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The Venture Codex

Lex Capital

2530 Sandra Schmirler Way, Regina, SK, S4W 0M7, Canada

Overview

Lex Capital is a private equity firm that invests in high growth, resource opportunities in the Canadian energy sector.

Total investments
4
Lead investments
0
Investments · 12mo
0
Active investors
1
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Investment portfolio

  • 4AG Robotics

    Participated · Equity · Nov 2023

    4AG Robotics develops a plug-and-play robotic harvesting platform that uses AI-powered computer vision, precision suction grippers, and advanced motion control to autonomously harvest, trim, and pack mushrooms 24/7. The system is designed to retrofit into existing Dutch-rack infrastructure, enabling consistent quality, reduced labour costs, and real-time operational data for growers. Its robots are already in use across Canada, Ireland, and Australia, with new deployments planned in the Netherlands and the United States, and the company says it is active across five countries. 4AG reports deposits for over 40 additional robots and a fleet that can pick up to 1 million mushrooms per week. Financially, the company closed a $40M CAD Series B that brings total capital raised to $57.5M over the past two years after a $17.5M round in 2023. The funding is earmarked to expand manufacturing in Salmon Arm, BC, grow field service and customer success teams, and accelerate development of next-gen features such as punnet packing, disease detection, and AI-driven yield optimization. 4AG Robotics has developed an autonomous robotic harvester that scans mushroom beds, picks mushrooms, trims stems and places produce into containers for retail. Its systems are entirely autonomous and built to operate consistently without human intervention for well over 24 hours. Robots currently target indoor farms growing common white and brown mushrooms, which O’Connor says account for roughly 90% of global production. The company has completed multiple pilots, harvesting more than 13,000 pounds of mushrooms that were sold in North America. 4AG says it is entering the commercialization stage with two secured orders valued at just under $1 million each (one in Canada and one in Europe). The new funding will support scaling manufacturing capacity and proving the company can scale a robotics business. While focused on mushrooms today, 4AG says it may work with other indoor crops over time as it seeks to become a global leader in indoor-agriculture harvesting solutions.

  • StoreToDoor

    Participated · Seed · Mar 2022

    StoreToDoor offers a white-label same-day delivery service for pharmacies, grocers, and retail merchants via its technology platform and a network of drivers. Customers access the platform through integrations with e-commerce platforms like Shopify or directly via a portal. The company charges retailers a flat per-delivery rate (adjustable by volume) rather than taking a percentage of cart. Headquartered at the Cultivator incubator in Regina, StoreToDoor launched in Saskatchewan in December 2020 and has expanded to serve 25 additional markets across Alberta, Saskatchewan, Manitoba, and Ontario. The company reported $270,000 in revenue last year and says it is on pace to generate $5 million in ARR in 2022, having already exceeded last year’s revenue in the first two months of 2022. StoreToDoor employs 18 full-time staff, works with roughly 400 delivery drivers, is hiring six more roles, and plans to expand into British Columbia and scale nationally in 2022.

  • Callia

    Participated · Seed · Apr 2021

    Callia is an e-commerce flower-gifting startup that has built an end-to-end perishable D2C logistics operation, assembling bouquets and controlling warehouses, delivery drivers, and the tech that connects them. The company developed its infrastructure to guarantee delivery in extreme cold, stress-tested by Winnipeg winters. Over the past 12–18 months Callia has quadrupled sales growth, expanded to offer delivery in 63 Canadian cities across every province, and reports a 91 Net Promoter Score. Management says the local supply-chain and delivery infrastructure provides a competitive advantage and can be applied to other gifting verticals. Callia plans to double- and triple-down on its Canadian business, launch in the U.S., beta test new gifting verticals, and expand its team from 65 employees by adding 20 more. The startup has raised about $9.4M CAD to date to support these initiatives. Callia Flowers is a tech-enabled flower delivery startup founded in 2016 by Catherine Metrycki. Over the past year the company expanded from nine cities in Western Canada to 55 across the country and has become a national brand. Its core product is an e-commerce, tech-enabled flower delivery service. In a seed round Callia secured $1.1 million CAD led by Saskatchewan-based Conexus Venture Capital with participation from Lex Capital and Broad Street Bulls. The company plans to use the funding to expand in key markets and grow its team, and management says it plans to triple in size over the next 12 months. Company leadership noted substantial growth over the last two years and intends to use the new capital to scale operations.

  • Servicebox

    Participated · Seed · Dec 2020

    ServiceBox is a cloud-based software platform that helps the field service industry manage end-to-end business functions, including quoting, work orders, scheduling, inventory, and invoicing. The product is positioned to cover core operational workflows for field service teams. ServiceBox was founded in 2012 and is led by founder and CEO Jon Clifford. The company is a Cultivator SCALE participant and is described as a Saskatchewan-based tech startup. In January 2022 Prairies Economic Development Canada invested $400,000 in ServiceBox. ServiceBox’s public communications highlight founder participation in Cultivator community events such as the GONG WILD event. ServiceBox offers a cloud-based field service management platform that handles end-to-end operations from quoting and work orders to scheduling, inventory, and invoicing. The company was founded in 2012 and is based in Regina. ServiceBox closed a $600,000 seed round to support expansion across North America and to hire additional support staff for growth. The round was led by Conexus Venture Capital with participation from Lex Capital and E. Craig Lothian. ServiceBox is part of Cultivator, powered by Conexus’ GROW program, and is the first Cultivator startup to receive funding from Conexus’ Venture Capital Fund. CEO Jon Clifford said inbound customer demand prompted the decision to raise capital and add resources to keep up with growth.

Team