Velocity Fund II, a venture capital fund spun out of the University of Waterloo’s startup incubator, has secured a $10 million USD first close. It’s the first Canadian university-backed VC fund, with Waterloo contributing $2 million USD from its $525 million endowment.
The $25 million fund targets pre-seed and seed investments in the Waterloo region, with cheque sizes ranging from $25,000 to $1 million USD. Managed independently, the fund has already backed five companies, including Phoenix and Voltra Energy. Investors include Graphite Ventures and AngelList. The fund prioritizes quick decisions, aiming to empower founders and catalyze local tech growth.
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