Alberta Enterprise Corporation disclosed today that it has committed $5 million to Panache Ventures Investment Fund 2018, L.P.
On March 7, 2018, Panache Ventures, founded by former principals of 500 Startups Canada, announced $25 million initial close, but did not disclose limited partner investors.
Panache Ventures Investment Fund 2018 is managed by General Partners, Patrick Lor of Calgary, and Mike Cegelski and David Dufresne of Montreal.
Panache Ventures is targeting a fund size of $40 million and plans to invest in approximately 140 startups over the next four years.
Funded by Government of Alberta, Alberta Enterprise Corporation (ACE) invests in Alberta focused venture capital funds. ACE funded venture funds must have presence with investment professionals in Alberta and must join Venture Capital Association of Alberta.
photo credit: Panache Ventures