Telecommunications firm Telus has tapped its corporate venturing arm, Telus Ventures, to invest in Canada-based venture capital firm Panache Ventures’ first fund.
Panache has increased the fundraising target of the vehicle from C$40m to C$50m ($37.8m) after bringing in Telus as a limited partner.
The fund was launched in March 2018 following an initial C$25m close that included commitments from fund-of-funds Alberta Enterprise Corporation and development capital providers Investissement Québec and Fonds de solidarité FTQ.
The firm has made 28 investments to date and its portfolio includes content optimisation platform developer MarketMuse, sales software developer Dooly and startup-focused recruitment platform MobSquad.
Telus Ventures invests in North America-based businesses with a focus on communications, digital health, the internet of things, artificial intelligence and digital security.
Panache Ventures partner David Dufresne said the firm will work with Telus to identify opportunities in the mobile, telecoms, media, digital identity and cybersecurity sectors.
Rich Osborn, managing partner of Telus Ventures, added: “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.”