.jpeg)
WATERLOO, ON | JUNE 10, 2025 — 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.”
Early adopters can reserve a Founders Edition NV1 and learn more about the product at envgo.com.
About ENVGO
ENVGO is a Canadian marine technology company building the future of clean, intelligent watercraft. By fusing aerospace engineering with robotics and AI, ENVGO is reimagining marine transportation. Its flagship vessel, the NV1, is a zero-emission electric hydrofoiling cruiser offering an extraordinary “flight over water” experience and four times the efficiency of traditional electric boats.
Founded by serial entrepreneur Mike Peasgood, ENVGO has deep aerospace and AI expertise from the drone and defense sectors. The company is building a scalable, license-ready system enabling OEM partners to deliver high-performance, zero-emission hydrofoiling vessels.
Learn more at www.envgo.com
About Two Small Fish Ventures
Two Small Fish Ventures is a Toronto-based venture capital firm investing in early-stage, visionary Canadian founders building global tech companies. Founded by Eva and Allen Lau, the firm brings deep entrepreneurial experience and a founder-first approach to venture investing.
About Garage Capital
Garage Capital is an early-stage venture capital firm based in Waterloo, Ontario, focused on backing Canada’s most ambitious tech founders. Known for being among the first believers in some of Canada’s most iconic startups, Garage is committed to helping companies from idea to scale.
Media Contact
For inquiries, please contact:
Pete Keller
media@envgo.com
.png)
