ENVGO Secures $2 Million in Seed Funding for Innovative Electric Boat
ENVGO, a Waterloo, Ontario-based startup, has successfully raised $2 million USD ($2.7 million CAD) in seed funding to bring its revolutionary NV1 electric cruiser to market. The all-equity funding round was led by Toronto-based Two Small Fish Ventures, with participation from Waterloo’s Garage Capital, which previously led ENVGO’s undisclosed pre-seed round, along with other undisclosed angel investors.
As a result of this investment, Two Small Fish Ventures will gain a board seat. Garage Capital co-founder and general partner Mike McCauley praised ENVGO’s achievements, stating, “What ENVGO has achieved with the NV1 prototype in such a short time is remarkable. We’re doubling down because we believe this team has the vision, execution, and technology to redefine what’s possible in marine mobility.”
Founded in August 2021 by CEO Mike Peasgood, ENVGO leverages the expertise of the team behind Aeryon Labs, a Waterloo startup acquired by FLIR Systems for $265 million CAD in 2019. The company’s NV1 electric cruiser utilizes hydrofoiling technology to ‘fly’ above water, providing a smooth and silent experience. Hydrofoils are wing-like components that create lift as they move through water, allowing the boat to rise above waves and eliminate engine noise.
ENVGO claims the NV1 can maintain a speed of 80 km/h with a 130-kilometre range on a single charge. CEO Mike Peasgood explained that by combining hydrofoiling with smart systems design, they’ve created a vessel that “cuts emissions to zero, extends range, boosts efficiency, and delivers a completely new boating experience.”
Currently, customers can reserve an NV1 for a fully refundable $1,000 CAD. The new funding will enable ENVGO to debut the boat on the market and launch an industry partnership program. The company plans to release NV1 in 2026 and manufacture it in Ontario. ENVGO also intends to offer a scalable, licence-ready system to help traditional boat manufacturers transition to electric propulsion, as part of their partnership program.
