Garage Capital

What Garage Capital does

Garage Capital is a Waterloo, Canada-based early-stage venture capital firm founded in 2013 by a small team of Waterloo Engineering operators with prior exits, including Michael Litt and Devon (Vidyard, YC S11) and Mike McCauley (BufferBox, YC S12, acquired by Google). The firm invests at the earliest stages in Canadian and Y Combinator-affiliated startups, providing capital alongside operator-led mentorship. Its portfolio spans more than 250 companies with a collective valuation exceeding $30B and includes notable names such as ApplyBoard, Float, Groq, Substack, Gecko Robotics, Clearpath Robotics, North (acquired by Google), and Embark Trucks. Vertical exposure has broadened beyond software into robotics, cleantech (Moment Energy, Jetson), defense (Dominion Dynamics), AI infrastructure (Backboard.io, Overworld, Transformer Lab), and fintech (Float, Loon).

The firm is run by three General Partners (Michael, Devon, Mike), a Venture Partner (Donna, Uvaro/TribeHR COO), and a CPA-led Finance & Administration lead (Jenna), giving it a deliberately lean operator-investor structure rather than a traditional analyst-heavy VC model. Garage Capital sources deal flow through founder referrals, its Waterloo and Y Combinator networks, and its website (garage.vc). Its only disclosed fund capital is a $50M allocation from the Venture Capital Catalyst Initiative (VCCI) in 2018, with no public AUM, fee, or carried-interest disclosure. The firm is a founding member of the Canadian Robotics Council's Capital Committee alongside BDC, Inovia Capital, RBC, Two Small Fish, and Version One Ventures.

Revenue mechanics follow the standard VC model: management fees on committed capital supplemented by realized carried interest from exits, neither of which is publicly disclosed. Distribution channels consist of direct equity investments into portfolio companies, with selective co-investment from top-tier funds such as Inovia, Eclipse, Evok, Kindred, and Version One. The competitive positioning centers on the operators' personal exit track records and the network value of a >250-company founder base, with no proprietary technology product, app, or AI model developed in-house.

Name

Garage Capital

Legal name

Garage Capital

Website

https://garage.vc

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Garage Capital is a Waterloo, Canada-based early-stage venture capital firm investing in Canadian and Y Combinator startups, led by operators from Vidyard and BufferBox (Google) across a >250-company portfolio valued above $30B.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Early-stage venture capital
• Startup seed funding
• Pre-seed investment
• Canadian startup investment
• Founder mentorship

Headquarters

HQ city

Waterloo

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Venture Capital Returns: Generates returns through equity investments in early-stage startups, with successful exits including North (sold to Google), Clearpath Robotics, Groq, Embark Trucks, and others.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Garage Capital is an early-stage venture capital firm that invests capital at the earliest stages in Canadian and Y Combinator startups and supports those founders with experienced-based advice from operators who have previously built, scaled, and exited venture-backed companies. The firm has invested in more than 250 companies with a collective valuation exceeding $30 billion, and reports notable exits including North (acquired by Google), Clearpath Robotics, Groq, and Embark Trucks.

Product overview

Garage Capital is a Waterloo-based venture capital firm that provides early-stage investment and mentorship to Canadian startups. The firm is operated by former founders from Waterloo Engineering who have built, scaled, and exited venture-backed companies. Garage Capital invests at the earliest stages and supports portfolio companies through experienced-based advice to help them build category-defining businesses. The firm has invested in over 250 companies with a collective valuation exceeding $30 billion. Notable portfolio companies include ApplyBoard, Float, Substack, Gecko Robotics, Groq, and Clearpath Robotics. Garage Capital does not develop or sell technology products; rather, it provides investment services and portfolio support to early-stage technology companies.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• >250 companies invested with collective valuation >$30B
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Canadian Robotics Council (CRC)coreStrategic or Co-development Partner · 28 April 2026Garage Capital is a founding member of CRC's Capital Committee alongside BDC, Inovia Capital, RBC, Two Small Fish, and Version One Ventures. The committee aims to attract more investment to Canada's robotics sector, with founding members having collectively deployed over $150 million into Canadian robotics companies.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Inovia Capital: Inovia Capital is a Canadian early-to-growth stage venture capital firm investing in technology companies. They are a direct peer as Garage frequently co-invests alongside them (e.g., Float Series C led by Inovia, Canadian Robotics Council membership).
• Version One Ventures: Version One Ventures is a Canada/US-based early-stage venture capital firm focused on mission-driven startups. Direct peer - both are founding members of the Canadian Robotics Council Capital Committee, and Version One frequently leads rounds Garage participates in (e.g., TRIC Robotics).
• Two Small Fish Ventures: Two Small Fish is a Toronto-based early-stage VC firm investing in Canadian tech startups. Direct peer - co-founding CRC Capital Committee member and ENVGO lead investor where Garage participated.
• Golden Ventures: Golden Ventures is a Toronto-based early-stage seed VC firm focused on Canadian technology founders. Direct peer - comparable stage focus, co-invested with Garage in Dominion Dynamics, and competes for the same Waterloo/Toronto deal flow.
• Real Ventures: Real Ventures is a Montreal-based early-stage venture capital firm investing in Canadian tech. Direct peer - both target Canadian seed/Series A founders, comparable fund size, and overlapping thesis in Quebec/Waterloo ecosystems.
• Panache Ventures: Panache Ventures is a Canadian seed-stage venture capital firm with a national mandate and a portfolio of 100+ companies. Direct peer - comparable focus on early-stage Canadian tech founders with a portfolio-of-many approach.
• StandUp Ventures: StandUp Ventures is a Toronto-based seed-stage VC firm investing in Canadian tech companies, with focus on diverse founding teams. Direct peer - co-invested with Garage in Wygo and shares the early-stage Canadian tech thesis.
• Front Ventures: Front Ventures is an early-stage Canadian VC firm backing founders in Waterloo/Toronto. Direct peer - comparable operator-led positioning and Waterloo ecosystem overlap (both source heavily from the University of Waterloo).

Broad incumbents

• BDC Capital: BDC Capital is Canada's largest venture capital investor and a government-backed fund-of-funds/direct investor. They are a broader incumbent - founding CRC member, early Garage investor (2016), and frequent co-investor at scale.
• Ontario Capital Growth Corporation (OCGC): OCGC is a Canadian government-backed venture capital program investing in Ontario tech startups. Broad incumbent - comparable Canadian tech focus with institutional capital base, but at scale and with government mandate.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/garagecapital
• LinkedInlinkedin.com/company/garage-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments225 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Garage Capital