Obbie Racette: How Her Identity Shaped Her Inclusive Platform

Bobbie Racette, a rare female Indigenous founder who successfully raised a Series A, is now aiming for the next milestone by seeking a Series B funding round for her company, Virtual Gurus.

Established in 2016, Racette's startup utilized the Series A funding to develop a gig work platform. This platform serves as a bridge connecting virtual assistants with businesses seeking assistance across various tasks, including bookkeeping, marketing, and customer support.

BetaKit recently conducted an interview with Bobbie Racette to delve into her strategy for expanding into the US market, a common trajectory for Canadian startups. Additionally, the discussion touched upon misconceptions surrounding diversity, equity, and inclusion (DEI) initiatives within companies. The Q&A session has been condensed for brevity and coherence.

Things have been incredibly busy and exciting over the past few years as we've been focused on scaling up. Currently, we're in full-on growth mode and gearing up to raise a Series B round. There's a lot of interest from potential investors, and our goal is to finalize the Series B by the end of the summer. We're primarily targeting investors based in the US for this round.

The past few years have been incredibly busy for us as we've been focused on scaling up. Right now, we're in full-scale mode and gearing up to raise a Series B round. We've received a lot of interest from potential investors, and our plan is to finalize the Series B by the end of summer. Our primary focus for this round is to attract investors from the US.

Targeting the US for our Series B raise stems from our growth trajectory and market dominance in Canada's virtual assistant space. While we've seen significant success and have a strong client base in Canada, we recognize that to achieve further scale, tapping into the US market is essential. We launched in the US just two years ago, and already 65 percent of our revenue comes from there. This growth potential in the US market makes it a strategic focus for our Series B raise.

The push to grow the Canadian tech ecosystem is important for fostering innovation and supporting homegrown talent. However, factors like the planned hike in the capital gains inclusion rate can influence founder decisions. If such policies make it less favorable to build and scale companies in Canada, founders may be compelled to explore opportunities in the US where the investment landscape may be more favorable.

Indeed, the US offers access to a larger pool of capital, which is crucial for scaling ventures. When a company has already saturated its domestic market, expanding into other markets, like the US, becomes a logical step to sustain growth and attract additional investment. Ultimately, founders must weigh the benefits of staying in Canada against the opportunities and challenges presented by international expansion.

Bobbie Racette's personal experience of facing rejection in the job market served as the catalyst for embedding diversity, equity, and inclusion (DEI) into the core of Virtual Gurus. Living in a conservative environment like Calgary, Racette encountered numerous obstacles in securing employment opportunities after being laid off. Faced with constant rejection, she decided to create her own job by becoming a virtual assistant and gradually built Virtual Gurus from there.

As the sole virtual assistant in the early years of the company, Racette recognized the potential of Virtual Gurus to not only provide job opportunities for herself but also for others who have faced similar challenges in the workforce. Motivated by her own journey, she made a deliberate choice to prioritize DEI initiatives within the company, aiming to create a platform that welcomes and supports individuals who have traditionally been marginalized or overlooked in the job market.