Mark Maybank
- 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.
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Arctic Edge Panel: Defence Tech, Dual-Use, and the Future of Canadian Innovation
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.
Mark Maybank & Devin Galloway
Devin Galloway
- 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.
Episode Overview
- 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.
Key Topics
Why Defence Investing is Finally Changing in Canada
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
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
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
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
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
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
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
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
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
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
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