Conexus Venture Capital makes first Fund II investment into parking software startup Offstreet
Summary
Conexus Credit Union, of which CVC is a venture offshoot, is the funds first limited partner.CVC told BetaKit that it had a very successful second close since then but declined to say how much additional capital had been raised. Fund II is slated to hold its final close later this year, the firm said.The deal marks the Regina-based parking management software startups second round of seed financing. The new all-equity, all-primary round brings its total funding raised to just under $4 million.Founded in 2016 by University of Regina graduates Matt Fahlman and Kyle Smyth, Offstreet makes licence plate-based parking validation software. It already counts San Jose State University and the University of Miami as users.Fahlman, Offstreets CEO, wrote in an email to BetaKit that all fundraising processes are challenging to some extent, but that theirs was pretty straightforward given the startups long-standing relationship with the CVC team.However, Offstreets successful fundraising is a rarity given the low levels of VC investment in Saskatchewan throughout 2024.Saskatchewan saw relatively low VC fundraising activity last year, with only $3 million invested in Saskatchewan-based companies across six deals for the first three quarters of 2024, according to a report from the Canadian Venture Capital Association. He added that CVCs Fund II, along with its ability to bring in other investors, will play a key role in boosting deal activity in Saskatchewan.The [Sask.]