Ballistic Ventures, a venture capital firm established by veteran Ted Schlein, is in the process of raising $100 million for a new fund, as indicated in a recent regulatory filing with the U.S. Securities and Exchange Commission. This initiative comes just over a year after the firm successfully closed its second fund, which totalled $360 million.
Based in San Francisco and founded in late 2021, Ballistic Ventures focuses primarily on cybersecurity startups. Schlein, who has a notable history with Kleiner Perkins, emphasised in a previous interview that the firm takes an active role in supporting its portfolio companies. The team often engages deeply with founders, offering assistance in critical areas like board responsibilities, recruitment, and acquiring initial customers. Schlein mentioned that they maintain frequent communication with their portfolio founders, leveraging an extensive network of industry contacts to benefit these startups.
The firm’s leadership comprises Schlein and four general partners: Kevin Mandia, Barmak Meftah, Jake Seid, and Roger Thornton. Recently, they further strengthened their team by appointing former USPS Chief Information Security Officer Gregory Crabb as CISO-in-residence, succeeding David Hahn, who was promoted to become the firm’s CISO operating partner.
Since its inception, Ballistic Ventures has invested in 59 startups, with their most recent contribution being a $17.5 million Series A round for GetReal Labs, announced just last week. Additionally, the firm has reported six successful exits from its investments.
The demand for venture capital in the cybersecurity sector continues to rise, with funding reportedly increasing by 43% year-on-year to reach $11.6 billion in 2024. This growth was recorded across 639 deals, compared to 821 in 2023, according to a recent Crunchbase News report.
While Ballistic Ventures did not provide further comments regarding their current fundraising efforts, the firm’s strategic focus and active involvement with emerging companies position it well within the dynamic landscape of cybersecurity investments.
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