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Angel Investor Donates $1 Million to Velocity
Waterloo Region angel investor Mike Stork is donating $1 million to Velocity, the startup incubator for University of Waterloo students.
“The University of Waterloo has adopted an unconventional approach to entrepreneurship that I strongly support,” Stork said Monday in a news release.
“Velocity is one of the most exciting and important elements of the university’s vision for entrepreneurship and it’s produced businesses that Waterloo Region can be proud of.”
Stork, a member of UW’s board of governors and volunteer with Velocity, has been investing in Waterloo Region startups for more than 10 years since the sale of Unitron Industries, the Kitchener-based hearing aid manufacturer formerly owned by his family.
Last fall, he was named the “angel of the year” by Golden Triangle Angelnet, an organization that brings together angel investors and presents them with investment opportunities.
The university said Stork’s gift has inspired it to increase the size of the Velocity Fund, which is used to provide funding for startups.
The fund was launched in 2011 after a $1-million donation from Ted Livingston, founder of instant messaging service Kik Interactive. Since then, it has awarded more than $750,000 in grants to startups.
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