Plaex

Dustin Bowers, of New Brunswick, along with CFO Matt Durnnian and facility manager Rish McGlynn, sought $1 million for 3.33% of PLAEX Building Systems, a company making interlocking construction blocks and panels from up to 100% recycled plastic and construction waste. The company sells DIY landscaping kits such as its five-in-one flower bed set, now carried at Rona, and is developing a flagship BRICK & Panel wall system, with a demo home construction starting in August and an offtake agreement for 50 more units in 2026. The company is pre-revenue on its core building system, values itself at $30 million, currently produces bricks at a cost of $9 each and sells them near that same price, and plans to license its manufacturing technology to other builders for about $2 million per system. The founders have raised $1.1 million to date, are burning $20,000 to $25,000 a month, and have about $50,000 left in the bank.

Michele Romanow went out citing negative unit economics and a valuation she felt was too high for a pre-revenue company. Manjit Minhas went out saying the business was too theoretical and would require too much cash to prove viability. Brian Scudamore went out over confusion between the licensing and manufacturing business models. Wes Hall raised concerns about the company having pivoted from brick-making to licensing without capital for that model, and did not make an offer. Arlene Dickinson went out saying she lacked deep expertise in the space. No deal was made.

Plaex is still operating and sells through its website.