Conexus closes Saskatchewan-focused Fund II at $28.7M
What's the deal? Regina-based Conexus Venture CapitalDealroom has a profile for this one. Try Dealroom → has added US$3.67M to its Fund II, bringing the vehicle's total close to US$25.7M. The firm, the venture arm of Conexus Credit UnionDealroom has a profile for this one. Try Dealroom →, announced the close on November 12 after reopening the fund to investors earlier this year.
Why now? Conexus initially closed Fund II in November 2025 but reopened it, citing investor demand and early portfolio momentum. "Reopening the fund due to increased demand is an excellent signal," managing director Jordan McFarlen said in a press release. "We're excited to put the capital to work."
Who's backing it? Conexus Credit Union is the anchor limited partner, having committed US$11M. Conexus did not disclose other investors but said the capital came from both repeat participants and new financiers.
What's the endgame? The fund backs early-stage Saskatchewan tech companies, from pre-seed through Series A. It plans to invest in roughly 10 to 15 companies and has already added 10, including Regina's OffstreetDealroom has a profile for this one. Try Dealroom →, Saskatoon's Alto TechnologiesDealroom has a profile for this one. Try Dealroom →, Judi.ai, and CyderDealroom has a profile for this one. Try Dealroom →.
What could go wrong? Saskatchewan remains a thin market: the Canadian Venture Capital Association counted just three deals and US$6.01M invested in the province in the first half of 2026. Deploying across 10 to 15 companies in that environment is a narrow pipeline.
The signal: Canadian venture funding has shrunk from nearly $15 billion in 2021 to $8 billion in 2025, with H1 2026 commitments concentrated in a few larger funds. A modest, regionally focused fund reopening on investor demand suggests pockets of renewed appetite for early-stage risk — helped by 2026 Western Canadian exits including PurposeMedDealroom has a profile for this one. Try Dealroom →'s sale to Grindr and CoolIT Systems' sale to EcolabDealroom has a profile for this one. Try Dealroom →.
Read more: betakit.com
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