers of discrimination and combatting racism in the Canadian arts. The Black Academy will also be producing the first ever Black Award Show Telecast in Canada.

“The hope is to impact as much positive change in the financial sector as we are working to do in the arts and entertainment. And to do this on a national scale,” says Anderson, Founding Partner. “We’ve come to the realization that most of the apparent solutions to these problems are non-effective because of the disconnection between corporate Canada and the minority business community.”

The Bay Mills Investment Group is driven to change the narrative.

To date, the group has raised $15MM CAD of its initial round of $25MM CAD, en route to complete 3 additional rounds for a total fund size of $100MM CAD in capital-raised for the Bay Mills Diversity Fund (Fund 1) by June 2021. They are actively seeking corporate partnerships and accredited investors alike.

“The truth is we lack representation on most of the boards in corporate Canada. What representation does exist however, tends to carry on in the practice of rolling the ladder of wealth up behind them, before dollars can trickle into these communities to help incite change. Bay Mills Investment Group brings the much-needed energy of youth to the Innovation and Finance sector in Canada that has yet to see its true potential,” says Stephan James, Founding Partner.

With growing enthusiasm in the vibrant start-up scene in Toronto, Montreal and Vancouver full of Black, Indigenous and POC entrepreneurs who are eager to bring their ideas and innovations to life— The Bay Mills Diversity Fund will look to tap into and strengthen those innovators, so they are ready for early and growth stage investment.

The brothers, though excited to launch the Bay Mills Diversity Fund, realize they have a unique challenge ahead of them.

“While we understand the ambitious nature of our fund, we are excited by the opportunities it will present. Our true allegiance is to the people in these communities,” says Sheldon. “It hasn’t been easy, navigating through naysayers and Bay Street bullies looking to capitalize on a movement for their own self-serving interest, but we have not been discouraged. We are incredibly grateful for the various corporations and our strategic partners who continue to show their commitment to us and our emergent BIPOC founders. Together we will change the face of entrepreneurship in Canada for a long time to come.”

Bay Mills boasts strategic partners that include prominent Bay Street law firm, Miller Thompson LLP, led by Senior Partner Alfred Apps and prominent Canadian multi-national accountancy firm, PricewaterhouseCoopers (PwC). Both firms have pledged pro-bono corporate set-up for prospective investee companies.

The firm will accept pitches from all industry verticals, while paying very close attention to the following: Real Estate ownership/management, Cannabis production and distribution, entertainment and education/learning, among others.