ENVGO has raised US$2 million seed investment funding to further develop its hydrofoiling technology.
The Canadian company’s first foiling boat is the NV1, is a zero-emission electric cruiser that uses advanced hydrofoiling technology to ‘fly’ above the water’s surface, reducing drag and extending range.
The new funding will accelerate ENVGO’s market debut of the NV1 and launch its industry partnership program, which offers a scalable, license-ready system to help traditional boat manufacturers transition to electric propulsion.
The NV1 is able to fly at around 43 knots with a 70 knot range on a single charge. The craft incorporates self-stablising avionics which make 250 automated foil adjustments a second for a controlled flight.
The craft was designed by J. David Weiss and supports fast charging systems.
Investment
The funding round was led by Toronto-based early-stage venture capital firm Two Small Fish Ventures.
The round includes follow-on investment from Garage Capital among others.
ENVGO was founded by entrepreneur Mike Peasgood and the team behind Aeryon Labs, developer of high-performance unmanned aerial systems.
“Electric boats have always faced a tough trade-off between performance and range,” said Mike.
“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.”
Electric boats have always faced a tough trade-off between performance and range.
Mike Peasgood
Eva Lau, general partner at Two Small Fish Ventures, added: “ENVGO is building more than a hydrofoiling boat — they’re laying the foundation for a clean, intelligent future in marine transportation.
“We are thrilled to support a team with deep technical expertise and a clear vision to transform an industry long overdue for disruption.”
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,” said Mike McCauley, co-founder and 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.”
