If you follow the local tech scene, you know New Brunswick is growing as an innovation hub. A Fredericton cybersecurity company just landed a massive investment to expand its operations across Canada.

Image source: THE CANADIAN PRESS / Eli Ridder

Major Funding for Local Tech

Lastwall builds security software to protect computer networks and cloud services. The company secured 16 million dollars in an equity round led by the StrongNorth fund from the Business Development Bank of Canada. The New Brunswick Innovation Foundation also invested 1.5 million dollars. This marks the largest single expenditure in the history of the independent provincial organization.

According to a report from The Canadian Press, Lastwall already counts the United States Department of Defence and the Canadian government among its clients.

Showcasing New Brunswick Expertise

Company CEO Karl Holmqvist says the cash provides an opportunity for Lastwall to put its expertise to work locally and showcase it to the rest of the world.

Premier Susan Holt notes the growth of Lastwall serves as a prime example of the potential New Brunswick holds as an investment hub for strengthening the defence capabilities of Canada. Holt says it is beneficial to have domestic cybersecurity companies so Canada does not have to rely on foreign businesses.

Frequently Asked Questions

What does Lastwall do?

Lastwall builds security software designed to protect computer networks and cloud services.

Who provided the 16 million dollar investment?

The Business Development Bank of Canada led the investment through its StrongNorth fund. The New Brunswick Innovation Foundation also contributed 1.5 million dollars.

Who uses Lastwall software?

The company provides cybersecurity services to major clients including the Canadian government and the United States Department of Defence.