Garage Capital
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.
- Company typePrivate
- Founded2016
- HeadquartersWaterloo, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
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.
Garage Capital firmographics
Firmographics- 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
Garage Capital industry classification
Industry- 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
Where Garage Capital is headquartered
LocationHeadquarters
- HQ city
- Waterloo
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Garage Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- 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
Garage Capital product offering
Product offeringCore 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
Companies that use Garage Capital
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Garage Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Garage Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Canadian Robotics Council (CRC)coreGarage 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
Garage Capital competitors and assessment
Company assessmentDirect 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
Garage Capital social profiles
Digital presenceGarage Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Garage Capital leadership team
Management profileNumber of profiles
Profiles5 records
Garage Capital funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Garage Capital M&A and investment
M&A and investmentM&A
Investments225 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Garage Capital
What does Garage Capital do?
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.
Is Garage Capital a public or private company?
Garage Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Garage Capital founded?
Garage Capital was founded in 2016. It employs 1 to 10 people.
Where is Garage Capital based?
Garage Capital is headquartered in Waterloo, Canada, in the North America region.
How does Garage Capital make money?
One revenue line is on record: venture Capital Returns.
Who are Garage Capital's main competitors?
Direct peers on record are Inovia Capital, Version One Ventures, Two Small Fish Ventures, Golden Ventures, Real Ventures, Panache Ventures, StandUp Ventures and Front Ventures. Broad incumbents are BDC Capital and Ontario Capital Growth Corporation (OCGC).
Does Garage Capital have an API?
No public API is recorded for Garage Capital.
What industry is Garage Capital in?
Garage Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists). Its NAICS code is 5259 and its SIC code is 6282.