One of Canada’s Biggest Cybersecurity Investments Is Landing in New Brunswick

For more than two decades, NBIF has backed New Brunswick companies working to solve hard problems, compete globally, and build from here.

Today, we are announcing the largest initial investment NBIF has ever made in a New Brunswick company.

As part of Lastwall’s $16 million financing round led by BDC Capital’s StrongNorth Fund, NBIF has invested $1.5 million in the Fredericton-founded cybersecurity company, a reflection of our conviction in the team, the technology, and the scale of the opportunity ahead.

This investment supports a New Brunswick company scaling in a sector driving the next phase of economic growth.

Cybersecurity has become essential national infrastructure. Governments, national security organizations, utilities, transportation systems, and critical industries are facing escalating threats targeting the critical identity and access management systems they rely on every day. At the same time, countries are increasingly focused on sovereign technology capabilities, ensuring critical cybersecurity infrastructure is built and controlled by trusted domestic and allied partners.

That is the environment Lastwall was built for.

Led by Karl Holmqvist, the company develops identity-first cybersecurity technology designed for highly sensitive environments where traditional cloud-based systems often fail, including defense systems, government networks, and critical infrastructure operating in disconnected or degraded conditions.

Lastwall’s technology is already trusted by the U.S. Department of Defense and is seeing active interest from the Government of Canada. The company has achieved FedRAMP Moderate Authorization, which is one of the most rigorous cybersecurity standards in the world – positioning the company among a small group capable of operating inside highly secure federal environments.

For NBIF, this investment reflects the type of opportunity we believe New Brunswick can produce more of – globally competitive technology companies built around deep expertise, differentiated intellectual property, and the ability to compete in complex international markets.

“New Brunswick has built a strong advantage in Cybersecurity, and NBIF is proud to back companies like Lastwall that are turning that strength into global opportunity,” said Jeff White, CEO of NBIF.

“This deal reflects our strong conviction in the team, the technology, and the market opportunity ahead as the company scales its trusted solutions in some of the world’s most security-sensitive markets.”

Lastwall currently employs team members in New Brunswick and operates from the Fredericton Cyber Centre, contributing to a strong cybersecurity cluster in the province. But the long-term opportunity extends well beyond a single company.

Supporting the startup and growth of globally relevant companies strengthens the entire system by attracting outside capital and employing talent – providing new money and the best and brightest that stay and reinvest.

It’s no secret that in cybersecurity technology, that flywheel is valuable. Credibility is built over years, and every company that scales, makes the next one more possible.

“New Brunswick has always been home for Lastwall, and this milestone is a powerful reminder that globally significant technology companies can be built right here in the province,” said Karl Holmqvist, Founder and CEO of Lastwall.

“As Lastwall enters this next phase of growth, we’re proud to continue building from New Brunswick while helping strengthen Canada’s leadership in cybersecurity and sovereign technology.”

This investment also reflects something broader about where NBIF sees opportunity going forward.

The next generation of globally competitive companies will increasingly be built in sectors tied to resilience, security, advanced computing, AI, digital infrastructure, and sovereign capability. New Brunswick has the talent, research strength, entrepreneurial ambition, and growing ecosystem to compete in those spaces.

Lastwall is proof of that. And we believe it’s only the beginning.