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Waterloo Innovation Fund
The Waterloo Innovation Fund (WIF) was founded in 2016 to commercialize intellectual property from the University of Waterloo, a school with one of North...
Waterloo Innovation Fund
The Waterloo Innovation Fund (WIF) was founded in 2016 to commercialize intellectual property from the University of Waterloo, a school with one of North America’s largest co-op engineering and computer science programs. Managing Partner Kevin Masterman and Managing Director Andy Brooks lead a team that scouts opportunities from university labs and student-founded startups, positioning the fund as an early institutional bridge between academic research and venture capital. The fund targets pre-seed through Series A investments, focusing on enterprise software, AI/ML, digital health, climate tech, industrial tech, and fintech. It writes checks ranging from roughly CAD 250,000 to CAD 2 million per initial round, with capacity to co-invest larger amounts in later stages. Confirmed portfolio companies include companies such as Faire (wholesale marketplace) and SkipTheDishes (food delivery), alongside numerous early-stage Waterloo-born tech ventures. Geographically, WIF invests primarily in Canada’s Waterloo-Toronto corridor and the San Francisco Bay Area, with additional coverage in Ottawa, Montreal, and New York. WIF operates from offices in Waterloo, Toronto, Palo Alto, New York, Ottawa, and Montreal, reflecting the distributed nature of its deal sourcing. The fund does not publicly disclose AUM or total deployment. In early 2025, the fund announced a new partnership with the University of Waterloo to expand its pre-seed programming for deep tech spinouts (per the fund’s official communications, 2025). Adjacent vehicles include the university’s own technology transfer office and related incubator programs. What structurally sets WIF apart is its exclusive access to the University of Waterloo’s intellectual property pipeline and student talent pool, creating a proprietary deal flow unmatched by traditional early-stage funds. The fund operates as a separate legal entity from the university, with investment decisions made independently, but its mandate ties capital allocation directly to the university’s research priorities and commercialization goals.
General information
Firm type
Asset Manager
Year founded
2016
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Waterloo
Corporate office
Waterloo, Ontario, Canada
Additional offices
Toronto, Canada · Palo Alto, United States · New York, United States · Ottawa, Canada · Montreal, Canada
Principals
Kevin Masterman
Managing Partner
Andy Brooks
Managing Director
Sector focus
Frequently asked questions
Who manages investment decisions at Waterloo Innovation Fund?
Managing Partner Kevin Masterman and Managing Director Andy Brooks lead the investment team. The fund operates with a lean structure, sourcing deals directly from the University of Waterloo’s ecosystem and making independent investment decisions.
What investment stages does Waterloo Innovation Fund typically target?
The fund focuses on pre-seed through Series A rounds, writing initial checks between roughly CAD 250,000 and CAD 2 million. It can also co-invest larger amounts in later stages alongside other venture firms.
How does Waterloo Innovation Fund source proprietary deal flow?
WIF has exclusive access to the University of Waterloo’s intellectual property pipeline and student-founded startups, giving it a proprietary deal flow that other early-stage funds cannot replicate. The fund scouts opportunities through university labs, co-op programs, and the technology transfer office.
Does Waterloo Innovation Fund commit to external funds or only direct deals?
WIF primarily makes direct equity investments in startups and follow-on co-investments. It does not publicly disclose commitments to external venture funds.
Which sectors does Waterloo Innovation Fund explicitly avoid?
The fund does not publish a formal list of avoided sectors, but based on its portfolio and focus, it invests almost exclusively in technology and innovation-driven companies, likely steering clear of real estate, natural resources, and traditional consumer goods.
Where does the underlying wealth for Waterloo Innovation Fund come from?
The fund’s capital comes from the University of Waterloo’s endowment and related institutional sources, making it a University-Related Venture Capital (URVC) firm rather than a family office. The university reinvests returns into research and academic programs.
What is Waterloo Innovation Fund’s relationship to the University of Waterloo?
WIF operates as a separate legal entity from the university but is exclusively mandated to invest in commercialization opportunities arising from university research. Investment decisions are made independently by the fund’s team.
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