Early-stage VC Velocity manage the independently run fund, which backs spinouts from the Canadian university.
Velocity, an early-stage venture capital fund spun out of the University of Waterloo’s Velocity incubator, announced that it has so far secured $10m of committed capital for a second fund.
The Velocity fund, which is managed independently from the Canadian university, backs spinouts in software, deep tech and healthcare.
Limited partners in the fund include Graphite Ventures, the University of Waterloo, the AngelList Systematic Fund of Funds, and high-net-worth individuals, many of who are University of Waterloo alumni. The university is investing from its endowment in the venture capital fund.
This is the second fund from Velocity, which has raised a total $25m and has backed several companies created by University of Waterloo founders, including Ground News, a media startup, and Scribenote, an AI-powered vet care record-keeping company.
The second fund has already made investments in five new companies including Voltra Energy, an EV charging startup, and Handshake, an AI receptionist technology, both of which emerged from the University of Waterloo incubator Velocity.
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