Alberta Enterprise Corp has committed $5 million to Panache Ventures I, the debut fund of Canadian early-stage venture capital firm Panache Ventures. Fund I, which invests in pre-seed and seed opportunities in artificial intelligence, blockchain, cybersecurity, financial technology and other sectors, last week raised an initial $25 million. The fund is targeted to raise $40 million in total. Managing Partner Patrick Lor, who along with other Panache principals formerly served with 500 Startups Canada, will run the Montréal-based firm’s office in Calgary.
Photo: Patrick Lor, managing partner of Panache Ventures.
Alberta Enterprise Corporation Invests $5 Million in Panache Ventures
EDMONTON, March 13, 2018 /CNW/ – Alberta Enterprise Corporation announced today a $5 million investment in Panache Ventures’ new Canadian seed fund. The fund has reached its first close of $25 million and will be investing in seed stage startup companies located across the country. Panache is already actively looking at deals across all sectors, including companies innovating in AI, cybersecurity, and blockchain, as well as VR, enterprise SaaS, and data analytics.
Panache Ventures is led by Patrick Lor, located in Calgary, and Mike Cegelski and David Dufresne, located in Montreal. As successful former startup operators and angel investors, they have an excellent investment record, bring a founders-first philosophy to their deals, are committed to diversity, and see great opportunity in Canada’s early and seed stage investment space.
Panache, out of their office in Calgary, are already actively reviewing deals. Managing Partner Patrick Lor is a local entrepreneur, angel investor, and a champion of Alberta’s start-up ecosystem. Lor said, “Panache is committed to investing in companies across Canada, and we have already engaged with startups in Alberta. Calgary will be a key hub for our operations in the west where there is an expanding and vibrant technology ecosystem taking root with a number of seed stage investment opportunities.”
Kristina Williams, President and CEO of Alberta Enterprise Corporation, commented, “Our investment with Panache Ventures is an excellent fit with Alberta Enterprise’s goals. The seed stage focus of this fund helps meet a growing demand for early stage capital in Alberta, given the increasing number of young technology companies entering the ecosystem year-over-year. Plus, Patrick Lor is a successful and well-known Alberta entrepreneur and investor who is highly tapped into the local ecosystem.”
Panache’s strategy is to develop a large-scale portfolio of seed stage companies from across the country. They are targeting a fund size of $40 million. The firm plans to deploy their capital by investing in approximately 140 startups over the next four years. The investment focus is a very good fit with the demand for capital in Alberta and compliments Alberta Enterprise’s current portfolio of investments.
About Alberta Enterprise Corporation:
Alberta Enterprise Corporation promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance early-stage technology companies. We focus on funds that have a strong commitment to Alberta, including a full-time presence in the province. In addition to capital, we support Alberta’s venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta.
Since our inception we have committed $149 million for investment to 12 VC funds, as well as the Accelerate Fund I and II, covering a diverse range of forward-looking industries including both clean energy and energy technologies, information and communications technologies, life sciences, and agriculture and food. www.alberta-enterprise.ca
About Panache Ventures:
Panache Ventures is an active Canadian seed stage venture capital fund. The firm is led by a team of experienced operators with a strong record of angel investments, years of institutional VC experience, and a solid network in Canada, Silicon Valley, and globally. The fund has a founders-first philosophy, a commitment to diversity, and a strategic seed/angel co-investment model. https://www.panache.vc/
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Photo courtesy of Patrick Lor