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Panache Ventures Closes $100m Fund II

September 8, 2022
By Patrick Lor

Panache Ventures, Canada's leading pre-seed and seed stage fund, is proud to announce their second fund with commitments of $100 million from major investors including Alberta Enterprise Corporation, Ontario Capital Growth Corporation, Investissement Québec, BMO Financial Group, and TELUS Ventures. Other investors include top entrepreneurs, executives, and family offices, with expertise and networks that extend across a wide variety of industries. To date, Panache Ventures Fund II has completed 12 investments. 

“Alberta Enterprise is very pleased to be an ongoing major investor in Panache Ventures. Our mandate is to create access to venture capital for Alberta technology companies. Panache has proven that they are committed to Alberta’s fast-growing ecosystem. We recommitted to Fund II because of the strong level of startup activity and demand for capital in Alberta at the seed stages in the sectors that Panache Ventures supports. They have a team that brings a Canada-wide network and unique entrepreneurial and financial expertise to our startups.”
Kristina Williams

CEO, Alberta Enterprise Corporation

Panache is a diversified venture capital firm that focuses on enabling world-changing innovations led by ambitious entrepreneurs in areas including enterprise software, AI/ML, fintech, blockchain/web3, health tech, and climate tech. Panache has coast-to-coast coverage of Canada’s technology ecosystem, with offices in Vancouver, Calgary, Toronto, and Montreal. In addition to supporting portfolio founders, the team at Panache Ventures is actively involved in the community supporting universities, accelerator programs, and governments at all levels. 

“There is a golden opportunity in Canada to drive progress by supporting technology startups. Panache Ventures is a critical on-the-ground investor with national reach and we’re proud to support them.”
Devon Dayton

Head of BMO Technology & Innovation Banking

Panache Fund I launched in 2018 with over $58 million in committed capital. The fund has invested in 100 companies, and has had three exits including fintech company Flinks, as well as proptech company Lane. Some of the top startups in the portfolio include Certn, FightCamp, Dooly, Tailscale, ACTO, Spocket, OSOM, PurposeMed and MobSquad.

“Panache was a key investor and advisor in our pre-seed round, and has continued to support us as we raised our seed, series A, and most recently, our $50m USD series B. Beyond the investment, their mentorship has been instrumental in guiding Certn to where it is today.”
Andrew Macleod

CEO, Certn

Panache has co-invested with top venture capital firms including Tribe Capital, Insight Partners, CRV, Accel, Uncork, Solana, Bessemer Venture Partners, Inovia Capital, Garage Capital, Version One Ventures, Golden Ventures, Softbank, Tiger Global, Boldstart Ventures, and Addition Capital, Round13 Capital and OMERS Ventures.

Panache's core thesis of investing in outstanding entrepreneurs has produced exceptional results. Fund II will double down on Canadian pre-seed and seed technology ventures by leading more deals and investing more capital. Fund II will also see the launch of Panache Academy, which will deliver best-in-class founder education and support exclusively to the Panache investor and founder community.

“Ontario Capital Growth Corporation is pleased to invest in Panache Ventures Fund II. They have been very active in the Ontario technology ecosystem, successfully investing and guiding startups that are driving economic growth in the province. Investments by Panache Ventures will ensure that Ontario companies can succeed in becoming world-leading brands.”
Steve Romanyshyn

CEO, Ontario Capital Growth Corporation

Panache is a champion of diversity and inclusion, starting with the composition of the team and continuing with a portfolio where 52% of the co-founders are persons of colour. The number of investments in women-led start-ups is 1.8x of the national average in Canadian venture, and Panache Ventures continues to invest in the development of thought leadership on best practices for expanding roles for women in VC.

“TELUS Ventures is focused on enabling an ecosystem of innovation by working with leading entrepreneurs and investors aligned to our areas of focus. We are investing in Panache Ventures once again to leverage their team’s expertise and network, as we continue to make strategic investments in the areas of agriculture technologies, connected consumer, digital health, smart cities, and IoT.”
Mario Mele

VP Corporate Planning & Strategy, TELUS Ventures