The Latner Writers’ Trust Poetry Prize is getting a new sponsor, a new name – and a $35,000 increase to the prize money.

The Writers’ Trust of Canada announced today that the prize, awarded annually to a mid-career Canadian poet, will now be known as the Latner Griffin Writers’ Trust Poetry Prize and will be worth $60,000. The new name and expanded purse represent a five-year funding commitment by the Latner Family Foundation, sponsor since the prize’s inception in 2014, and Scott Griffin, founder of the Griffin Poetry Prize.

Griffin approached the Writers’ Trust to suggest increasing the prize’s value, the organization said in a press release.

“Since 2014, we’ve proudly celebrated poets and their contributions to our national literary culture,” Steven Latner, a director of the Latner Family Foundation, said in the release. “I’m confident that this new partnership will grow the prize and create an even more dynamic presence on the Canadian poetry scene.”

Past winners of the Latner prize include Ken Babstock, Karen Solie, former parliamentary poet laureate Louise Bernice Halfe, and last year’s winner, Joseph Dandurand. It is presented each year at the Writers’ Trust Awards.

The enhanced prize will now be worth close to the former Griffin Prize for a Canadian poet. In September, the Griffin Poetry Prize announced it was merging its Canadian and international categories into one prize worth $130,000, to be announced later this month.