MONTREAL, QC – September 15, 2026 – At the Canada Investment Summit 2026, the Business Development Bank of Canada (BDC) announced how it will deploy $1 billion in investments under its existing $6 billion Defence Platform: $500 million across funds focused on defence and dual-use technologies, and an additional $200 million allocation to StrongNorth, bringing the fund from $300 million to $500 million.
These allocations are part of BDC’s $6 billion Defence Platform, which provides Canadian defence and dual-use companies with financing, investment and advisory solutions to grow and compete globally. Today’s announcements clarify how BDC will deploy capital using both direct investments in companies and indirect investments via funds supporting strategically important technologies. The goal is clear: help attract more private capital into the sector.
“Canadian entrepreneurs are developing technologies that are increasingly important to Canada’s security, resilience and economic growth. With its Defence Platform, BDC is using its capital and expertise to help these companies innovate, scale and reach new markets, while helping build a stronger investment ecosystem for Canada’s defence and dual-use sector.”
— Isabelle Hudon, President and CEO, BDC
“Canada’s defence companies are developing the technologies that strengthen our economic security and support our Armed Forces and allies in an increasingly complex world. Through BDC’s $1 billion investment, we are attracting private capital, helping Canadian firms scale and compete globally, and reinforcing Canada’s long-term economic sovereignty and resilience.”
— The Honourable Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions
“Canada’s security and prosperity depend on our ability to build more of what we need here at home. That means strengthening our defence industrial base, backing Canadian innovation and giving our companies the ability to scale. By mobilizing more private capital into the sector, we are turning Canadian innovation into defence capability, strengthening our sovereign capacity and ensuring our Armed Forces have what they need to defend Canada.”
— The Honourable David J. McGuinty, Minister of National Defence
Defence Fund
The Defence Fund will deploy $500 million under BDC’s Defence Platform in venture capital, growth equity and private equity funds focused on defence and dual-use technologies. It is another tool to help mobilize private capital at scale, consistent with BDC’s long-term approach of leveraging its balance sheet to crowd in more ecosystem investors. It will invest in Canadian and allied-nation funds with strong Canadian exposure, helping improve access to investment for companies developing strategically important technologies while strengthening Canada’s defence innovation ecosystem.
The first investment is in Intrepid Growth Partners’ inaugural US$525 million fund, which invests in high-growth artificial intelligence companies across Canada, the UK, the US and Europe.
BDC’s areas of focus will include artificial intelligence, cybersecurity, space, advanced materials, quantum technologies and energy systems, aligned with Canada’s defence and sovereignty priorities.
StrongNorth Fund
BDC is also allocating an additional $200 million to StrongNorth, bringing the fund from $300 million to $500 million under the Defence Platform. This will allow the fund to continue meeting demand from Canadian defence and dual-use companies. Areas of focus include AI, autonomy, cyber, secure communications, space, intelligence, surveillance and reconnaissance (ISR), advanced materials and energy.
StrongNorth is BDC’s venture capital fund dedicated to early-stage companies developing deep technologies with defence-focused or dual-use applications or strategies. By making direct investments, the fund helps Canadian companies bring critical technologies to market, grow faster and strengthen Canada’s security and economic future.
About BDC, Canada’s bank for small- and medium-sized business owners
BDC focuses on small- and medium-sized business owners, providing them financing, investment, and advice. As Canada’s development bank, we also support entrepreneurs who don’t fit the traditional mold working with a network of partners and help develop underserved markets to unlock economic potential. Our mission is to build strong, resilient businesses that drive Canada’s economic growth. BDC is a perennial Canada’s Top 100 Employer and B Corp certified. Learn more at bdc.ca or connect with us on social media.
Noah Note: This isn't necessarily new info. This breakdown has been floating around a while, and we've doscussed it before, but this should be considered the point of OFFICIAL announcement for BDC defence commitment.
Of course we've already seen a over $200 billion combined commited to investing in Canada’s strategic industries. Obviously, only a small portion of that will be defence related, but even in the single digits we're talking 10s of billions commited to defence and dual-use infrastructure, manufacturing, etc.
Money isn't the problem it once was, though I am still skeptical to how much this works out to core capabilities. Defence investment tends to be attracted to dual-use investments, particularly infrastructure, critical minerals, etc. Sadly we don't get to see a lot put on the true defence, though there is some who hope to see change.
I am awaiting to be surprised. We didn't see much in the I vestmwnt playbook tied to pure defence. The biggest example was the AMPA-Hanwha joint venture, something that is still very much alive and being pushed. It was not a casualty of CPSP.
So I'm skeptical, shocker. I hope for more but I'm not gonna hold my breath.
Such cynicism!
I jest, because I actually share it, though probably not to quite the same degree. Then again, I don't have nearly the knowledge and exposure to the numbers that you have had the last number of years, plus you have done your research and know where the money has gone historically, as well.
But a rising tide floats all boats, so there is reason for positivity yet!