[REGINA, SK, May 23, 2024] – 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 Chmielewski
Media Relations Specialist | Conexus Credit Union
media@conexus.ca I 306-751-8201
CVC 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.
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.
We’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.
