Verdex Capital (Formerly the AVAC Group )
Verdex Capital is a Calgary-based, privately held venture capital firm (founded 1997, formerly AVAC Group) that co-invests in early-stage Canadian AgTech and FoodTech companies through Carrot Ventures venture studio, Verdex AgriFund patient-capital fund, and 14 fund-of-fund LP positions.
- Company typePrivate
- Founded1997
- HeadquartersCalgary, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Verdex Capital (Formerly the AVAC Group ) does
Verdex Capital (formerly the AVAC Group) is a privately held, purpose-driven venture capital firm headquartered in Calgary, Alberta, that has been investing in the Canadian agricultural and food sectors since its founding in 1997. The firm operates a three-pillar investment platform: Carrot Ventures, a venture studio that sources agricultural technologies, recruits experienced leadership, and creates new companies; Verdex AgriFund, a co-investment fund launched in May 2025 that provides patient capital (up to $500K Seed, up to $1M Series A, $1M cumulative cap per company) to early-stage AgTech and FoodTech companies alongside qualified lead investors; and a portfolio of limited partnership positions in approximately 14 North American venture capital funds. The firm invests across the full Farm-to-Fork value chain, excluding forestry, cannabis, and consumer packaged goods, and has historically invested in more than 100 companies with dozens of successful exits and portfolio companies that have collectively raised over $1B in capital.
The firm's go-to-market motion is fundamentally co-investment-driven: Verdex participates only after an eligible lead investor (typically a VC fund, strategic investor, or sector-focused family office) has committed to a round, positioning it as a value-added syndicate partner rather than a lead investor. Its distribution channels include direct co-investments (domestic Canadian focus), the Carrot Ventures venture studio (global sourcing of AgTech IP), and LP relationships with select North American VC funds for ecosystem exposure. The firm operates with a lean team of approximately 8–10 employees including a CEO, Senior Vice President, Vice President, two Investment Managers, CFO, and administrative support, and is governed by a Board chaired by Laurie Powers with directors including Michael McGee and Rick Hoffman (appointed July 2025).
Revenue is generated primarily through fund management fees on Carrot Ventures Fund I ($15M), Verdex AgriFund, and Accelerate Fund I (managed on behalf of Alberta Enterprise Corporation), supplemented by carried interest and capital gains from portfolio exits. Key strategic partners include Farm Credit Canada (financial backer of Carrot Ventures Fund I and co-investor in Precision AI), Alberta Enterprise Corporation (principal of Accelerate Fund I), and a syndicate of marquee AgTech investors (Cooperative Ventures, BDC Capital, NYA Ventures, Green Spark Ventures, Fulcrum Global Capital, At One Ventures). The firm does not develop proprietary technology and does not publish financial results.
Verdex Capital (Formerly the AVAC Group ) firmographics
Firmographics- Name
- Verdex Capital (Formerly the AVAC Group )
- Legal name
- VERDEX CAPITAL Ltd.
- Website
- https://verdexcapital.com
- Company type
- Private
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Verdex Capital is a Calgary-based, privately held venture capital firm (founded 1997, formerly AVAC Group) that co-invests in early-stage Canadian AgTech and FoodTech companies through Carrot Ventures venture studio, Verdex AgriFund patient-capital fund, and 14 fund-of-fund LP positions.
- Ownership category
- akta.pro rank
Verdex Capital (Formerly the AVAC Group ) industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282), Finance Services (6199)
- akta.pro primary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
- akta.pro secondary industries
- Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ), Emerging Manager / Seeding Platforms (Multi-Manager) (FSANAGAF)
Keywords
Where Verdex Capital (Formerly the AVAC Group ) is headquartered
LocationHeadquarters
- HQ city
- Calgary
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Verdex Capital (Formerly the AVAC Group ) business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Investment Returns (Carried Interest and Capital Gains): Verdex Capital generates returns through successful portfolio company exits. As a venture capital firm, returns are realized when portfolio companies achieve liquidity events through acquisitions or IPOs. The firm has invested in well over 100 companies over 27 years with dozens of successful exits, with portfolio companies collectively raising over $1 billion in capital.
