News Summary

Waterloo, Ontario-based startup ENVGO has successfully raised $2.7 million CAD in seed funding to bring its electric hydrofoiling boat, the NV1, to market. The funding round was led by Toronto’s Two Small Fish Ventures and included participation from Waterloo’s Garage Capital. ENVGO, founded by CEO Mike Peasgood and the team behind Aeryon Labs, aims to revolutionize marine mobility with its NV1 boat, which utilizes hydrofoiling technology to ‘fly’ above water, offering a smooth and silent ride. The boat can reach speeds of 80 km/h with a range of 130 kilometers on a single charge. The startup plans to debut the boat by 2026 and will manufacture it in Ontario. ENVGO is also launching an industry partnership program to help traditional boat manufacturers transition to electric propulsion.