Funded Startups in Waterloo
In the 41 most recent Waterloo-area rounds shown, the largest disclosed amount is $74M at Magnet Forensics (Post-IPO Secondary) on 2021-12-07.
In the 41 most recent Waterloo-area rounds shown, the largest disclosed amount is $74M at Magnet Forensics (Post-IPO Secondary) on 2021-12-07. That figure dwarfs the next-largest disclosed amounts in the table, including $70M at ApplyBoard (2020-09-16) and $35M at Convictional (2022-02-17), while most other disclosed rounds cluster well below that level (for example, $30M at Axelar on 2025-03-11 and $19M at Odyssey Interactive on 2022-10-21).
Sector and data-availability patterns also stand out. Artificial intelligence appears repeatedly (Nucleus 2025-03-24 $1M; LoopX 2024-10-01 $820K; DarwinAI 2022-12-22 $6M; among others), while “Series Unknown” and “undisclosed” amounts are common: 14 entries are labeled “undisclosed” and 11 are labeled “Series Unknown” (with additional “Series Unknown”/blank series labels mixed in). Geographically, the list is dominated by Waterloo, Ontario, but it includes other “Waterloo” locations (e.g., Waterloo, New York for Moziac and Waterloo, Iowa for Ka Imaging), which can matter for diligence when mapping regional deal flow. Temporally, rounds span 2020-09-16 (ApplyBoard) through 2025-11-30 (MedReddie), with the newest round at MedReddie on 2025-11-30.
Most recent rounds
41 shownRelated listings
Frequently asked
What outlier sets the upper bound for disclosed funding in this Waterloo list, and how much larger is it than the rest?
The top disclosed amount is $74M for Magnet Forensics on 2021-12-07 (Post-IPO Secondary). In the table, the next-largest disclosed amounts include $70M (ApplyBoard, 2020-09-16) and $35M (Convictional, 2022-02-17), so the $74M entry is in a materially higher band than most other disclosed rounds.
Do the newest rounds cluster tightly in time, or are they evenly spread across the 2020–2025 window?
The most recent entry is MedReddie on 2025-11-30 ($1M), and several rounds appear concentrated in 2025 and early 2024—for example, Axelar (2025-03-11, $30M), enVgo (2025-06-10, $2M), and Nucleus (2025-03-24, $1M) followed by LoopX (2024-10-01, $820K) and Evercloak (2024-11-20, $250K). Earlier years still appear (e.g., ApplyBoard on 2020-09-16 with $70M), indicating the list spans broadly but with a heavier recent cadence.
Is Waterloo, Ontario the only location represented, or do other “Waterloo” geographies show up as potential mapping pitfalls?
Waterloo, Ontario dominates (e.g., Axelar 2025-03-11; Mappedin 2023-02-22; SkyWatch 2021-06-15), but other geographies appear under the “Waterloo” label. Examples include Moziac in Waterloo, New York (2023-02-15, $2M) and Ka Imaging in Waterloo, Iowa (2022-11-02, undisclosed), plus a non-Ontario country instance such as enVgo listed in Waterloo, Caroni, Trinidad and Tobago (2025-06-10, $2M).
Which sectors are most represented, and do those sectors show up across multiple stages?
Artificial intelligence shows repeated presence across stages and years: Nucleus (Pre-Seed, 2025-03-24, $1M), LoopX (Seed, 2024-10-01, $820K), and DarwinAI (Series A, 2022-12-22, $6M), with additional AI-labeled entries like MedReddie (Seed, 2025-11-30, $1M). This suggests AI is not confined to a single stage bracket in the displayed period.
How much of this list has missing economics or missing stage labels, and does that affect concentration analysis?
Missing fields are a meaningful pattern: 14 entries are marked “undisclosed” for amount, and 11 are labeled “Series Unknown.” For example, TitanFile (2025-07-14, undisclosed; Series Unknown) and Co Guard (2024-06-24, undisclosed; Series Unknown) limit how reliably size-based comparisons can be made without excluding them from disclosed-amount patterns.
Are there other large rounds besides the headline outlier that may merit separate diligence attention?
Yes. After Magnet Forensics ($74M on 2021-12-07), the table includes several high-but-not-top disclosed rounds such as ApplyBoard ($70M on 2020-09-16), Convictional ($35M on 2022-02-17), Axelar ($30M on 2025-03-11), and Odyssey Interactive ($19M on 2022-10-21). These entries cluster at the upper end of disclosed amounts and may represent different deal dynamics than the many sub-$10M rounds (e.g., $1M–$7M entries like MedReddie and Nfinite Nanotech at $7M on 2024-05-14).
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