Canada-based Envgo has announced the first close of its seed round. It raised $2m USD for its zero-emission electric cruiser plans.
The company’s first product, the NV1, is a zero-emission electric cruiser that uses advanced hydrofoiling, dramatically reducing drag and extending range.
“Electric boats have always faced a tough trade-off between performance and range,” says Mike Peasgood, co-founder and CEO (and . . . serial entrepreneur). “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.” More information about the boat’s capabilities is available on the company’s website.
The new funding will speed-up NV1’s market debut and Envgo’s launch of its industry partnership program. That offers a scalable, license-ready technology platform system to help traditional boat manufacturers transition to electric propulsion.
“We’ve heard from the boating industry about the performance limitations of standard electric propulsion systems, and the significant R&D cost of developing their own hydrofoiling systems to overcome those challenges,” says Paul Keller. “So we’ve developed a turnkey technology package that includes our proprietary electric drivetrain, hydrofoiling systems, and flight control software: all engineered to be modular and integrated into other vessel designs.”
Keller continues: “NV1 is our flagship vessel, but the core tech underneath is ‘Powered by Envgo’ as a licensable package to boat builders.”
This seed round is described as a crucial step toward scaling the technology and positioning Envgo as a key enabler in the shift to cleaner, smarter marine transportation. The funding round was led by Toronto-based early-stage VC firm Two Small Fish Ventures. The round includes follow-on investment from Garage Capital and others, reflecting strong continued support from early backers.
“Envgo is building more than a hydrofoiling boat — they’re laying the foundation for a clean, intelligent future in marine transportation,” says Eva Lau, general partner at Two Small Fish Ventures. “We are thrilled to support a team with deep technical expertise and a clear vision to transform an industry long overdue for disruption.”
Read all the latest news about the growth and development of electric boats, including hydrofoils
Garage Capital, an early-stage fund based in Waterloo, led Envgo’s pre-seed round, which supported the development and build of the NV1 prototype.
“What Envgo has achieved with the NV1 prototype in such a short time is remarkable,” says Mike McCauley, co-founder & general partner at Garage Capital. “We’re doubling down because we believe this team has the vision, execution, and technology to redefine what’s possible in marine mobility.”