Waterloo founders win big at Velocity Pitch Competition

Many founders find it challenging in the early stages of their business due to limited access to non-dilutive funding. Here enters Velocity — the centre of entrepreneurship at the University of Waterloo — with a solution to the problem since 2008.  

Velocity provides non-dilutive funding at this pivotal stage in students’ startup journey, meaning that the founder receives funding without giving up any equity or ownership of their business. This helps to alleviate some of the financial pressures associated with personal expenses, enabling founders to focus fully on driving traction and growth for their ventures.

That’s why the Winter 2025 Velocity Pitch Competition returned this year with a bang — awarding the once coveted $25,000 cash prize to the first-place winner in an all-star showdown of exceptional Waterloo founders.  

“With the help of generous donations, Velocity brought back the big cheque under a new Momentum Grants program designed to provide support to outstanding student founders committed to growing their businesses after graduation,” says John Dick, senior director, Founder Development at Velocity.

This year, eight exceptional past and current Waterloo founders competed for funding that will help to jumpstart or continue the work of their promising startups. In a welcomed surprise to a showcase of incredible talent — in addition to the first the first-place prize — each other finalist received $10,000 to help get them going as part of Velocity’s newly established Momentum Grant.

“All founders participating in this event were immensely deserving of funding at this time. With the support of Velocity advisors, they have all worked tirelessly to establish their companies’ place in the market to bring about real positive outcomes for their customers,” Dick says. “Our Momentum Grants will ensure that our student entrepreneurs will be supported when they need it most, just as they are starting their full-time careers as entrepreneurs.”  

This year’s winning pitch was presented by Jesh Ramesh (MBET ’24), co-founder of GreaseTech, a company with a solution to prevent costly machine failures by optimizing lubrication processes. Inspired by firsthand industry experience, Ramesh and his co-founder Nathan Wong have integrated hardware and software into manufacturing plants to eliminate human error, reduce downtime and improve efficiency.

“This funding means a lot because there is not a lot of pre-seed funding available,” Ramesh says. “I know lots of students working on projects that have huge potential but could never take off the ground ... they can’t take the trip to the customer that they really need to because there’s no funding available, so I really am glad Waterloo and Velocity are doing this.”

The University of Waterloo is ranked number one for producing the most successful entrepreneurs and founders. In fact, some of Canada’s top innovations have their roots at Waterloo.  

Sarah Willson, principal, Panache Ventures and one of the judges of this year’s competition emphasized how non-dilutive founding mechanisms like Velocity’s Momentum Grant allow early-stage founders to de-risk and take a leap of faith. “We need more of this in Canada to help build our innovation and entrepreneurship economy,” she says.

Among the other finalists in this year’s competition were startups aimed at tackling some of Canada’s biggest challenges. From non-invasive health care solutions to sustainable construction material and AI-driven coaching, the founders represent some of what Waterloo is best known for: unconventional innovation and entrepreneurship.  

Other finalists in this year’s Velocity Pitch Competiton include:  

• CELLECT Laboratories: a non-invasive device in menstrual products that enables easy cervical cancer and HPV screening, improving access to life-saving diagnostics.
• Doro: an AI-powered coach offering immediate support to prevent everyday stressors from developing into severe mental health issues.  
• GrownStone: creates sustainable construction material by transforming construction and agricultural waste (such as corn stover and bean pods) into innovative building supplies.  
• Mapkot Technologies: MapMate a platform that connects food processors with small farmers, enhancing traceability, responsible sourcing, and compliance with international standards.
• NewGen Health: a non-invasive test to detect kidney function. Our mission is to provide affordable and convenient health monitoring solutions that empower people to take control of their health.
• PatientCompanion: a modern, user-friendly, and fully customizable patient care platform that empowers nurses to deliver exceptional care.
• Swish Solar: develops self-cleaning solar panel technology to prevent energy losses from snow and sand accumulation, providing a more efficient, cost-effective, and sustainable alternative to traditional cleaning methods.

The VPC provides equity-free funding to early-stage startups to help remove some of the barriers that hinder innovation and entrepreneurial growth. The competition also serves as a platform to support Velocity's most promising new founders as they present their ventures, offering encouragement and recognition for their entrepreneurial endeavors. Learn more about how you can support Velocity’s new Momentum Grant program by giving.  

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The article was originally published on UWaterloo News.