Waterloo, Ont.-based ENVGO has raised $2 million USD ($2.7 million CAD) in seed funding to bring its (somewhat) flying electric boat, NV1, to market.
The all-equity round was led by Toronto-based Two Small Fish Ventures, with participation from Waterloo, Ont.-based Garage Capital, which led ENVGO’s undisclosed pre-seed round, as well as other undisclosed angel investors. Two Small Fish Ventures, an early-stage investment fund created by Eva Lau and her husband, Wattpad co-founder Allen Lau, is gaining a board seat as a result of the round.
“What ENVGO has achieved with the NV1 prototype in such a short time is remarkable,” Garage Capital co-founder and general partner Mike McCauley said in a statement. “We’re doubling down because we believe this team has the vision, execution, and technology to redefine what’s possible in marine mobility.”
ENVGO was founded in August 2021 by CEO Mike Peasgood and the team behind Aeryon Labs, a Waterloo startup that developed drones before being acquired by FLIR Systems for $265 million CAD in 2019. ENVGO looks to bring its team’s aerospace expertise to a summer afternoon on the lake through NV1, its electric cruiser that appears to “fly” above water through hydrofoiling technology.
Hydrofoils are wing-like components on boats and even special surfboards that create lift as they move through water. ENVGO describes NV1 as “smooth” and “silent,” as the craft rises above (rather than crashing into) waves and makes no engine noise. The startup claims the boat can maintain a speed of 80 km/h, with a 130-kilometre range on a single charge.
“Electric boats have always faced a tough trade-off between performance and range,” Peasgood said in a statement. “By combining hydrofoiling with smart systems design, we’ve created a vessel that cuts emissions to zero, extends range, boosts efficiency, and delivers a completely new boating experience.”
While you can currently reserve an NV1 for a fully refundable $1,000 CAD, ENVGO says the new funding will help it debut the boat on the market and launch an industry partnership program. ENVGO co-founder and COO Paul Masojc told BetaKit in an e-mail that NV1 is slated to release in 2026, and will be manufactured in Ontario. He declined to disclose the number of NV1 reservations. With the partnership program, ENVGO said it plans to offer a scalable, licence-ready system to help traditional boat manufacturers transition to electric propulsion.
Feature image courtesy ENVGO.