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Canada is entering one of the most important moments in its innovation history. As global tensions rise and national security becomes a growing priority, founders, investors, and governments are being forced to rethink how Canadian defence technology is built, funded, and scaled.
In this special episode of Tank Talks, host Matt Cohen steps into the guest seat as part of a live panel recording from the Arctic Edge event, held during Toronto Tech Week on May 26th, 2026. Against the backdrop of escalating Arctic sovereignty concerns and a new era of national security, this panel, aptly named “The Backers,” brings together leading Canadian investors to dissect the burgeoning defence technology sector in Canada.
Moderated by Matthew Lombardi of The Icebreaker, the discussion features Matt Cohen (Ripple Ventures), Devin Galloway (Garage Capital), and Mark Maybank (Maverix Private Equity). Together, they explore the seismic shift in Canadian capital markets, from the historical reluctance to fund defence to the current “cultural permission” that is finally opening doors. They tackle the complexities of dual-use technology, the harsh realities of government procurement, the critical “Series A gap” for sovereign-interest companies, and what it truly takes to build a world-beating defence company from Canada.
Whether you’re a founder navigating the defence landscape, an investor looking for the next frontier, or simply interested in the future of Canadian sovereignty, this episode offers a raw, unfiltered look at the challenges and immense opportunities ahead.
Why Defence Investing is Finally Changing in Canada (02:48)
* Why Canadian defence technology has become a national priority after years of limited investment
* How changes to venture fund mandates and government policy are opening new opportunities for founders
* Why investors believe Canada is only at the beginning of its defence innovation journey
Defence vs. Dual Use: The Debate Every Founder Should Understand (04:08)
* Why some investors believe dual-use businesses reduce risk while others see them as a distraction
* The challenges of serving both commercial and government customers at the same time
* Why simply having the conversation around defence represents major cultural progress for Canada
Why Procurement Still Matters More Than Capital (10:00)
* The encouraging signs that Canadian procurement is beginning to move faster
* Why government demand signals remain one of the biggest barriers to investment
* How procurement reform could unlock the next generation of defence startups
The Hottest Trends and Biggest Mistakes in Defence Tech (12:06)
* Why AI, robotics, drones, and autonomous systems are attracting enormous investor attention
* How experienced operators separate themselves from founders chasing hype
* Why understanding military procurement is just as important as building great technology
What Great Defence Founders Do Differently (15:33)
* Why credibility, patience, and long-term relationship building matter more than moving fast
* The importance of recruiting exceptional talent around a mission that inspires people
* Why fundraising skills are critical for capital-intensive defence businesses
Building Companies for Decades, Not Years (17:44)
* Why defence investing requires a completely different timeline than traditional software startups
* How venture firms are adapting to longer company-building cycles
* Why patient capital is essential for creating world-changing businesses
Expanding the Definition of Defence (21:00)
* Why protecting critical infrastructure is becoming just as important as military applications
* How ports, utilities, emergency services, and cities fit into the modern defence landscape
* Why startups should think beyond government procurement when building go-to-market strategies
Helping Startups Win Beyond Writing the First Check (25:11)
* How strategic corporate relationships can accelerate growth alongside government contracts
* Why investors are building networks of executives who actively support portfolio companies
* The growing momentum behind procurement reform across Canadian institutions
Advice for Founders Building Canada’s Next Great Defence Company (27:20)
* Why founders should spend time with customers before perfecting the product
* The importance of building relationships in Ottawa long before contracts arrive
* Why the ambition should be to build a company that leads the world, not just Canada
The Funding Gap Threatening Canadian Innovation (34:18)
* Why Canada still struggles to fund companies through critical growth stages
* How government matching funds and institutional investors could help close the gap
* Why keeping Canada’s best companies at home will require larger pools of patient capital
Valuations, Venture Math, and Keeping Canadian Founders in Canada (39:29)
* Why Canadian and American venture markets operate under very different economic realities
* The dangers of raising oversized rounds before a company is ready
* Why solving Canada’s capital challenges is essential for keeping world-class entrepreneurs at home
About the Panel
Matt Cohen is the Founder and Managing Partner of Ripple Ventures, an early-stage venture capital firm investing in exceptional founders across Canada and the United States. Ripple has expanded from its roots in B2B software into frontier technologies, including defence and dual-use innovation.
Mark Maybank is the Co-Founder and Managing Partner of Maverix Private Equity. Maverix focuses on growth-stage investments across North America, with defence and dual-use technologies forming a core part of its investment strategy.
Devin Galloway is a General Partner at Garage Capital, one of Canada’s leading early-stage venture funds. Since 2014, Garage has backed founders building category-defining companies across software, deep technology, and defence.
Connect with Devin Galloway on LinkedIn: https://www.linkedin.com/in/devongalloway
Visit the Garage Capital website: https://www.garage.vc/
Connect with Mark Maybank on LinkedIn: https://www.linkedin.com/in/mark-maybank
Visit the Maverix Private Equity website: https://www.maverixpe.com/
Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1
Visit the Ripple Ventures website: https://www.rippleventures.com/
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