Conexus Credit Union’s AgTech accelerator has revealed in a new report that the 32 companies across its two cohorts raised a collective $83.7 million in private capital between January 2022 to June 2023. The report accompanied an open call for startups to apply for its third cohort, set to begin in March.
The accelerator gave a more detailed breakdown of its most recent cohort. According to the report, from January 1 to June 30, 2023, the 16 participating companies collectively raised $30.2 million in private capital, generated $12.1 million in revenue, and received $4.3 million in public funding.
The three-month AgTech accelerator program was launched in 2021 by Conexus via its business incubator, Cultivator, and through partnerships with Innovation Saskatchewan and Economic Development Regina.
“We took some time to look around at the ecosystem, trying to figure out what needs to change,” Sean O’Connor, the head and managing director of Conexus Venture Capital at the time, said in an interview. “We realized that the standard tech startup playbook is applied into the AgTech space, and that really just doesn’t work and that we need to take a fundamentally different approach.”
Cultivator partners manager Bre Walkeden expressed pleasure about the accelerator’s progress.
“Cohort two has not only exceeded our expectations but has set a new benchmark for what the future of agriculture technology can achieve,” Walkeden said in a statement. “We’re proud to have been part of these companies’ journey and to watch groundbreaking technologies make a real impact in the agriculture industry.”
The accelerator’s report comes in a busy latter half of the year for the prairie tech incubator. In September alone, Cultivator reported its incubated companies had raised more than $100 million in private capital since 2019, just before its director stepped up to take a position at Conexus following the departure of O’Connor.
The AgTech accelerator is open to pre-seed to Series A Canadian startups that offer agtech solutions, including in software, hardware, analytics, supply chain, Internet of Things, and more.
Those selected to be a part of the accelerator’s yearly cohort participate in virtual and in-person activities that provide Canadian AgTech startups with access to capital, programming, connections, and mentorship.
Applications for its third cohort will be accepted until November 30.
Feature image courtesy of AgTech Accelerator.