Conexus Venture Capital's first fund made 17 investments in Prairie startups.
Saskatchewan Conexus Venture Capital (CVC) has closed its second fund, reaching a target of C$30 million, as the firm prepares to back more Saskatchewan tech startups.
“It’s a big win for Saskatchewan, it’s a big win for the Prairies and it’s a big win for Canadian technology,” CVC managing director Jordan McFarlane told BetaKit.
An early stage venture capital (VC) company based in Regina, the first launched this fund in May 2024 with a first close of $15 million provided by its founder and lead, Conexus Credit Union.
“This is a big win for Saskatchewan, a big win for the Prairies and a big win for Canadian technology.”
Jordan McFarlane, CVC
CVC has now closed another $15 million for Fund II from its list of limited partners (LPs), which includes eight other undisclosed credit unions, institutions, high net worth individuals and family offices across Saskatchewan. The closure ends an 18-month fundraising process in which CVC achieved its goal despite constantly hard Venture capital market conditions. McFarlane said CVC has received strong support from both existing and new records.
During this time, CVC also invested in three startups, including Saskatoon-based home care technology startup Alto and Regina parking management software startup. off-streetand a soil restoration platform in Calgary and Saskatoon. Liora.
The first CVC fund, which Conexus launched with incubator Cultivator in 2019, has invested in a total of 17 Prairie-based startups, 13 of which are based in Saskatchewan. CVC says its first fund, from which it completed new investments in early 2023, ranks in the top quarter of other 2019 vintage funds in North America. To date, CVC has exited two companies (Care And Thoughtful) and took the secondary on another pair.
Today, CVC is both Canada's only Saskatchewan-headquartered venture fund and the country's only credit union-led venture fund. The firm has amassed a portfolio that includes two of the province's most successful tech startups – a restaurant team management software company. 7 shifts and meeting scheduling platform for financial institutions Coconut software.
CONNECTED: LiORA receives $5.1 million to scale its soil remediation platform in the US
CVC's second venture fund will follow the same strategy as the first. Focusing primarily on software startups in Saskatchewan, CVC plans to support 10-15 companies through Fund II from pre-seed to Series A, lead and co-led stages.
McFarlane will direct the remainder of that $30 million with the help of Alex Shimla (co-founder of Saskatoon tech incubator Co.Labs, who joined CVC as a director last fall) and Gabrielle Schubach, CVC's manager of venture finance and operations.
Conexus is in the process of joining forces with two other Saskatchewan credit unions – Cornerstone and Synergy – in a merger that will take effect in early 2026. McFarlane said the deal will have no impact on CVC other than growing its largest credit union, adding that Conexus remains committed to supporting the growth of the province's tech ecosystem.
Conexus, which offers personal and business banking services to its more than 148,000 members, is working to grow Saskatchewan's technology sector through CVC and Cultivator, which have created 196 startups creating more than 600 jobs.
In a statement, Conexus CEO Selina Philpot called the credit union's $15 million investment in CVC Fund II “a testament to our belief in Saskatchewan's entrepreneurs and tech startups.”
BetaKit Prairies Reports partly funded by YEGAFa non-profit organization dedicated to sharing business stories in Alberta.
Image courtesy of Conexus Venture Capital.
