March 16, 2023, Manitoba — On Wednesday, the Connect Manitoba Growth Fund was announced in a joint press conference with the Government of Manitoba, Westcap Management Limited, and Access Credit Union. This venture capital fund, the first fund to receive capital under the previously announced Manitoba First Fund, is financed through investments made by Access Credit Union, Fusion Credit Union, Stride Credit Union, and Sunrise Credit Union along with the Government of Manitoba and Westcap.
The Manitoba government first announced the Venture Capital Fund in spring 2022 and established a steering committee toward the incorporation of the fund. WestCap and partner Credit Unions are the first private fund managers funding from the Government with the intention to reach more Manitoba businesses and help drive the economy forward.
“This is Manitobans investing in Manitobans,” noted Larry Davey, President and CEO of Access Credit Union. “This Fund is an important investment for Access Credit Union and our partners across Manitoba as we work together to increase the availability of capital for innovation. We recognize the hard work, spirit, and determination of entrepreneurs who have built our great province, and our intention is to support their efforts through funds addressing their needs for expansion, growth, innovation, and exploration.
Westcap, a private equity fund manager with assets under management of approximately $1 billion, will be responsible for administrating the fund. Westcap has a long history of venture funding, having successfully completed transactions with more than 200 companies in multiple sectors including agriculture, health care, manufacturing, infrastructure and innovation.
“We are very excited to bring our 25 years of industry expertise, alongside our local Manitoba credit union partners to help build the capital ecosystem,” said Grant Kook, president and chief executive officer of Westcap. “The lead investment by Manitoba First Fund was the catalyst in the formation of the Connect Manitoba Growth Fund that will provide valuable patient growth capital to Manitoba companies.”
About Access Credit Union
Access Credit Union was incorporated in 2021 following a merger with Crosstown Civic Credit Union. In 2022, Access Credit Union merged with Noventis and Sunova Credit Unions to become the largest credit union in Manitoba with more than $10.7 billion in assets. With 52 branches spread across Manitoba, over 895 employees, and more than 175,000 members, Access Credit Union continues to be a financial institution that puts its members first. For more information about Access Credit Union, visit accesscu.ca.
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Thursday | March 16, 11:07 AM