Ballistic Ventures Seeks to Raise $300 Million for New Cybersecurity Fund
Ballistic Ventures, a venture capital firm specializing in cybersecurity startups, has filed a regulatory document indicating its intention to raise up to $300 million for a new fund. This comes more than a year after the San Francisco-based firm launched its first fund of the same amount in May 2022.
The filing with the U.S. Securities and Exchange Commission reveals Ballistic Ventures’ dedication to supporting and nurturing early-stage cybersecurity and cyber-related startups. The firm, co-founded by Ted Schlein, a general partner at Kleiner Perkins, along with Barmak Meftah, Jake Seid, Roger Thornton, and Kevin Mandia, founder of Mandiant, has already backed twelve startups, according to information available on its website. Notable investments include AuthMind, Oligo, and Nudge Security.
When contacted by TechCrunch, Ballistic spokesperson Michelle Kincaid declined to comment on the filing.
Despite a decrease in venture funding for cybersecurity startups worldwide, Ballistic Ventures remains optimistic about the growth potential in the industry. PitchBook data shared with TechCrunch indicates that investment in cybersecurity dropped over 14% to $2.4 billion in the third quarter of 2023 compared to the same period last year. The number of deals also decreased from 248 to 198.
However, as the digital economy continues to expand globally, cyberattacks and online crimes have become more prevalent. Investors are hopeful about advancements in generative AI and cloud deployments, which are expected to drive growth in cybersecurity startups.
Ballistic Ventures’ move to raise $300 million for its new fund demonstrates its commitment to supporting innovative cybersecurity entrepreneurs in their fight against cyber threats.
Image Credits: PitchBook data