Panache Ventures Investment Fund holds $25M initial close

Panache Ventures, a new venture firm launched by former principals of 500 Startup Canada, has held an initial close for its new fund, Panache Ventures Investment Fund 2018, L.P., with $25 million in committments.

The new fund will be managed by general partners, Michael Cegelski, Patrick Lor and David Dufresne.

Panache Ventures plans to deploy its capital in over 140 startups over the next 4 years, focusing on the pre-seed and seed stages. So far the firm has invested, or committed to invest in 11 companies across Canada, from Vancouver to Halifax, including ACTO, Masterpiece VR, labor, dooly, vyrill, MarketMuse, COMMUNO, LEXOP.

photo credit: Panache Ventures, Eva Blue!

PRESS RELEASE

March 6, 2018, Montreal, QC

Today, Panache Ventures is announcing the launch of its first fund and its initial closing of $25 million.

Panache Ventures is a new Canada-wide early stage venture capital fund that will be the most active and best performing fund of its kind in the country.

The Journey

Mike Cegelski (Managing Partner – Montreal), Patrick Lor (Managing Partner – Calgary), David Dufresne (Partner – Montreal), Nicolas Bouchard (Associate – Montreal) were previously members of the core team that launched 500 Startups Canada in 2016, and ended its investment period last Summer. In an impressive time of 5 months, the team has created this brand-new independent venture fund with a founders-first philosophy, a commitment to diversity and strategically coinvests with smart angel investors and seed stage funds.

Panache is composed of an entrepreneurial team of experienced operators, a strong angel investor track record, years of institutional VC experience and a strong network in Canada, in Silicon Valley and worldwide. A new addition to the team will be announced soon, based in the Greater Toronto Area.

The firm plans to deploy its capital in over 140 startups over the next 4 years, focusing on the preseed and seed stages. So far they have invested, or committed to invest in 11 companies across Canada, from Vancouver to Halifax.

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 AI/ML, FinTech, Cybersecurity and Blockchain technologies.” Patrick Lor

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To get more information, please reach out to Gabrielle Drouin at gabrielle@panache.vc.


Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of sophisticated and advanced CPE Media Private Capital Dealbase. Ted is President of CPE Media Inc., Canada's independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry and public market.
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