REGINA – It has been announced Conexus Credit Union and Conexus Venture Capital Inc. have launched a new venture capital fund aimed at backing Saskatchewan high-growth tech companies.
The fund is called CVC Fund #2, with the announcement made by Conexus Venture Capital Inc. on May 22 at the “Uniting the Prairies” conference in Saskatoon.
The fund is launching with an initial investment of $15 million from Conexus. The goal is to raise $30 million for the fund, aimed at funding Saskatchewan startups and supporting the local economy.
This follows on the heels of their CVC Fund #1 and also the tech incubator Cultivator powered by Conexus.
“We’re doubling down on our commitment to the Saskatchewan tech ecosystem,” said Jordan McFarlen, Managing Director of Conexus Venture Capital Inc. in a news release. “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, in a news release. "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.”
