Delilah Panio is a capital markets expert with over 20 years of experience advising companies on financing options, from bootstrapping to IPOs. As Vice President of U.S. Capital Formation for Toronto Stock Exchange (TSX) in Southern California, she helps U.S. companies raise capital and access Canada’s equity markets. Previously, she spent a decade at TSX in Toronto, developing business strategies for both Canadian and U.S. markets.
Meeting very few women taking their companies public, Delilah recognized the global funding gap for women entrepreneurs and has become a fierce advocate for the democratization of capital for all founders and investors. She founded Fortuna Funding, which provides educational resources to help female founders access aligned capital. She also leads Project Female Founder, a global investor-readiness accelerator in partnership with UBS Women’s Wealth in Europe. She recently joined the World Business Women’s Initiative, a global movement connecting one million businesswomen, as the Co-Chair of the Funding Committee. She is also an Activator with Coralus (formerly SheEO) and a mentor in the Global Executive Program for the Government of Canada.
From Prairie Roots to Capital Markets Expertise
From her early days in the small Canadian prairie town she grew up in, Delilah felt the call to support women’s initiatives. From her time on Canada’s Wall Street to travels that have taken her to over 35 countries to the last 13 years in the innovation hub of Southern California, Delilah blends international expertise and a passion for empowering entrepreneurs in their capital needs.
Delilah’s journey to becoming a financial powerhouse began unexpectedly after earning her MBA in Enterprise Development from the University of Calgary. In 2000, she joined the Canadian Venture Exchange (CDNX) during a market crash, learning the intricacies of business development and capital raising as the economy rebounded. Following CDNX’s acquisition by TSX, Delilah spent 10 years in Toronto, climbing the corporate ladder on Bay Street, fueling her desire to help entrepreneurs secure the right capital.
Now, as Vice President of U.S. Capital Formation for TSX, Delilah educates American CEOs and investors on alternative financing strategies for growth capital. A sought-after expert, Delilah speaks at events like Young Presidents Organization (YPO) and TechCon SoCal, judges pitch competitions such as at SXSW, and shares her insights on industry podcasts like “The Exit.”
Pioneering Access to Capital for Growth Companies
Early in her career at TSX, Delilah led business development for TSX in Canada and the U.S., playing a key role in initiatives such as the TSX Venture 50 and U.S. roadshows—flagship programs still in place today. Unknowingly at the time, she was creating the market opportunity that would lead to her future position based in the U.S.
After a decade in Toronto, Delilah felt the entrepreneurial spark, moved to Los Angeles, and launched Stiletto Dash, an online platform for women business travelers. Though the venture didn’t succeed, it was a valuable “entrepreneurial MBA” as she learned the realities of the startup world. Working alongside other women entrepreneurs, it reinforced her commitment to supporting women-led businesses and advocating for greater female investment in diverse ventures. “The funding gap for women entrepreneurs is real—and part of the solution is getting more women to become investors,” she emphasizes.
A Vision for Empowering CEOs and Entrepreneurs
Delilah’s expertise has empowered companies to secure the funding they need for growth. Her time at TSX in Toronto was a defining period in her career. “It was an incredible learning experience… I found my confidence and passion,” she reflects.
Since rejoining TSX in 2018 to lead U.S. business development in California, Delilah has shifted the focus from large educational events to strategic, intimate engagements such as one-on-one meetings and exclusive dealmaker dinners. Over the past seven years, her work has contributed to increased U.S. listings on TSX and its junior market, TSX Venture Exchange (TSXV), even amid the challenges of the pandemic.
Delilah regularly speaks at industry events, hosts episodes of the TMX Presents podcast, and creates educational resources like the Guide to Listing for US Companies and TSX Ignites, a video series on going public. “It’s about educating CEOs on growth capital and whether going public is right for them,” she says. Her mission is to unlock opportunities so more companies can access the capital they need to succeed.
Delilah stresses the importance of aligning funding strategies with a company’s vision for long-term success. Her advice to CEOs is clear: “Understand your capital options to make an educated, strategic decision in line with your personal ‘why’ and for your company’s growth.”
Redefining Success by Prioritizing Health and Purpose
Burnout has been Delilah’s toughest challenge in her career. Her relentless drive, shaped by her Type-A personality and Prairie work ethic, once came at a steep cost. “I didn’t have strategies for work-life balance, and it led me to quit TSX after 10 years of extensive business travel and climbing the corporate ladder,” she admits. The impact of chronic stress came to a pivotal moment in 2019 with a breast cancer diagnosis, a wake-up call that transformed her approach to life.
Now, Delilah balances her role as Vice President at TSX with passion projects, as well as prioritizing physical, mental, and spiritual well-being. “The burnout culture, especially in startups and finance, is real but shifting,” she notes, crediting the post-pandemic focus on mental health for fostering change. She integrates daily movement, meditation, and healthy eating into her routine and participates in a spiritual mastermind group. A recent silent retreat helped her align her work with purpose and grounded her for the year ahead.
A significant passion for Delilah is the healing potential of plant medicines, which she discovered through her breast cancer experience. She advocates for their use with discernment and integrity and sits on the Advisory Board of the Etheridge Foundation, founded by Grammy-winning singer Melissa Etheridge, which funds research for plant medicines to address the opioid crisis.
