Panache Ventures acquires Commonwealth Ventures, launches Fund II
Sep 13, 2021
Montreal’s Panache Ventures has announced the acquisition of San Francisco-based Commonwealth Ventures, as the early-stage venture firm looks to connect more of its Canadian portfolio companies to Silicon Valley investors. The financial terms of the acquisition were not disclosed. As part of the deal, Canadian-born Chris Neumann, founder and CEO of Commonwealth, will join Panache as a partner based in Vancouver and San Francisco and to support Panache’s British Columbia (BC) portfolio. Panache has also announced the launch of its second fund and expanded its team with a couple of senior hires. Following the acquisition, Panache plans to roll out Commonwealth’s programs across its entire portfolio. Commonwealth offers a variety of programs, including a fundraising bootcamp for international founders designed to help them pitch and raise capital from Silicon Valley investors. Following the acquisition, Panache plans to roll out Commonwealth’s programs across its entire portfolio, in order to “supercharge [its] efforts to help Canadian founders succeed on the world stage.”
“The addition of Chris and Commonwealth gives us the most credible path for Canadian startups to Silicon Valley investors,” said Patrick Lor, managing partner at Panache Ventures. “Chris has leveraged his experience as a founder and a VC to create a powerful platform that is supercharging fundraising for Canadian entrepreneurs in the Valley.”
Two Panache companies have already participated in Commonwealth’s programming, Vancouver-based Dooly and Montreal’s Botpress. Earlier this year, Dooly raised an $80 million USD Series B round and Botpress, which secured $15 million in Series A financing earlier this year, both of which were supported by Silicon Valley investors. Sylvain Perron, founder and CEO of Botpress, called the acquisition “a game-changer for the Canadian ecosystem.” According to Perron, “Commonwealth’s process maximized the outcome of [Botpress’ recent] fundraise, taking us from zero Silicon Valley contacts to a Series A with the exact terms we wanted.”
Along with the acquisition news, Panache has also announced the launch of Fund II, a new pre-seed fund, through which it plans to back over 75 companies across Canada with initial investments of up to $1 million. According to The Logic , Panache is currently fundraising for Fund II, targeting an initial close of $75 million, and anticipates having $50 million towards that total by the end of the year.