- Fund Management: Verdex Capital manages multiple funds including Carrot Ventures Fund I ($15M), Verdex AgriFund (co-investment fund), and Accelerate Fund I. The firm earns management fees for administering these investment vehicles and may participate in carried interest distributions from fund profits.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Verdex Capital (Formerly the AVAC Group ) product offering
Product offeringCore offering
Verdex Capital is a purpose-driven venture capital firm that invests in Canadian food and agricultural technology companies. It operates a co-investment fund (Verdex AgriFund) providing patient capital to Seed and Series A AgTech and FoodTech startups, runs a venture studio (Carrot Ventures) that creates and finances new AgTech companies around vetted technologies, and makes limited partner investments in select North American venture capital funds.
Product overview
Verdex Capital operates as a purpose-driven venture capital firm focused on advancing Canadian agriculture through three main investment vehicles: (1) Carrot Ventures, a venture studio that creates and finances new AgTech companies by sourcing technologies, recruiting leadership, and forming new companies; (2) Verdex AgriFund, a co-investment fund providing patient capital for early-stage AgTech and FoodTech companies at Seed and Series A stages; and (3) select limited partnership investments in North American venture capital funds. The firm also previously managed Accelerate Fund I for Alberta Enterprise Corp. The investment strategy spans the entire Farm to Fork value chain, focusing on companies with innovative technologies that advance Canadian agriculture, excluding forestry, cannabis, and consumer packaged goods.
Differentiator
Problem solved
Functional benefit
Brands
- Carrot Ventures: Venture studio creating and financing new companies to commercialize food and agricultural technologies.
- Verdex AgriFund
Products and services
- Verdex AgriFund A co-investment fund that invests patient capital into Seed and Series A stage AgTech and FoodTech companies with potential to solve substantive market problems relevant to Canadian agriculture. Invests up to $500,000 in Seed and up to $1,000,000 in Series A financings.
- Carrot Ventures (Venture Studio) Venture studio that creates and finances new companies to commercialize food and agricultural technologies. Sources and vets new technologies, recruits experienced leadership, and forms new companies around the tech and talent, leading the first round of company financing.
- Carrot Ventures Fund I A $15 million venture capital fund focused on creating new Canadian AgTech companies. Financial backers include AVAC Ltd. and Farm Credit Canada.
- Accelerate Fund I A venture fund managed by Verdex Capital (formerly AVAC) on behalf of Alberta Enterprise Corporation to stimulate entrepreneurship and angel investing in Alberta.
Quantifiable outcome
- Portfolio companies have collectively raised over $1 billion in capital
- +2 more outcomes
Companies that use Verdex Capital (Formerly the AVAC Group )
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles3 records
Verdex Capital (Formerly the AVAC Group ) technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Verdex Capital (Formerly the AVAC Group ) partnerships and signals
Strategic signalScale indicators5 records
Recent moves9 records
Expansion highlights5 records
Verdex Capital (Formerly the AVAC Group ) competitors and assessment
Company assessmentDirect peers
- Fall Line Capital: AgTech venture capital firm focused on software and technology investments in agriculture. Direct peer as a US-based AgTech VC with comparable thesis on technology-enabled agriculture.
- Anterra Capital: Global venture capital firm investing in FoodTech and AgTech. Direct peer in sector-specialized agriculture and food venture investing with similar early-to-growth stage focus.
- Fulcrum Global Capital: Agricultural technology venture capital firm investing across the AgTech value chain. Direct peer as an AgTech-focused VC and a co-investor alongside Verdex AgriFund.
- Finistere Ventures: AgTech/FoodTech-focused venture capital firm providing growth capital to companies feeding the world sustainably. Direct peer in AgTech venture investing; Verdex is an LP in Finistere.
