ENVGO, a Canadian company building next-generation “flying” boats, announced the first close of its seed round, 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.
Founded by serial entrepreneur Mike Peasgood and the team behind Aeryon Labs, ENVGO brings deep aerospace and robotics expertise to the water. The company’s first product, the NV1, is a zero-emission electric cruiser that uses advanced hydrofoiling technology to “fly” above the surface, dramatically reducing drag and extending range. This breakthrough dramatically improves ride quality while making electric boats more efficient and environmentally sustainable.
“Electric boats have always faced a tough trade-off between performance and range,” said Mike Peasgood, co-founder and CEO of ENVGO. “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.”
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. This seed round is a crucial step toward scaling the technology and positioning ENVGO as a key enabler in the shift to cleaner, smarter marine transportation.
“ENVGO is building more than a hydrofoiling boat — they’re laying the foundation for a clean, intelligent future in marine transportation,” said 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.”
NV1 is a transformative first step in a broader strategy to revolutionize the marine industry by making transportation clean, safe, and cost-effective.
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, Cofounder & 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.”
