At the New Brunswick Innovation Foundation, we’re building on a remarkable history of ingenuity and entrepreneurial spirit in New Brunswick to propel the development of the next generation of global technology firms.
Heading into our third decade of catapulting innovative ideas into thriving enterprises, our organization – better known by the acronym NBIF – is committed to fostering innovation diversity and economic growth to drive generational returns.
As a pre-seed and seed-stage venture capital organization, we invest in high-growth startups headquartered in New Brunswick with a focus on ICT, advanced manufacturing, cybersecurity, energy innovation, digital health, agritech, forestry and oceans.
We are fuelling the province’s tech sector by strategically investing in the creation and scaling of New Brunswick tech companies. We offer a comprehensive support system, including direct investment from a $100 million fund alongside acceleration and incubation programs and a fund-of-funds strategy.
A HISTORY OF INNOVATION
New Brunswick is a province of opportunity that serves as a launching pad for innovators, ideas and global brands.
The province has a strong reputation as an early adopter and innovator of new technology. Many commonplace technologies were patented here, including the vortex-flushing toilet bowl, hot and cold running water from a single faucet, thermal window panes, the snowblower, the variable pitch airplane propeller and the dump truck.
In the 20th century, New Brunswick entrepreneurs established global brands through signature technological innovations in industrial agriculture and frozen food production (McCain Foods), lead-free and sulphur-free fuels (Irving Oil Limited), oceanic aquaculture (Cooke Aquaculture), nuclear energy (the CANDU reactor), advanced digital telecommunications (NBTel and XWave) and digital gaming technology (SPIELO International).
New Brunswick’s first-mover advantage in tech has spurred rapid growth in the province’s innovation sector. For more than two decades, NBIF has helped drive tech business creation through strategic investment in the development of New Brunswick-based global companies.
OUR VISION AND MISSION
The New Brunswick Innovation Foundation was established in 2003 to foster small and medium-sized knowledge-based startups and to encourage stronger research and development in the province.
Our vision is to build upon New Brunswick’s legacy as a leading innovation hub, where early-stage startups evolve into thriving tech companies with international reach, propelling economic growth and prosperity. Our mission is to invest in the creation and scaling of these companies, transforming ideas into thriving world-class businesses.
Our focus is on building sustainable global firms headquartered in the province that will drive development here, which of course benefits innovation and economic activity across Atlantic Canada.
Since its inception, we have been a launchpad for some of the region’s most exciting, innovative companies. Our portfolio of companies spans a broad range of industries, including advanced manufacturing, life sciences, cybersecurity and environmental technologies.
We emphasize bold decisions and strategic thinking, taking calculated risks for significant returns.
A few of our successes include social media monitoring platform Radian 6, which was acquired by Salesforce for $326 million; advanced cybersecurity software firm Q1 Labs, later acquired by IBM; AI-enabled public safety video analytics firm EhEye, picked up by Patriot One Technologies; computational fluid dynamics software developer Envenio, bought by Juul.
They include the Introhive customer intelligence platform; business transformation firm Mariner Innovations; Eigen Innovations, an automated in-line quality inspection company; process documentation and personnel training business ProcedureFlow; sensor designer Smart Skin Technologies; biotechnology company SomaDetect, which provides real-time data analytics of the health of dairy cows; and global cybersecurity awareness and risk management firm Beauceron Security.
Driven by optimism and a keen eye for potential, NBIF is frequently the initial source of funding for a New Brunswick startup. We invest in promising ventures, offer venture capital, actively participate on portfolio company boards and provide guidance and support to founders. Our vast network links startups and our portfolio companies with co-investors and additional resources to foster their success and growth.
At NBIF, we benefit from tremendous operational expertise on our investment team. NBIF President & CEO Jeff White was actively involved in the early development of multiple startups in the province, including Radian6, Q1 Labs and ImagicTV, all of which significantly contributed to New Brunswick’s reputation for high-growth startup success. This, combined with the diverse team’s extensive founder and investor experience, provides valuable assistance to portfolio companies, with NBIF playing an active role in guiding them through their growth stages.
We operate with two primary objectives: invest directly in companies with potential, and stimulate and expand the available capital pool in Atlantic Canada. To complement our direct investments, NBIF has a fund-of-funds strategy, investing in complementary venture capital funds that support our portfolio of companies at the seed and series A stages.
Today, we have more than $36 million invested across more than 70 portfolio companies and invested in six venture funds across Canada.
OUR IMPACT
We take great pride in NBIF’s role as a catalyst for economic development in the Atlantic region. Since our founding, we have invested more than $175 million into startup businesses and applied research in New Brunswick.
These foundational investments have attracted $825 million of additional investment, handing innovators in this province $1 billion to take their ideas further.
Our focus and determination has been instrumental in the growth and success of the tech sector, having invested in about one in every six New Brunswick IT firms.
Those companies have attracted more than $700 million in outside investment to New Brunswick.
A 2024 study conducted by Jupia Consultants assessed our economic impact performance and concluded that combining the economic activity of the current portfolio firms and spending on the innovation/research ecosystem resulted in the creation of more than 1,600 full-time equivalent jobs.
BENCHMARKS FOR SUCCESS
Our focus is on keeping the value of innovation and tech development here in New Brunswick. We will support homegrown companies with an intent to grow them into global players.
Our goal for the next decade? Create eight to 10 global tech companies of between 500 and 1,000 employees based right herein New Brunswick.
Our success will be measured by the jobs and prosperity created, the vitality of the technology sector in New Brunswick, and the strength of the entrepreneurial and innovation ecosystem that supports it.
We’re determined to build on New Brunswick’s history as a leading innovation hub – a pioneering place and space where early-stage startups evolve into world-class tech companies with global reach, driving economic growth and prosperity for our province and Atlantic Canada.
We are unlocking the full potential of our province through collaboration and partnership with the innovators whose efforts today make tomorrow’s technology possible.
OUR INVESTMENT IMPACT OBJECTIVES
NBIF is guided by four overall investment impact objectives that informs our work every day:
- Innovating for the future. We will foster and invest in innovation for future economic growth and ignite transformational change.
- Advancing diversity. We will engage and empower equity-seeking groups and underrepresented regions, ensuring that underrepresented groups– including women, newcomers, entrepreneurs, Indigenous peoples, and individuals of diverse sexual orientations – will share in our support and the success that flows from it.
- Growing the New Brunswick economy. We will contribute directly to the development and expansion of New Brunswick’s economic priority sectors, including ICT, agriculture, digital health, energy, advanced manufacturing and the oceans cluster.
- Investing for generational returns. We will invest capital to generate long-term financial returns and positive social and environmental impacts, while ensuring long-term stability for NBIF.
By supporting the growth of key economic sectors and promoting ESG principles, we will create a more inclusive, resilient and environmentally responsible New Brunswick.
