What Conexus Venture Capital does

Conexus Venture Capital Inc. is an early-stage venture capital firm founded in 2019 by Conexus Credit Union and headquartered in Regina, Saskatchewan, Canada. The firm invests time, knowledge, and capital into high-growth technology startups across the Canadian prairies, operating two funds: CVC Fund #1 ($30 million, 2019 vintage) and CVC Fund #2 ($30 million+ oversubscribed, 2024 vintage). Fund #1 deployed across 17 portfolio investments into prairie-based tech companies, achieved top-quartile performance among 2019 vintage funds across North America, and recorded two full exits (Thinkific's IPO in 2022; Curatio's merger into RxPx in 2022) plus two secondaries. Fund #2 has deployed into Offstreet (Regina-based parking management), Alto Technologies (Saskatoon-based home care marketplace), and LiORA (Saskatoon/Calgary-based soil remediation), and surpassed its $30M target by December 2025.

The firm's business model follows traditional VC economics: management fees on committed capital plus carried interest from portfolio exits. Capital is raised from limited partners led by parent Conexus Credit Union, which seeded each fund with $15 million, alongside six Saskatchewan credit unions, business leaders, and a Saskatchewan venture capital retail fund. Capital deployment is sourced through regional partners including Cultivator powered by Conexus (tech incubator, 196 startups incubated), Co.Labs (Saskatchewan's first tech incubator), and the annual Uniting the Prairies conference. The Saskatchewan Technology Startup Incentive (STSI)—a 45% tax credit for Saskatchewan-based investors in eligible startups—is leveraged to attract co-investors into the funds and portfolio rounds, and a C100 partnership extends portfolio companies' access to global founder resources.

Conexus VC is led by a small core team: Managing Director Jordan McFarlen, Principal Alex Shimla (joined September 2024; former Co-Founder of Co.Labs and Uniting the Prairies), and Manager of VC Finance & Operations Gabrielle Schubach (joined February 2024). Recent portfolio milestones include Taiv's $14.4M Series A and acquihire of Local Reach (adtech, Winnipeg), 7shifts' expanded partnership with Lightspeed, and Rivercity Innovations' $2M extension, indicating an active portfolio producing scaling outcomes across software, fintech, adtech, healthcare, agtech, and consumer verticals.

Name

Conexus Venture Capital

Legal name

Conexus Venture Capital Inc.

Website

https://conexusventurecapital.ca

Company type

Private

Founded year

2019

Operating status

Operating

Short description

Early-stage venture capital firm founded in 2019 by Conexus Credit Union, headquartered in Regina, Saskatchewan. Operates two funds (~$60M AUM) investing in high-growth prairie tech startups across software, fintech, adtech, healthcare, and agtech.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199), Investment Advice (6282)

akta.pro primary industry

Captive CVC Fund (Dedicated corporate fund structure) (FSANAHAB)

akta.pro secondary industries

Corporate Venture Capital (CVC) (FSANAAAF), Corporate Strategic Partnership & Ecosystem Investment Arms (FSANAHAF)

Keywords

• Early-stage venture capital
• Tech startup investing
• Seed and pre-seed funding
• Venture fund management
• Prairie tech ecosystem

Headquarters

HQ city

Regina

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Venture Capital Fund Management: Conexus VC generates returns through traditional VC economics: management fees on committed capital and carried interest (performance fees) from portfolio company exits. Fund #1 has successfully exited two portfolio companies and taken secondaries on two others. The firm has facilitated investment of $66 million into portfolio companies since inception.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Conexus Venture Capital is an early-stage venture capital firm that deploys equity capital from dedicated funds into high-growth technology startups in Saskatchewan and the Canadian prairies. It operates two funds (CVC Fund #1 launched 2019 at $30M and CVC Fund #2 launched 2024 at $30M+ oversubscribed), providing portfolio companies with capital, mentorship, fundraising assistance, and access to its limited partner network in addition to hands-on ecosystem support via its parent (Conexus Credit Union) and partners (Cultivator, Co.Labs, C100).

Product overview

Conexus Venture Capital offers venture capital investment services through two distinct fund products. Fund #1 is a 2019 vintage $30 million general technology fund investing in high-growth startups across the Canadian prairies, which has completed its investment phase and is no longer making new investments. Fund #2 is a 2024 vintage $30 million general technology fund focused on high-growth Saskatchewan tech startups, currently actively deploying capital. The funds provide capital investment, networking support, and hands-on assistance to portfolio companies while generating returns for limited partner investors including credit unions and business leaders.

