Panache Ventures launches its first fund with an initial $25 million closing

March 15, 2018

Montreal, QC, March 13, 2018 – Today Panache Ventures announced the launch of its first fund and initial closing of $25 million, including investments from Alberta Enterprise Corporation, Investissement Québec, and the Fonds de solidarité FTQ (Fonds). Panache Ventures is a new Canada-wide early stage venture capital fund that aims to be the most active and best performing fund of its kind in the country.

 

Over the past five months Mike Cegelski, Managing Partner – Montreal, Patrick Lor, Managing Partner – Calgary, David Dufresne, Partner – Montreal, and Nicolas Bouchard, Associate – Montreal have created this brand new independent venture fund with a founders-first philosophy, a commitment to diversity, and a strategic seed/angel co-investment model where they will partner with smart angel investors and seed stage funds.

 

Panache has an entrepreneurial team of experienced operators with a strong angel investment record, years of institutional VC experience, and a solid network in Canada, Silicon Valley, and globally. A new addition based in the Greater Toronto Area will be announced soon.

 

The firm plans to deploy its capital in over 140 startups over the next four years, focusing on the pre-seed and seed stages. To date, Panache has invested in or committed to invest in 11 companies across Canada.

 

Quotes

 

“We are putting together the most active and best performing early-stage private venture fund in Canada, created with innovative concepts based on a large portfolio diversification thesis. Panache is here to improve the startup ecosystem thus increasing entrepreneurial successes across Canada.” Mike Cegelski

 

“We’re focusing on supporting the next generation of entrepreneurs. We’re investing in the top growth and innovation sectors including artificial intelligence, fintech, cybersecurity, and blockchain technologies.” Patrick Lor

 

ABOUT PANACHE VENTURES

Panache Ventures is Canada's most active seed stage venture capital fund. Panache is led by a team of experienced operators, with a strong angel investor track record, years of institutional VC experience and a strong network in Canada, in Silicon Valley and worldwide. The fund has a founders-first philosophy, a commitment to diversity and strategically co-invests with smart angel investors and seed stage funds.

ABOUT ALBERTA ENTERPRISE CORPORATION

 

Alberta Enterprise Corporation promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance early-stage technology companies. We focus on funds that have a strong commitment to Alberta, including a full-time presence in the province. In addition to capital, we support Alberta’s venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta.

 

Since our inception we have committed $149 million for investment to 12 VC funds, as well as the Accelerate Fund I and II, covering a diverse range of forward-looking industries including both clean energy and energy technologies, information and communications technologies, life sciences, and agriculture and food. www.alberta-enterprise.ca

ABOUT INVESTISSEMENT QUEBEC

 

Investissement Québec’s mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.

 

ABOUT THE FONDS DE SOLIDARITÉ FTQ

The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $13.7 billion in net assets as at November 30, 2017, the Fonds has helped create and maintain over 186,440 jobs. The Fonds has more than 2,700 partner companies and over 645,000 shareholder-savers.

 

Contact:
Gabrielle Drouin
gabrielle@panache.vc

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