A brand new venture capital fund targeted on Canadian ag tech and agribusiness innovation was launched by Conexus Venture Capital Inc. on August 23.
The fund, known as Emmertech, is funded partially by Libro Credit score Union, the most important credit score union in southwestern Ontario and the credit score union with the most important agriculture lending portfolio of any credit score union in Canada.
Libro’s involvement means a number of the funding will probably be directed to southwestern Ontario startups – corporations that aren’t but prepared for conventional lending supplied by monetary establishments, says Conexus.
Emmertech reached an preliminary shut of $45 million and expects to cross $60 million by the ultimate shut on the finish of the 12 months.
The fund additionally features a $15 million funding from Innovation Saskatchewan.
Conexus says that non-public capital funding is proscribed within the ag tech house, with Canada’s share of worldwide agtech investments being solely 3.4 per cent. Moreover, solely 11 per cent of Canadian agriculture analysis and improvement comes from privately funded sources, Conexus says.
“We’re breaking the old-fashioned stereotypes about anyone who works in the agricultural sector. Ag has always innovated to improve profitability, animal welfare and introduce more sustainable practices as a few examples,” says Steve Bolton, Libro’s CEO and president. “This generation is expected to be better prepared and willing to harness new technology on their farms. We’re supporting a shift in Canadian agtech to a younger, more tech-savvy farmer. This is going to fundamentally change how farming operations are conducted.”
The brand new fund is constructed with an industry-first strategy, and contains:
- Join First Credit score Union;
- The Co-operators Group;
- Gulf and Fraser Fishermen’s Credit score Union;
- Innovation Credit score Union;
- UNI Monetary Cooperation; and,
- Inside Financial savings Credit score Union