Conexus Venture Capital Inc. announces launch of new venture capital fund, doubling down on commitment to Saskatchewan tech ecosystem
May 27 2024 - 7:55AM
Conexus Credit Union and Conexus Venture Capital Inc. have
announced the launch of CVC Fund #2, a new venture capital fund
hyper focused on backing Saskatchewan’s top high-growth tech
companies. The ambitious fund is aiming to raise $30 million. CVC
Fund #2 has secured an initial investment of $15 million from
Conexus because of the credit union’s dedication to propelling
Saskatchewan startups and supporting the province’s economy.
Conexus Venture Capital Inc. made the announcement on May 22
live on stage at the “Uniting the Prairies” conference in
Saskatoon, the prairie provinces’ premier startup-focused tech
conference where founders connect with active investors and tech
leaders.
“We’re doubling down on our commitment to the Saskatchewan tech
ecosystem,” says Jordan McFarlen, Managing Director of Conexus
Venture Capital Inc. “We believe in the founders of this province
and their ability to build breakthroughs in industries around the
globe.”
“We know that before Conexus Venture Capital Inc.’s first fund,
Saskatchewan startups received less than 0.5 per cent of all
venture capital funds deployed across Canada in 2017,” says Celina
Philpot, Conexus Chief Executive Officer. "Since Conexus Credit
Union launched Conexus Venture Capital Inc. in 2019, we have
facilitated the investment of $66 million into helping businesses
grow, including 13 based right here in the province.”
“Conexus is dedicated to championing a thriving Saskatchewan. No
one knows the Saskatchewan tech ecosystem better than our team. The
opportunities in our province and our confidence in this team is
why Conexus Credit Union is excited to announce its significant
investment of $15 million into CVC Fund #2.”
Building on the success of CVC Fund #1 and the tech incubator
Cultivator powered by Conexus, CVC Fund #2 is another offering that
demonstrates Conexus’ support of tech startups, the economy, and
our member’s success in Saskatchewan.
For more information and to arrange interviews with
Celina and Jordan, please contact:Michael ChmielewskiMedia
Relations Specialist | Conexus Credit Unionmedia@conexus.ca I
306-751-8201
More information on CVC Fund #1CVC Fund #1 is a
$30 million fund that Conexus Credit Union launched in 2019 to
support forgotten Saskatchewan, prairies, and western Canadian
startups. The first fund has representation from nine institutional
limited partners, six of which are Saskatchewan credit unions. CVC
Fund #1 made 17 portfolio company investments into some of the best
startups in the Canadian prairies. CVC Fund #1 has successfully
exited two portfolio companies and has taken secondaries on another
two portfolio companies.
Venture capital investment in Saskatchewan was only $14 million
in 2017 and $16 million in 2018. In 2022, venture capital deployed
in the province jumped to $119 million, showcasing CVC Fund #1’s
positive influence on the ecosystem and the need for a local
institutional investor. CVC Fund #2 is well timed as venture
capital in the province fell to $37 million in 2023.
The first fund’s thesis has proven to be successful. CVC Fund #1
has and continues to perform in the top quarter of 2019 vintage
across North America. CVC Fund #1 has also backed some of the most
successful tech companies in Saskatchewan, such as 7shifts and
Coconut Software. CVC Fund #2 is looking forward to supporting the
next wave of Saskatchewan success stories.
About Conexus Venture Capital Inc.Conexus
Venture Capital Inc. was built to fill a funding gap in the local
tech ecosystem. In 2017, Saskatchewan startups received less than
0.5 per cent of all venture capital funds deployed across Canada.
Knowing our province’s startups were being overlooked, we sought
ways to fill this funding gap. In early 2019, Conexus Credit Union
launched Conexus Venture Capital Inc. as a commitment to
entrepreneurs and the local economy.
About Conexus Credit UnionWe’re a
forward-thinking, Saskatchewan-based credit union committed to our
members and their financial well-being. We’re a member-owned
cooperative with more than 80 years of serving members and giving
back to our community. Conexus’ purpose is to champion every
member’s success for a thriving Saskatchewan.
Conexus Credit Union has a long, rich history of innovation.
Founded on the idea of pooling local capital and building support
for the local economy, Conexus applied this principle to a 21st
century problem: recognizing the lack of venture capital funding as
an opportunity to solve a significant problem for our province’s
entrepreneurs.
Michael Chmielewski
Conexus Credit Union
306-751-8201
media@conexus.ca