Velocity companies at the University of Waterloo have now raised a cumulative total of $3.6 billion in funding. The total funding raised by founders just five months ago was $2.4 billion.
Growth-stage alumni companies from the University’s flagship incubator, such as ApplyBoard, Faire and Embark Trucks, led the charge while, back at Velocity,current early-stage companies raised more than $30 million collectively in 2021 — a glimpse at the momentum of Velocity’s next generation of alumni. It had taken two years for companies to go from $1 to $2 billion.