Updated:
University of Waterloo’s Velocity
University of Waterloo’s Velocity is Canada’s largest startup incubator, backed by Mike Kirkup, with over 400 ventures since 2008 and a pre-seed/seed fund.
University of Waterloo’s Velocity
Mike Kirkup joined Velocity in 2014 and has led its expansion into a full-stack venture program. Founded in 2008 by the University of Waterloo, Velocity began as a student-run workspace. The program operates without a disclosed endowment source; it is funded through the university and external partners. Velocity Fund employs a thesis-agnostic strategy, backing founders across enterprise software, AI/ML, digital health, fintech, and climate tech. It writes pre-seed checks of C$25K and seed-stage investments up to C$100K. The fund has backed over 100 companies, including notable portfolio additions like North (password manager), Buffer (social media scheduling), and Aeryon Labs (drone manufacturer, exited 2018). Geographic focus remains anchored in Waterloo and the broader Ontario region. Velocity claims over 400 ventures launched since 2008, but does not disclose AUM or total deployment. The program operates additional office space in Toronto alongside its Waterloo hub. Adjacent structures include the Conrad Business, Entrepreneurship and Technology Centre and the Velocity Residence, providing shared housing and workspace. Velocity’s structural differentiator is its embeddedness in the University of Waterloo’s co-op ecosystem—founders gain direct access to engineering and computer science talent. The program does not take equity from participants in its incubator track, a feature rare among top-tier university programs.
General information
Firm type
University-Linked Venture Incubator and Fund
Year founded
2008
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Waterloo
Corporate office
Waterloo, Ontario, Canada
Principals
Mike Kirkup
Director
Sector focus
Frequently asked questions
What does Velocity fund in terms of stage and ticket size?
Velocity Fund writes pre-seed checks of C$25,000 and seed-stage investments up to C$100,000. The fund targets student and alumni founders at the University of Waterloo, typically before they have raised institutional capital (per public record). It does not participate in later-stage rounds.
Does Velocity take equity from incubated companies?
Velocity does not take equity from companies that use its incubator workspace and mentorship programs. The Velocity Fund, when investing capital, does take equity in line with industry norms for pre-seed and seed rounds (per firm communications).
What is the relationship between Velocity and the University of Waterloo?
Velocity is a program of the University of Waterloo, specifically under the Conrad School of Entrepreneurship and Business. The university provides facilities, staffing, and administrative support; the fund is independent but closely integrated (per university governance).
Which companies have Velocity backed that achieved notable exits?
Aeryon Labs, a drone manufacturer acquired by FLIR Systems in 2018 for approximately C$200 million, is one of Velocity’s most notable exits. The fund also backed Buffer, which raised significant venture capital, and North, a smart glasses company acquired by Google in 2020 (public record).
How does Velocity source proprietary deal flow?
Velocity sources primarily through the University of Waterloo’s co-op and engineering programs. Its director Mike Kirkup and team attend campus pitching events, review applications through the incubator portal, and maintain open office hours. The program does not rely on external intermediaries (per public record).
Is Velocity a family office or a university endowment?
Velocity is neither. It is a university-operated startup incubator with a separately managed venture fund. It does not manage private wealth and has no disclosed endowment affiliation outside the University of Waterloo (per firm structure).
What is Velocity’s geographic focus?
Velocity is concentrated in the Waterloo Region and Greater Toronto Area, Ontario, Canada. While it occasionally supports remote alumni, its programs require physical presence in its Waterloo hub or Toronto satellite (per firm communications).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: