Velocity, the University of Waterloo’s accelerator programme, is celebrating a milestone achievement after successfully raising $100m in funding for its startups since launching five years ago.
The figure includes funding raised from venture capitalists, angel investors, grants, government programmes, and crowdfunding platform Kickstarter. It does not include acquisitions, such as internet giant Google’s buyout of delivery service Bufferbox in 2012.
Three firms particularly stand out in terms of what they have secured: smartphone messaging service Kik ($27.5m), smartwatch manufacturer Pebble ($25.7m), and gesture control armband developer Thalmic Labs ($15.6m).
Mike Kirkup, director of Velocity, said: “The Velocity approach to supporting young entrepreneurs is making a noticeable impact – our startups have raised over $100 million in just five years. We’re now in a great position to help attract the next $100 million.”
Michael Mahon, director of strategic investments and initiatives at BDC Venture Capital, added: “What differentiates Velocity from other incubators is the positive and tangible impact it has achieved in a very short period of time. Their efforts have contributed to Waterloo becoming a well-known source of tech talent and emerging technology in Canada. We congratulate Velocity on achieving this important milestone and we look forward to working with them to support the vibrant startup ecosystem that exists in Waterloo.”