Differentiator

Problem solved

Functional benefit

Brands

• CVC Fund #1: A $30 million fund launched in 2019 investing in prairie-based technology startups.
• CVC Fund #2

Products and services

• CVC Fund #1 A 2019 vintage $30 million general technology venture capital fund that invested in high-growth prairie-based startups, with representation from nine institutional limited partners including six Saskatchewan credit unions. The fund made 17 portfolio company investments and successfully exited two companies (Thinkific via IPO in 2022, Curatio via merger in 2022).
• CVC Fund #2 A 2024 vintage $30 million+ general technology fund (oversubscribed by December 2025) that invests in high-growth Saskatchewan tech startups. The fund plans to back 10-15 startups across various stages, with initial investments in Alto ($900K pre-seed), Offstreet ($2.4M second seed), and LiORA ($5.1M seed).

Quantifiable outcome

• Fund #1 performed in the top quartile of 2019 vintage across North America
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Cultivator powered by ConexuscoreStrategic or Co-development PartnerCultivator powered by Conexus is the associated tech incubator that has incubated 196 startups creating over 600 jobs. It serves as a primary deal-sourcing channel for CVC's investment activities and is co-branded with Conexus.
• Co.LabscoreStrategic or Co-development PartnerCo.Labs is Saskatchewan and the prairie region's first tech incubator. CVC's Principal Alex Shimla was previously Co-Founder of Co.Labs, having worked with 206 Saskatchewan startups who generated $66M in revenue, created over 800 jobs, and raised $37M in private capital.
• Saskatchewan Technology Startup Incentive (STSI) / Innovation SaskatchewancoreStrategic or Co-development PartnerThe Saskatchewan Technology Startup Incentive (STSI) offers a 45% tax credit to Saskatchewan-based investors supporting eligible startup businesses. CVC promotes this incentive to attract co-investors into its funds, with the program's cap doubled to $7 million annually in 2024.
• C100minorGTM or Marketing PartnerConexus VC joined Cultivator in partnering with C100 in August 2023. The partnership gives portfolio companies access to a global network of resources to grow their businesses to the next level.
• Emmertech Fund #1 Fund ManagementminorStrategic or Co-development PartnerConexus transitioned as Fund Manager for Emmertech Fund #1 to a newly formed entity (Emmertech Fund #1 Fund Management) in February 2024. Conexus remains the General Partner. The change positions Emmertech to scale nationally as a global agtech investor.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• iGan Partners: Canadian early-stage VC investing in industrial and enterprise software, with comparable fund size and stage. Useful comparable for benchmarking Canadian early-stage VC fund performance and team economics.
• Vanedge Capital: Western Canadian venture capital fund focused on early-stage tech. Comparable regional ecosystem mandate in British Columbia with similar fund vintage and check-size profile.
• Golden Opportunities Fund: Saskatchewan-based retail venture capital fund with ~28,000 shareholders that co-invested alongside CVC Fund #1. It is one of the most direct comparables given its shared Saskatchewan focus, retail LP base, and participation in CVC's portfolio rounds.
• Panache Ventures: Montreal-based pre-seed and seed VC firm with a national mandate. Similar check sizes and stage focus make it a useful comparator on Canadian early-stage fund economics and LP dynamics.
• StandUp Ventures: Toronto-based early-stage VC investing across Canada. Comparable fund size, team structure, and Canadian seed-stage mandate — useful for benchmarking CVC's trajectory and exit realization timelines.
• Graphite Ventures: Canadian early-stage VC that has co-invested with CVC in deals such as Cyder and myStoria. Similar check size and stage focus make it a strong comparable for Canadian seed investing outside Toronto/Vancouver.
• Emmertech: Canadian agtech venture fund that was previously managed by Conexus Venture Capital and shares the Saskatchewan/prairie agricultural-tech ecosystem. Spin-off relationship provides direct comparison on regional agtech investing economics.

Regional players

• Build Ventures: Atlantic Canada-focused early-stage VC firm with a similar regional-ecosystem-building mandate. Comparable in fund size, team composition, and the thesis of building tech ecosystems outside Canada's primary hubs.

Broad incumbents

• BDC Capital: Canada's largest VC investor through its Industrial Innovation and Growth Venture Funds. Co-invested alongside CVC Fund #2 in LiORA. Provides a benchmark for institutional Canadian VC deal patterns and follow-on capacity.

Others

• Conexus Credit Union: Conexus VC's parent and anchor LP. Not a peer in the investing sense, but the strategic relationship — through member base, Cultivator incubator, and treasury — functions as both a moat and a channel partner worth monitoring as a competitive ecosystem asset.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Conexus_VC
• LinkedInlinkedin.com/showcase/conexusventurecapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments11 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Conexus Venture Capital