A major Prairie venture fund has exceeded its fundraising target, underscoring continued momentum in Saskatchewan’s fast-growing tech sector. The oversubscribed round marks a renewed vote of confidence in early-stage companies across the province as market conditions stabilize.
BNN Bloomberg spoke with Celina Philpot, CEO of Conexus Credit Union, about the factors driving investor interest, the opportunities emerging in Saskatchewan’s startup ecosystem and how the new fund is positioned to support the region’s next wave of growth.
Key Takeaways
- Saskatchewan’s second major venture fund has closed oversubscribed, signalling strong investor conviction in the province’s tech sector.
- New capital will be deployed into a growing ecosystem supported by incubators such as Cultivator and Co.Labs and a strong talent pipeline from local institutions.
- Provincial incentives, including the 45 per cent Saskatchewan Technology Startup Incentive tax credit, continue to attract early-stage investment.
- The fund focuses on early-stage ideation and plans to back founders preparing to bring market-ready solutions across a range of industries.
- A planned merger of three Saskatchewan credit unions in 2026 is expected to expand the fund’s largest limited partner without altering its strategy or commitment to tech growth.
Read the full transcript below:
ROGER: Conexus Credit Union is an emerging name in the Prairies tech scene, initially investing in 17 Prairies-based startups, and it has raised about $30 million for its fund. Here to talk about its latest moves is the CEO, Celina Philpot. Celina, thank you very much for joining us.
CELINA: Thank you very much for having me today.
ROGER: Are you surprised by the fact that fund number two is oversubscribed?
CELINA: No, I’m not. We realized back in 2019 there was a real lack of investment funds available for tech startups on the Prairies, and Conexus made the bold move to fill that space. And we’re seeing that desire to ensure we support early-startup tech companies is still very strong in our province.
ROGER: And what’s garnering this interest within the Prairies and Saskatchewan?
CELINA: I think within the Prairies it’s understanding that we have to create the opportunities we need to fuel economic growth in our province. As a large credit union in Saskatchewan, we believe part of our purpose is to support a thriving Saskatchewan, and we’re here to support entrepreneurs. Startup tech companies are entrepreneurs, and there’s a huge need, and that capital isn’t flowing. So we believe we can support that because we’re committed to helping entrepreneurship and the growth of our economy.
ROGER: And what is the tech sector like there? Is there a focus, or is it fairly broad?
CELINA: It’s fairly broad. There’s definitely a need. We see bright, young founders coming to the table trying to solve real problems, and they are here to provide solutions. We have one founder we’re working with, Offstreet, and they’re trying to solve parking issues. It’s a practical application, and it brings a lot of value. So they’re solving real problems and adding value.
ROGER: Can you send them to Toronto, please? We could probably use that right now. And I imagine agriculture, oil and gas, and mining must be areas of focus too, given the expertise there.
CELINA: Yes, there’s definitely a huge component of our economy here in Saskatchewan. With our venture capital fund, it is focused on tech and startups, and it can be any industry. So yes, alive and well.
ROGER: And what kind of success stories are you seeing from this?
CELINA: Offstreet is definitely one of them. We’re seeing real success. They started up here in the Prairies, but they’ve expanded across North America. So that’s one I would highlight as a success story.
ROGER: And where else are you getting involved? Are you looking at schools as well?
CELINA: Yes, we partner with different organizations within the province and with universities as a great place to incubate ideas in the ideation process. There’s a lot of cross-functional work we do within the province to support founders. The venture capital fund is just one way we get funds into the hands of these founders to take their ideation and get it market ready.
ROGER: And are you seeing interest from outside the region?
CELINA: We are primarily within the Prairie provinces, but we have also supported founders from Ontario. What’s core is these founders are looking for capital to support their ideation. So yes, the interest is there.
ROGER: And are you getting companies from Toronto moving out there because they may see better opportunities?
CELINA: Our founders are always looking for a good environment to set up their business. Access to talent is one factor, and a reasonable environment to start a business. Saskatchewan is very welcoming of investment and founders who want to set up here and contribute to our economy and provide good-paying jobs. It’s an environment that is welcoming to entrepreneurs.
ROGER: And what stages are you looking at when you get involved with these companies?
CELINA: We are focused on early-stage ideation. These founders are very much in the startup phase, and there are challenges finding capital when these ideas are becoming market ready. So we are early-stage funders.
ROGER: And what do you look for? Is there something that triggers a decision, or do you have set parameters?
CELINA: We have set parameters. We have a team that manages the fund, and we have a group of advisors who look at opportunities and collaborate to find those gems and support founders who are closer in that flow from ideation to market readiness. We make decisions based on many factors. It’s a team effort to find those gems.
ROGER: And how long do you end up working with them?
CELINA: We work with them for quite a long time. Not only are we investors, we’re there to support them through managing and supporting them through their business development process. Our intent is to share knowledge about how to get from a startup to a going concern, and to grow and scale. So we’re quite involved in supporting these founders.
ROGER: And what’s next for the fund?
CELINA: We’ve met our target fund, and we’re quite pleased about that. Now we’re looking to distribute those funds, find opportunities, and get these founders off the ground and running.
ROGER: Okay, Celina, thank you very much for joining us.
CELINA: You’re very welcome. Thank you for your time and your interest.
ROGER: Celina Philpot is the CEO of Conexus Credit Union.
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This BNN Bloomberg summary and transcript of the Dec. 10, 2025 interview with Celina Philpot are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
