Cultivator surpass $100M in private capital raised
(SEPTEMBER 7, 2023 – REGINA, SASKATCHEWAN) Cultivator powered by Conexus (Cultivator), is proud to announce that in the past four and half years, its companies have raised a combined total of $115.8M in private capital, $49.6M in public funding, and achieved $64.1M in revenue.
Cultivator has seen remarkable progress in its portfolio of companies since its inception by guiding tech products to market and aiding high-growth ventures. Surpassing $100M in private capital puts Cultivator into an elite group of incubators/accelerators that have been able to support tech startups to this capacity. In 2019, Cultivator companies raised $1.1M in private capital; by 2021, private capital raised was $22.7 million. The steady increase in funding proves the success of empowering the tech ecosystem in Saskatchewan and beyond.
“The numbers don’t lie. Cultivator companies have been raising capital at an alarming rate, and we could not be more proud. We’ve been hyper-focused on providing the best possible support to high-growth founders, and surpassing $100M in capital raised is a major milestone,” exclaims Jordan McFarlen, Cultivator’s Incubator Manager.
Cultivator is Canada’s first credit union-led tech incubator focused on propelling globally successful tech startups further. Cultivator contributes to Saskatchewan’s rise of becoming a compelling entrepreneurial tech hub, encouraging founders to flourish within the province’s borders. Operating in Regina, Saskatchewan, Cultivator embodies the belief that groundbreaking achievements can happen right here on the prairies. Advances in technology, spanning from blockchain to artificial intelligence, have unlocked fresh avenues for innovation and investment. Cultivators’ companies provide solutions, for real-world problems, with agtech, medtech, cleantech, edtech, and more.
McFarlen explains: “Back in 2019 when we launched Cultivator, our cohort companies raised a combined $1.1 M in private capital. Fast forward to 2023, and we’ve now surpassed $115M. To see a $100M increase in only four years is amazing and shows just how strongly investors believe in Cultivator founders. As our companies have grown, so has our support, network, and programming. The momentum is strong, and we have no plans of slowing down!”
Cultivator’s impact is far-reaching as it continues to aid startups in expanding their revenue, securing capital, and building formidable teams. Through their innovative START, GROW, and SCALE programs, Saskatchewan startups receive tools, mentorship, space and resources. Additionally, Cultivator’s AGTECH ACCELERATOR, a collaboration with Economic Development Regina (EDR) and Emmertech (bolstered with solid support from PrairiesCan, Innovation Saskatchewan, and additional partners), extends across the globe, bringing agriculture and technology together to increase the growth of agtech startups building solutions to global problems.
Cultivator is proud to have 32 AGTECH ACCELERATOR alumni and three SCALE alumni (myComply, Precision AI, and Limbus AI) who have successfully completed Cultivator’s programming and graduated from the incubator. This thriving community of graduates not only highlights the success of a growing tech ecosystem but also contributes significantly to the overall economic development. Through the growth of these startups, they have created job opportunities, boosted revenue streams, and attracted additional investment. Cultivator’s alumni serve as powerful inspirations for aspiring entrepreneurs, motivating more individuals to embark on their own startup journeys.
“Cultivator was an amazing launchpad for us in the Western Canadian [agriculture] market,” said Samuel Fournier, co-founder and CEO of ChrysaLabs. “The team has deep roots in the ecosystem, making it easy for startups to connect with key opinion leaders and decision makers.”
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About Cultivator powered by Conexus (Cultivator)
Cultivator is Canada’s first credit union-led tech incubator, helping local startups launch, grow and scale their companies right here in Saskatchewan. Since launching in 2019, Cultivator has incubated and provided resources, mentorship and space to over 100 startups. Located in Conexus’ head office building in Regina, Cultivator uses 15,000 square feet of the space including working space for founders and teams, a pitch space, and a connection to the Darke Hall. To learn more, visit Cultivator.ca.
About Conexus Credit Union
Conexus is a forward-thinking, innovative credit union committed to improving the financial well-being of our members and communities. We do this by creating simple, personal, and empowering experiences for our members that are transformational, not just transactional. We are Saskatchewan’s largest credit union and being connected to our communities across the province is a commitment we have upheld for the last 80+ years. As a local co-operative, our profits are returned to our members through our rates, no-fee accounts, community investment and more. Visit Conexus.ca for more information.