Panache Ventures, a new Montréal-based early-stage venture capital firm, has launched its debut fund. Panache Ventures I, which raised $25 million in an initial close, will invest in pre-seed and seed opportunities in artificial intelligence-machine learning, blockchain, cybersecurity, financial technology and other sectors. Managing Partners Mike Cegelski and Patrick Lor, Partner David Dufresne and Associate Nicolas Jacques-Bouchard, who helped launch 500 Startups Canada two years ago, will lead the firm. Panache has already backed 11 of a planned 140 Canadian startups to receive investments over the next four years. It will soon add a Toronto-based team member.
Photo: Panache Ventures’ team (left to right): Patrick Lor, Nicolas Jacques-Bouchard, David Dufresne, Mike Cegelski and Gabrielle Drouin.
PRESS RELEASE
Today, Panache Ventures is announcing the launch of its first fund and its initial closing of $25 million.
March 6, 2018, Montreal, QC
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
To get more information, please reach out to Gabrielle Drouin at gabrielle@panache.vc.
Photo courtesy of Panache Ventures