Velocity is a technology incubator and equity-free funding program based at the University of Waterloo. The Velocity Fund offers $390,000 annually to local startups through its $25K and $5K grant programs. The Velocity Garage incubator hosts over 75 early-stage startups developing technology-based businesses in Waterloo Region.
Notable portfolio companies include Faire, which has raised over $596 million, and OpenPhone. Velocity provides workspace, mentorship, and resources to foster entrepreneurship and startup growth. The program focuses on supporting innovative technology startups across various sectors, helping them develop their ideas and scale their businesses in a collaborative environment.
Velocity - Portfolio Snapshot
Portfolio activity breakdown across disclosed investments and stages
Total Investments41
Current Portfolio Count30
Total Portfolio Exits1
Top Investment Stages
Grant25 (62.5%)
Pre-Seed8 (20.0%)
Seed4 (10.0%)
Angel2 (5.0%)
Non Equity Assistance1 (2.5%)
Stage Mix
Grant 63%Pre-Seed 20%Seed 10%Angel 5%Non Equity Assistance 3%
Concentration shown as share of disclosed investments by stage.
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Velocity - Classification
- NAICS
- 520000Finance and Insurance
- 523000Securities, Commodity Contracts, and Other Financial Investments and Related Activities
- 523900Other Financial Investment Activities
- 523990All Other Financial Investment Activities
- 523999Miscellaneous Financial Investment Activities
- SIC
- 7300Business Services
Show 2 more industry codes
- NAICS
- 540000Professional, Scientific, and Technical Services
- 541000Professional, Scientific, and Technical Services