Canada-based venture capital firm Panache Ventures has achieved a C$58m ($43.7m) final close for its inaugural fund, which features limited partners including telecommunications firm Telus.
Financial services firms National Bank of Canada and BMO Bank of Montreal have both backed the fund, as have Yukon First Nation Investment Corporation, which represents a consortium of Yukon first nations, and the Yukon government.
BC Tech Fund, a vehicle managed by growth equity firm Kensington Capital on behalf of the government of British Columbia, is also among the fund’s LPs.
The final close followed an investment by Telus’ corporate venturing subsidiary, Telus Ventures, in November 2018, adding to a $19.4m first close backed by Alberta Enterprise, Investissement Québec and Fonds de solidarité FTQ in March 2018.
Panache Ventures has to date invested in 52 seed-stage technology companies across Canada, backing companies in areas such as business-to-business software, artificial intelligence, healthcare, financial and property technology.
The fund had originally targeted a C$40m close. Some 30% of its deals have been in each of the Canadian provinces of Ontario, Quebec and Western Canada, with the remaining 10% going to businesses based in Atlantic Canada.
Mike Cegelski, managing partner at Panache Ventures, said: “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.”
