Panache Ventures Closes CAN$58 Million For Inaugural Fund

By Amit Chowdhry • Sep 29, 2019
  • Panache Ventures announced it closed $58 million for its inaugural fund, which surpassed the initial $40 million target

Panache Ventures has announced it closed $58 million for its inaugural fund. This fund surpasses the initial $40 million target. And since launching in 2018, the fund invested in 52 tech startups across Canada and in the U.S. The venture firm has offices in Montreal, Toronto, Calgary, and Vancouver.

Alberta Enterprise Corporation, Fonds de solidarité FTQ, and Investissement Québec are supporting this fund and they have been supporting Panache Ventures from its beginnings.

After the fund’s first close in 2018, several institutional investors joined the pan-Canadian investor syndicate such as National Bank of Canada, TELUS Ventures, BMO Bank of Montreal, and BC Tech Fund, managed by Kensington Capital. Plus the firm also welcomed a consortium of Yukon First Nations as a major investor along with active support of the Government of Yukon.

“We are excited to support the Yukon First Nation Investment Corporation investment in Panache Ventures to help Yukon start-ups access local capital and mentorship opportunities that will grow Yukon’s tech sector,” said Ranj Pillai, the Deputy Premier and Minister of Economic Development for the Government of Yukon.

“This investment will support our efforts to expand First Nations’ investments in the knowledge sector,” added Ben Asquith, the lead representative for the Yukon First Nations Investment Corporation.

This is the first-ever syndicate of Yukon First Nations to invest in a venture fund. And it represents a significant milestone in the Canadian venture capital history.

“We’re honored to have such an esteemed group of investors. Our investors have supported us every step of the way,” commented Patrick Lor, Managing Partner at Panache Ventures.

As the startup ecosystem in Canada is maturing, there is an increasing amount of capital flowing to the scale-up stage.

“Our mission is to invest in the most ambitious and creative Canadian entrepreneurs with disruptive, venture-scale businesses. The diversity amongst our portfolio is our core strength. In fact, our gender diversity stats exceed the national averages in venture capital,” explained Mike Cegelski, Managing Partner at Panache Ventures.

Panache Ventures is continuing to be recognized by the Canadian Venture Capital & Private Equity Association as one of the most active investors in Canada.

“Panache Ventures was already quite active in the BC ecosystem, and is a true coast-to-coast investor with the opening of a Vancouver office,” pointed out Gerri Sinclair, Managing Director at Kensington Capital.

Panache has invested in exceptional founders who are disrupting industries and building on Canada’s strengths in AI, fintech, healthcare, proptech, and B2B software.

“While this is a welcome development, a gap has opened up in seed-stage financing. We believe Panache Ventures can become the reference for seed-stage investing in Canada,” acknowledged Prashant Matta, a partner at Panache Ventures.

Panache is headed by a team of experienced operators with a strong investment track record, many years of institutional VC experience, and an extensive network in Canada, in Silicon Valley, and worldwide.

“Panache Ventures is a key player in the Canadian venture capital ecosystem, and we’re excited to work with the entire team and help support the growth of leading technology businesses across the country,” stated Andre Salvi, the Head of Technology and Innovation Banking Group at BMO Bank of Montreal.

Panache has a founders-first philosophy, a commitment to diversity, and strategically co-invests with angel investors and top venture capital funds.

“Our founders represent who we are as a firm. Their ambition will positively change the way people will work and live,” mentioned David Dufresne, Partner at Panache Ventures.