Government of Yukon supports First Nation investment in technology venture fund
The Government of Yukon is providing $2 million to the Yukon First Nation Investment Corporation to support their investment in Panache Ventures, a national technology venture capital fund.
As part of the investment, Panache Ventures will develop an entrepreneurial and investor capacity-building program in the territory to support early stage start-ups through coaching, training, education, networking and events such as pitch competitions. The investment will help develop investment infrastructure in Yukon for technology start-ups and open up the technology sector ecosystem to Yukon First Nation investors. Panache Ventures also plans to invest in local tech start-ups as part of the fund.
The Yukon First Nation Investment Corporation, made up of Yukon First Nation development corporations, will invest a total of $5 million into Panache Ventures including the $2 million provided by the Government of Yukon.
We are excited to support the Yukon First Nation Investment Corporation investment in Panache Ventures to help Yukon start-ups access local capital and mentorship opportunities that will grow Yukon’s tech sector. By working together with First Nations on this initiative we can continue to diversify our economy for the benefit of all Yukoners.
Minister of Economic Development Ranj Pillai
We thank the Government of Yukon for their support of this unique investment. Our group of First Nation development corporations coming together as partners to co-invest in the knowledge sector will advance Yukon’s modern economy. We look forward to working with Panache Ventures’ to bring access to equity to Yukon entrepreneurs.
Ben Asquith, Yukon First Nation Investment Corporation
We’re extremely pleased and honoured to welcome the Yukon First Nation Investment Corporation as an investor in Panache Ventures. Our mission is to invest in the most talented and ambitious entrepreneurs and help them reach the world stage, and we’re ready to roll up our sleeves and work side-by-side with the entire technology ecosystem to make that happen. On our previous trips to Whitehorse earlier this year, we had to opportunity to meet both local entrepreneurs and investors, and we’re looking forward to leaning in and learning more about the community, culture, and people of Yukon.
Patrick Lor, Panache Ventures
- The Yukon First Nation Investment Corporation includes the following First Nation development corporations: Dakwakada Capital Investments; Na-Cho Nyäk Dun Development Corporation; Kluane Dana Shäw Development Corporation; Chu Níikwän Development Corporation; Da Daghay Development Corporation; Selkirk Development Corporation; Dena Nezziddi Development Corporation.
- Panache Ventures launched in March 2018 and are raising capital for a private equity capital fund of $58 million, intending to invest in a portfolio of approximately 100 companies across Canada. The sector focus areas are artificial intelligence, fintech, digital healthcare, enterprise software and block chain.