Government says new funding supports plan to build world‑class defence, cybersecurity capacity
At an Aug. 25 press conference, New Brunswick Premier Susan Holt was joined by the President and CEO of the New Brunswick Innovation Foundation, Jeff White, and representatives of Lastwall to discuss a provincial economic development focused on defence and cybersecurity. The announcement highlighted Lastwall’s recently secured $16 million equity investment.
Investments and partnerships are intended to strengthen New Brunswick’s position as a strategic hub for Canada’s defence and cybersecurity sectors and lead to high-value economic opportunities.
“New Brunswick has the strategic advantages Canada needs as it strengthens its defence capabilities,” said Holt.
“We are home to the military training ground at Canadian Forces Base Gagetown, we have access to two deepwater ports, growing expertise in cybersecurity and a strategic location on the Atlantic with connections to the Arctic. Lastwall’s growth is a strong example of how we can leverage these strategic advantages to attract investment, grow good-paying jobs and build world-class defence and cybersecurity capabilities right here in New Brunswick.”
Lastwall, a cybersecurity company founded in Fredericton, secured the equity investment round led by the Business Development Bank of Canada’s StrongNorth Fund, with participation from the New Brunswick Innovation Foundation.
The investment will support the company’s continued growth as it develops solutions for highly sensitive environments, including defence systems, government networks and critical infrastructure.
The New Brunswick Innovation Foundation’s $1.5 million investment represents its largest single investment and largest initial investment in a New Brunswick company.
“Every startup that scales creates momentum for the next one,” said Jeff White, the foundation’s president and CEO.
“Lastwall is building technology that solves critical challenges in defence and cybersecurity while attracting significant investment into New Brunswick. This is exactly the type of company we want to support. As founders build globally competitive businesses from here, they create jobs, attract capital and strengthen the province’s long-term economic future.”
Defence and cybersecurity have been identified as priority areas in the government’s economic development strategy.
The goal is to build on existing strengths, including the significant defence presence at CFB Gagetown, a skilled workforce, research capacity, a growing technology sector and strong partnerships among government, industry and innovation organizations.
“New Brunswick is building an ecosystem that embraces innovation, and we’re grateful to call it Lastwall’s home,” said Karl Holmqvist, co-founder and CEO of Lastwall.
“The province has an opportunity to become a proving ground for world-class identity technology built right here. We want to demonstrate what’s possible, strengthen the services New Brunswickers rely on, and show that the technology we’ve built in New Brunswick can solve critical challenges around the world.”
The New Brunswick Innovation Foundation invests in technology startups with the potential to scale globally, attract investment and create economic impact in New Brunswick.
