Paula Cole approves of Olivia Rodrigo's planned Lilith Fair revival.

The "I Don't Want to Wait" hitmaker, an instrumental musician behind the original 1990s music festival, revealed that she is "psyched" for the Daisy Chain Fields festival.

"I'm so thrilled," the "Where Have All the Cowboys Gone?" singer told PEOPLE of the upcoming not-for-profit music festival fronted exclusively by female performers and groups. "Finally, somebody did it. Bless her soul," she said of Rodrigo.

Lilith Fair, founded in 1997 by Sarah McLachlan, was an all-female music festival that featured artists like Sheryl Crow, Bonnie Raitt, Erykah Badu, Jewel, Natalie Merchant and Indigo Girls. The festival ran until 1999 before being revived briefly in 2010.

The Daisy Chain Fields will take place Aug. 29 in Irvine, Calif., with McLachlan slated to perform as a special guest.

Proceeds from the music festival will go toward nonprofits "dedicated to advancing and advocating for women and girls," per the festival's official Instagram account.

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