“Saskatchewan Tech Ecosystem Thrives as Conexus Venture Capital Inc. Doubles Down with Launch of New Fund”

• Conexus Venture Capital Inc. launches new venture capital fund to support Saskatchewan tech ecosystem
• Conexus Credit Union invests $15 million in CVC Fund #2 to boost Saskatchewan startups
• CVC Fund #2 aims to raise $30 million to back high-growth tech companies in Saskatchewan
• Conexus Venture Capital Inc. emphasizes commitment to Saskatchewan tech ecosystem at “Uniting the Prairies” conference
• CVC Fund #1’s success prompts launch of CVC Fund #2 to continue supporting Saskatchewan tech startups

Conexus Venture Capital Inc.’s Commitment to Saskatchewan Tech Ecosystem

Conexus Venture Capital Inc. is making waves in the Saskatchewan tech ecosystem with the launch of their new venture capital fund, CVC Fund #2. This initiative highlights their dedication to supporting high-growth tech companies in the province. Let’s delve deeper into this exciting development and explore the impact it could have on Saskatchewan’s burgeoning tech sector.

Doubling Down on Saskatchewan Startups

The announcement of CVC Fund #2 underscores Conexus Credit Union’s commitment to championing a thriving Saskatchewan tech ecosystem. By investing $15 million into the fund, Conexus is paving the way for the growth and success of local tech startups. This significant investment reflects their belief in the innovative potential of Saskatchewan founders and their ability to make a mark on the global stage.

Jordan McFarlen, Managing Director of Conexus Venture Capital Inc., emphasized the importance of this initiative at the “Uniting the Prairies” conference in Saskatoon. He stated, “We’re doubling down on our commitment to the Saskatchewan tech ecosystem. We believe in the founders of this province and their ability to build breakthroughs in industries around the globe.”

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Celina Philpot, Conexus Chief Executive Officer, highlighted the impact of Conexus Venture Capital Inc.’s previous efforts, noting that before the launch of their first fund, Saskatchewan startups received minimal venture capital funding. Since its inception, Conexus has facilitated the investment of $66 million into local businesses, with 13 of them being based in the province. This track record demonstrates Conexus’ dedication to fostering a thriving tech ecosystem in Saskatchewan.

Supporting Growth and Innovation

Building on the success of CVC Fund #1 and the tech incubator Cultivator powered by Conexus, CVC Fund #2 represents another step forward in supporting tech startups, boosting the economy, and ensuring the success of Conexus members in Saskatchewan. The fund aims to raise a total of $30 million, with Conexus’ initial investment setting a strong foundation for achieving this goal.

CVC Fund #1, which was launched in 2019, played a pivotal role in supporting Saskatchewan, prairies, and western Canadian startups. With representation from nine institutional limited partners, including six Saskatchewan credit unions, the first fund made substantial investments in 17 portfolio companies, contributing to the growth of the local tech ecosystem.

The positive outcomes of CVC Fund #1 are evident in the significant increase in venture capital deployed in Saskatchewan over the years. While venture capital investment was minimal in 2017 and 2018, it saw a substantial jump in 2022, reaching $119 million. This growth underscores the impact of local institutional investors like Conexus in fueling the tech sector’s development.

As venture capital in the province dipped to $37 million in 2023, the launch of CVC Fund #2 comes at a crucial time to reignite investment and support for Saskatchewan startups. The success of CVC Fund #1, which continues to perform exceptionally well, sets a promising precedent for the future of CVC Fund #2. By backing successful tech companies like 7shifts and Coconut Software, Conexus Venture Capital Inc. is poised to support the next wave of Saskatchewan success stories.

A Vision for a Thriving Saskatchewan

Conexus Venture Capital Inc. was established to address the funding gap that Saskatchewan startups faced in the broader Canadian venture capital landscape. With a mission to support local entrepreneurs and the economy, Conexus Credit Union launched Conexus Venture Capital Inc. in 2019 as a testament to their commitment to driving innovation and growth in the province.

Conexus Credit Union, a member-owned cooperative with a rich history of innovation, has been at the forefront of championing every member’s success for a thriving Saskatchewan. By recognizing the need for increased venture capital funding in the province, Conexus has positioned itself as a catalyst for change, driving forward the evolution of the Saskatchewan tech ecosystem.

Conexus Venture Capital Inc.’s launch of CVC Fund #2 signals a new chapter in the development of Saskatchewan’s tech sector. With a strong focus on supporting local startups, fostering innovation, and driving economic growth, Conexus is playing a vital role in shaping the future of the province’s tech ecosystem. As CVC Fund #2 gains momentum, it holds the promise of unlocking new opportunities, empowering entrepreneurs, and propelling Saskatchewan onto the global tech stage.