Driving Early-Stage Growth
CVC leadership attributed the successful follow-on raise to strong investor demand and the positive performance of its current portfolio. Managing Director Jordan McFarlen noted that the additional capital will be deployed to support early-stage tech companies, a sector that has faced significant headwinds in the broader Canadian market over the past several years.
Fund II has already backed 10 companies, including Saskatoon-based Judi.ai and Cyder, as well as Regina’s Offstreet and Alto Technologies. While the firm has not disclosed the identities of the new or returning investors, Conexus Credit Union remains the anchor limited partner with a $15 million commitment.
The expansion of Fund II arrives as the Canadian venture capital landscape shows signs of shifting. Despite a general decline in national VC spending since 2021, recent high-profile exits in Western Canada—such as the acquisitions of PurposeMed and CoolIT Systems—have helped bolster investor confidence in the early-stage ecosystem.
