Panache Ventures signs TELUS Ventures as limited partner in its first $50 million fund
MONTREAL - Panache Ventures, the second most active private independent VC firm in Canada according to Canadian Venture Capital and Private Equity Association (CVCA), today announced a new strategic corporate limited partner – TELUS Ventures. As the strategic investment arm of TELUS Corporation, TELUS Ventures is one of Canada’s most active corporate venture capital funds with a strong presence in Canada’s tech ecosystem, and expertise in communications, digital health, Internet of Things (IoT), Artificial Intelligence (AI) and digital security sectors. TELUS brings significant value-add to the Panache Ventures fund and together the firms complementary venture skill sets and expertise will benefit deals and target investments.
Panache Ventures was initially targeting a $40-million final fund size when they launched on March 1, 2018. However, its team has decided to extend the fundraising and through developing a relationship with TELUS Ventures, is on its way to a $50-million first fund.
“Over the course of the year, we have established close-knit ties with TELUS Ventures by sharing deal flow and knowledge in specific industries,” said Mike Cegelski, managing partner at Panache Ventures. “Undeniably, Panache Ventures looks forward to leveraging TELUS Ventures’ expertise in numerous sectors to help drive this funding round.”
Panache Ventures’ visibility of the seed stage ecosystem throughout Canada is what interested TELUS Ventures in joining the fund as a limited partner.
“TELUS Ventures is focused on enabling an ecosystem of innovation by working with leading entrepreneurs-and investors-aligned to our strategic areas of focus,” said Rich Osborn, Managing Partner, TELUS Ventures. “Panache Ventures has demonstrated success as a key player in the Canadian venture ecosystem. Their ability to generate deal flow across sectors and geographies and the quality of the portfolio they are building is impressive. We look forward to working with them as they source and build new relationships with promising founders and companies.”
Panache Ventures is already and has invested in IT security, content marketing, business and productivity software, marketplace, fintech, digital media, life sciences, logistics and supply chain management, and health and fitness, amongst others sectors. Panache Ventures has offices in Montreal, Toronto and Calgary, and has closed 28 investments this year so far, with the goal to invest in more than 100 start-ups over its investment period.
About TELUS Ventures
As the strategic investment arm of TELUS Corporation (TSX: T, NYSE: TU), TELUS Ventures was founded in 2001 and is one of Canada's most active corporate venture capital funds. TELUS Ventures has invested in over 70 companies since inception with a focus on innovative technologies such as Health Tech, IoT, AI and Security. TELUS Ventures is an active investment partner and supports its portfolio companies through mentoring; exposure to TELUS' extensive network of business and co-investment partners; access to TELUS' technologies and broadband networks; and by actively driving new solutions across the TELUS ecosystem. For more information please visit: TELUS.com/Ventures.