Key Takeaways
- • Conexus Venture Capital (CVC) added $5 million to its Fund II, bringing the total close to $35 million after reopening the fund to investors earlier in 2026.
- • The parent credit union, Conexus Credit Union, is the anchor limited partner with a $15 million commitment to Fund II.
- • CVC cited strong investor demand and early portfolio momentum as reasons for reopening the fund, per a press release and BetaKit reporting.
- • Fund II has added 10 portfolio companies as of press time, including Offstreet, Alto Technologies, Judi.ai and Cyder.
- • The raise comes amid a contraction in Canadian venture capital, with CVCA data showing spending fell from nearly $15 billion in 2021 to $8 billion in 2025.
Summary
Regina-based Conexus Venture Capital (CVC) announced on November 12, 2026 that it has raised an additional $5 million for its Fund II, bringing the total closing figure to $35 million, according to BetaKit. The firm, the venture capital arm of Conexus Credit Union, had initially closed Fund II in November 2025 and reopened it earlier this year after what it described as increased demand from investors.
In a press release, Jordan McFarlen, CVC's managing director, said the firm was grateful for investors' continued confidence in its team, thesis, fund and founders. "Reopening the fund due to increased demand is an excellent signal. We're excited to put the capital to work," McFarlen said. CVC cited strong participation demand and early portfolio momentum as the basis for the decision.
CVC typically invests in early-stage technology companies, a segment of Canadian venture capital that has seen significant declines in recent years. The firm's Fund I ranked among the top performers in its size category in 2019. Fund II has grown its portfolio by 10 companies as of press time, including investments in Regina startup Offstreet, Saskatoon's Alto Technologies, Judi.ai and Cyder, among others.
CVC has not disclosed the identities of investors in the initial or follow-on closes. The parent credit union is the anchor limited partner with a $15 million commitment. In an interview with the Leader-Post, McFarlen said the capital came from both repeat participants and new financiers.
The raise takes place against a broader contraction in Canadian venture funding. The Canadian Venture Capital Association (CVCA) reported that spending fell from nearly $15 billion in 2021 to $8 billion in 2025, with early-stage investment particularly affected. BetaKit noted that 2026 has also seen two high-profile Western Canadian exits, PurposeMed's acquisition by Grindr and CoolIT Systems' sale to Ecolab, which delivered significant returns to early-stage investors. BetaKit suggested CVC's reopening may signal changing perceptions of risk in early-stage investing.
In a press release, Jordan McFarlen, CVC's managing director, said the firm was grateful for investors' continued confidence in its team, thesis, fund and founders. "Reopening the fund due to increased demand is an excellent signal. We're excited to put the capital to work," McFarlen said. CVC cited strong participation demand and early portfolio momentum as the basis for the decision.
CVC typically invests in early-stage technology companies, a segment of Canadian venture capital that has seen significant declines in recent years. The firm's Fund I ranked among the top performers in its size category in 2019. Fund II has grown its portfolio by 10 companies as of press time, including investments in Regina startup Offstreet, Saskatoon's Alto Technologies, Judi.ai and Cyder, among others.
CVC has not disclosed the identities of investors in the initial or follow-on closes. The parent credit union is the anchor limited partner with a $15 million commitment. In an interview with the Leader-Post, McFarlen said the capital came from both repeat participants and new financiers.
The raise takes place against a broader contraction in Canadian venture funding. The Canadian Venture Capital Association (CVCA) reported that spending fell from nearly $15 billion in 2021 to $8 billion in 2025, with early-stage investment particularly affected. BetaKit noted that 2026 has also seen two high-profile Western Canadian exits, PurposeMed's acquisition by Grindr and CoolIT Systems' sale to Ecolab, which delivered significant returns to early-stage investors. BetaKit suggested CVC's reopening may signal changing perceptions of risk in early-stage investing.
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