Delilah’s greatest professional achievement reflects both resilience and gratitude: “I went from a 500-person farm town in the Canadian Prairies to living an incredible life on the beach of Southern California, working in the capital markets, and effecting change for founders and investors. I’ve come a long way—and I’m so grateful for every step of the journey.”
Championing Women Entrepreneurs: Transforming Access to Capital
Delilah has been a driving force in empowering women entrepreneurs and investors, working to transform the ecosystem for greater access to capital for female founders. Through UBS’s Project Female Founder and We Are Enough, she has helped educate and support women entrepreneurs and investors. We Are Enough, a non-profit she co-founded, is launching a global campaign in March 2025 to educate women worldwide on why and how to invest in women-led businesses and/or with a gender-lens in the public markets.
In 2016, Delilah expanded Coralus, a global women’s community which connects women entrepreneurs with valuable resources and funding, to Los Angeles. Her commitment deepened in 2024 when she created a Special Purpose Vehicle (SPV) with friends to invest in a women-led venture capital fund, diversifying their portfolios while supporting emerging female fund managers.
Delilah’s work in the capital markets highlights the significant role women play in creating a more equitable and prosperous future. “When women make money, they invest back into their families, communities, and businesses that have an impact,” she says. Her mission is to help women transform wealth into economic power, securing a seat at the table and driving systemic change.
The Capital Landscape for Female Founders: Challenges and Opportunities
Delilah has witnessed significant changes in the capital markets over the past 20+ years, especially for female entrepreneurs who still receive only two percent of venture capital. Despite these challenges, there has been an increase in active female investors and micro venture funds supporting women-led businesses.
The recent bear IPO market and rising debt costs have slowed investments, pushing many female founders to rely even more on bootstrapping, which promotes cash efficiency but limits scalability. As Delilah states, “Female leaders face additional hurdles in securing the resources needed for growth because there are conscious and unconscious biases in the entire financial system.”
The venture capital ecosystem remains a barrier, particularly for women and people of color, as access often depends on securing angel investment, a difficult feat for those who don’t have high-net-worth individuals as friends or family, biases in the industry further complicate funding access.
Delilah also points to the lack of women who are accessing capital through the public markets. She sees few women CEOs in her work at TSX. In 2021, there were 21 women-led IPOs which was a record… but of over 1000 total IPOs, highlighting the systemic underrepresentation of female CEOs in the largest pool of capital, the public markets.
Equipping Female Founders: Building Investor-Ready Confidence
Delilah’s investor-readiness curriculum, developed through Project Female Founder with UBS Women’s Wealth, has helped over 150 women globally get investor-ready to raise their first rounds of external capital. The program equips founders with skills in:
- Personal Readiness: Aligning with external capital and values
- Business Preparedness: Ensuring systems and documentation are in place
- Financial Model: Understanding funding needs and key metrics
- Capital Options: Familiarity with aligned funding sources
- Pitch Readiness: Creating an authentic, investor-focused pitch
- Custom Funding Strategy: Tailoring strategies for success
By providing mentorship and connections to investors, Delilah helps female entrepreneurs navigate the fundraising process with clarity and confidence.
Lighting the Path: Insights for Aspiring Leaders
Delilah believes that impactful leadership starts by aligning passion with purpose. “Follow and invest in what lights you up — where you see that your experience, network, and passions can have an impact,” she advises. She emphasizes integrity, passion, and the ability to inspire as key leadership traits.
She also volunteers with Defy Ventures, mentoring incarcerated individuals in entrepreneurship skills and roadmaps. “It’s humbling to work with those overcoming immense challenges to build better lives,” she says. “I’m grateful that I can leverage my life experiences to make an impact in every room I enter, whether it’s the boardroom of a hot startup or a prison.”
A Legacy of Empowerment and Strategic Guidance
Delilah’s influence at TSX is measured not just by listings but also by increased awareness of TSX and TSXV as viable funding options for high-growth U.S. companies. Her work, including The Guide to Listing for U.S. Companies and TSX Ignite, highlights her commitment to helping U.S. companies navigate Canadian public markets.
“I love representing my home country and surprising people about the significance of the Canadian capital markets. It’s a very cool dynamic job, especially as I get to do it living near the ocean in California,” she says.
Delilah’s work continues to break barriers and create opportunities, ensuring a more inclusive and equitable capital formation for future generations. “I spend a lot of time thinking about how to create a financial system that is truly accessible to ALL founders and investors.” With the emergence of technologies such as blockchain and artificial intelligence, she is excited about the possibilities.
Final Thoughts
Delilah’s influence in the capital markets is nothing short of transformative. As a visionary leader dedicated to empowering entrepreneurs and shaping the way companies access capital, her work is consistently breaking new ground and challenging the status quo.
With her strategic guidance at Toronto Stock Exchange and her tireless advocacy for women-led ventures and investors, Delilah is driving meaningful change across the global capital landscape. By championing initiatives that bridge the funding gap for women entrepreneurs and educating business leaders on innovative capital options, she is helping to ensure that future generations of all entrepreneurs have the resources and support they need to succeed.
Through her unwavering commitment to inclusivity, equity, and growth, Delilah is not just impacting the present; she is shaping the future of capital formation, creating lasting opportunities for those who will follow in her footsteps.
