NBIF

Their thesis, in full

The New Brunswick Innovation Foundation (NBIF) is an evergreen pre-seed and seed-stage venture capital organization with a $100M evergreen fund created to scale New Brunswick tech companies. Founded in 2002, NBIF operates direct equity investment, a limited-partner fund-of-funds strategy, the Climate Impact Fund and the Innovation Voucher Fund, and partnerships with NB accelerators and incubators. Cheques run from $25k to $1.5M via preferred shares, common shares or convertible debentures, the $1.5M into Lastwall in May 2026 being its largest initial investment ever. Recent activity: 16 investments worth $3.25M in fiscal 2024-25, down from 32 investments worth $5.98M the year prior. 17 portfolio exits to date, and NBIF reports that each of its dollars typically attracts $5 to $30 of private capital. Sector focus follows New Brunswick's eight priority sectors: ICT, advanced manufacturing, cybersecurity, energy innovation, digital health, agritech, oceans and forestry.

Questions they usually ask

Have an answer ready for each one before the first call.

1. Is your company incorporated in New Brunswick, and is the team based there?
2. Does your sector fit one of New Brunswick's eight priority sectors (ICT, advanced manufacturing, cybersecurity, energy innovation, digital health, agritech, oceans, forestry)?
3. Are you looking for a direct cheque, which has ranged from $25k to $1.5M, or partner-fund routing?

Follow-on

As an evergreen $100M fund, NBIF re-invests recycled proceeds into follow-on rounds and routes founders to private VC leads via its fund-of-funds relationships. Follow-ons carry the bulk of the activity: 12 of its 16 venture transactions in fiscal 2024-25 went to existing portfolio companies, and NBIF reports each of its dollars typically attracts $5 to $30 of private capital alongside.

Who to talk to

• Jeff WhitePresident & CEO
• Daniel ArmaliVice President, Investments
• Laïla ThériaultInvestment Associate