Verdex Capital (Formerly the AVAC Group )

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.

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

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

• Venture capital
• Agricultural technology
• Agtech investments
• Venture studio
• Patient capital

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. 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.
2. 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

Core 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

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators5 records

Recent moves9 records

Expansion highlights5 records

Direct 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

• LinkedInlinkedin.com/company/verdexcapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&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 )