- Cultivian Sandbox Ventures: AgTech-focused venture capital firm investing in technology-driven agriculture and food companies. Direct peer in sector-focused AgTech venture investing with comparable thesis around food system innovation.
- Avrio Capital: Canadian venture capital firm focused on food and agriculture. Direct peer as a Canadian AgTech specialist VC; board member Michael McGee previously held a leadership role at Avrio, evidencing tight sector overlap.
- Emmer Ag Ventures: Canadian-rooted AgTech venture firm investing in early-stage agriculture technology companies. Direct peer in Canadian AgTech venture investing with overlapping portfolio themes.
- S2G Ventures: AgTech and food venture capital firm investing across the food value chain. Direct peer in purpose-driven, sector-specialized AgTech investing with comparable focus on sustainability and food system transformation.
Others
- Farm Credit Canada: Canada's leading agriculture and food lender with a $41B+ loan portfolio. Adjacent player that is both a financial backer of Carrot Ventures and a co-investor in Verdex portfolio companies—not a direct VC competitor but a strategic capital partner and ecosystem enabler.
Emerging players
- Inovia Capital: Canadian venture capital firm backing global technology companies. Emerging player peer given Verdex is an LP in Inovia and Inovia is a frequent co-investor; partial overlap in Canadian tech deal flow but broader thesis.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Verdex Capital (Formerly the AVAC Group ) social profiles
Digital presenceVerdex Capital (Formerly the AVAC Group ) financial estimates
Financial estimateRevenue estimate
Valuation estimate
Verdex Capital (Formerly the AVAC Group ) leadership team
Management profileNumber of profiles
Profiles14 records
Verdex Capital (Formerly the AVAC Group ) subsidiaries and ownership
Company hierarchySubsidiaries3 records
Verdex Capital (Formerly the AVAC Group ) funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Verdex Capital (Formerly the AVAC Group ) M&A and investment
M&A and investmentM&A
Investments14 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Verdex Capital (Formerly the AVAC Group )
What does Verdex Capital (Formerly the AVAC Group ) do?
Verdex Capital is a purpose-driven venture capital firm that invests in Canadian food and agricultural technology companies. It operates a co-investment fund (Verdex AgriFund) providing patient capital to Seed and Series A AgTech and FoodTech startups, runs a venture studio (Carrot Ventures) that creates and finances new AgTech companies around vetted technologies, and makes limited partner investments in select North American venture capital funds.
Is Verdex Capital (Formerly the AVAC Group ) a public or private company?
Verdex Capital (Formerly the AVAC Group ) is a private company. It is classified as management employee owned and is currently operating.
When was Verdex Capital (Formerly the AVAC Group ) founded?
Verdex Capital (Formerly the AVAC Group ) was founded in 1997. It employs 1 to 10 people.
Where is Verdex Capital (Formerly the AVAC Group ) based?
Verdex Capital (Formerly the AVAC Group ) is headquartered in Calgary, Canada, in the North America region.
How does Verdex Capital (Formerly the AVAC Group ) make money?
Two revenue lines are on record. Investment Returns (Carried Interest and Capital Gains) is the primary driver. The others are fund Management.
Who are Verdex Capital (Formerly the AVAC Group )'s main competitors?
Direct peers on record are Fall Line Capital, Anterra Capital, Fulcrum Global Capital, Finistere Ventures, Cultivian Sandbox Ventures, Avrio Capital, Emmer Ag Ventures and S2G Ventures. Farm Credit Canada is listed as an others. Inovia Capital is listed as an emerging player.
Does Verdex Capital (Formerly the AVAC Group ) have an API?
No public API is recorded for Verdex Capital (Formerly the AVAC Group ).
What industry is Verdex Capital (Formerly the AVAC Group ) in?
Verdex Capital (Formerly the AVAC Group )'s product category is Venture Capital. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists), with a secondary code of FSANAAAJ, Venture Capital Fund-of-Funds / Multi-Manager Platforms. Its NAICS code is 523940 and its SIC code is 6282.