ENVGO Receives Strong Investment Support and Raises $2 million USD in Seed Round
July 29, 2025
By Mathew Channer
Canadian Company ENVGO, which is developing a cutting-edge electric hydrofoil boat, received strong early support from backers, with the company announcing it has raised $2 million USD in its first seed round.
Early support includes Toronto-based Venture Capital firm Two Small Fish Ventures, follow-on investment from Garage Capital, and others, highlighting strong interest for ENVGO’s continued growth and tech development.
ENVGO is co-founded by CEO Mike Peasgood and the team behind Aeryon labs and brings extensive knowledge of robotics, aerospace and drone technology to marine development.
The company is making waves in Canada with its development of NV1, a prototype zero-emission electric cruiser that utilizes hydrofoil technology, significantly reducing the drag and energy expenditure of current electric boat technology.
“Electric boats have always faced a tough trade-off between performance and range,” said Peasgood.
“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.”
NV1 is a significant step in revolutionizing environmental protection and reducing emissions in the marine industry.
“ENVGO is building more than a hydrofoiling boat—they’re laying the foundation for a clean, intelligent future in marine transportation,” said Two Small Fish Ventures General Partner Eva Lau.
“We are thrilled to support a team with deep technical expertise and a clear vision to transform an industry long overdue for disruption.”
