LEX

LEX Markets (LEX) was an alternative trading platform that allowed investors to buy fractional shares of valuable assets like art, watches, and commercial real estate. Launched in 2015, LEX had $20 million in funding and a vision for democratizing access to exclusive asset classes. 

However, LEX’s biggest opportunity—commercial real estate—also proved to be their undoing. Subversive invested at the beginning of March 2020. Just days later, COVID-19 hit and the commercial real estate market crashed. Their last-ditch pivot into sports team ownership couldn’t save them, and LEX closed in 2022. 

Innovative models require ample capital and risk management. For LEX, the difference between success and failure came down to a matter of months—and unforeseen macro events beyond their control. 

Though their vision was bold, LEX reminds us that optimism must be balanced with caution. Their dramatic rise and fall offers both inspiration and caution for entrepreneurs and investors aiming to disrupt exclusive asset classes.