Telus Ventures is jumping on the Panache Ventures wagon.

Panache, the Montreal-based venture capital fund, has announced that the investment arm of the Canadian telco is contributing money towards its projected $50 million fund.

Panache Ventures was initially targeting a $40-million final fund size when they launched on March 1, 2018. The firm “decided to extend the fundraising and through developing a relationship with Telus Ventures, is on its way to a $50-million first fund.”

“Over the course of the year, we have established close-knit ties with Telus Ventures by sharing deal flow and knowledge in specific industries,” said Mike Cegelski, managing partner at Panache Ventures. “Undeniably, Panache Ventures looks forward to leveraging Telus Ventures’ expertise in numerous sectors to help drive this funding round.”

“Telus Ventures is focused on enabling an ecosystem of innovation by working with leading entrepreneurs-and investors-aligned to our strategic areas of focus,” said Rich Osborn, Managing Partner, Telus Ventures. “Panache Ventures has demonstrated success as a key player in the Canadian venture ecosystem. Their ability to generate deal flow across sectors and geographies and the quality of the portfolio they are building is impressive. We look forward to working with them as they source and build new relationships with promising founders and companies.”

Panache Ventures has invested in IT security, content marketing, business and productivity software, marketplace, fintech, digital media, life sciences, logistics and supply chain management, and in health and fitness. The firm has offices in Montreal, Toronto and Calgary, and has closed 28 investments this year, with the goal to invest in more than 100 start-ups over its investment period.

The word “Panache” means flamboyant confidence of style or manner.

As the strategic investment arm of TELUS Corporation, Telus Ventures is one of Canada’s most active corporate venture capital funds. Panache Ventures wrote in a release that Telus brings “significant value-add” to the fund.