Conexus Venture Capital raises additional $5 million for Fund II

By November 12, 2026
Conexus Venture Capital's Jordan McFarlen poses on a couch.
Conexus Venture Capital's Jordan McFarlen.
Regina-based VC re-opened the fund earlier this year after increased demand from investors.

Regina’s Conexus Venture Capital (CVC) has raised more for its latest fundraising round than originally planned, adding another $5 million to its Fund II after reopening to investors earlier this year.

The news: CVC announced the additional fundraise on Nov. 12, bringing the total closing dollar figure to $35 million. CVC, which initially closed investment to Fund II in November of 2025, cited strong participation demand from investors and early portfolio momentum as key to its decision to re-open the fund.

From the source: “We are grateful to our investors for their continued confidence in our team, our thesis, our fund, and, most importantly, our founders,” Jordan McFarlen, CVC’s managing director, said in a press release. “Reopening the fund due to increased demand is an excellent signal. We’re excited to put the capital to work.”

The context: As the venture capital (VC) branch of Conexus Credit Union, CVC typically invests in early-stage tech companies, an area of Canadian VC that has seen significant declines in recent years. CVC’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 into fellow Regina startup Offstreet, Saskatoon’s Alto Technologies, Judi.ai, and Cyder, among others.

CVC hasn’t disclosed who contributed to the initial or follow-on raises for Fund II, but the firm’s parent credit union is the anchor limited partner, putting $15 million into the pot. In an interview with Regina’s Leader-Post, McFarlen said investment came from both repeat participants and new financiers. 

Final thought: The Canadian VC landscape has been shrinking in the past half-decade, with the Canadian Venture Capital Association (CVCA) reporting that spending fell from nearly $15 billion in 2021 to $8 billion in 2025. Early-stage investment has, in particular, been impacted by that drawback of private dollars. However, 2026 has seen two high-profile deals in Western Canada that delivered significant returns to early-stage investors, including PurposeMed’s acquisition by Grindr and CoolIT Systems sale to Ecolab. CVC’s reopening of Fund II amid increased investor demand may indicate changing tradewinds when it comes to the perceived risk around early-stage investment. 

BetaKit’s Prairies reporting is funded in part by YEGAF, a not-for-profit dedicated to amplifying business stories in Alberta.

Feature image courtesy Conexus Venture Capital.

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