Ballistic Ventures, a venture capital entity focused on financing and nurturing emerging cybersecurity startups, has submitted regulatory documents indicating its intent to secure up to $300 million for a new fund.
The San Francisco-based VC firm officially lodged the filing with the U.S. Securities and Exchange Commission on Wednesday, seeking to raise the substantial sum for its second fund. This development comes over a year after the firm’s inaugural fund, also amounting to $300 million, was launched in May 2022.
In response to inquiries from TechCrunch, Ballistic spokesperson Michelle Kincaid opted not to provide comments on the filing.
Founded with a mission to support early-stage cybersecurity and cyber-related startups, Ballistic Ventures boasts a leadership team that includes co-founders Ted Schlein, a general partner at Kleiner Perkins, along with Barmak Meftah, Jake Seid, and Roger Thornton as general partners. Additionally, Kevin Mandia, the founder of Mandiant, serves as the firm’s strategic partner. The team also includes Derek Smith as a strategic advisor and Agnes So as the firm’s finance and operations chief.
According to information available on the firm’s website, Ballistic has already invested in a dozen startups and claims to have played a role in establishing, operating, and funding over 90 cybersecurity companies. Notable investments include AuthMind, Oligo, and Nudge Security. Recently, the firm added former U.S. National Cyber Director Chris Inglis and former chief of staff for the U.S. cybersecurity agency CISA, Kiersten Todt, as advisors.
Despite a decrease in global venture funding for cybersecurity startups in the third quarter of 2023, dropping over 14% from the previous year to $2.4 billion, Ballistic remains optimistic about the sector’s potential. The firm attributes this confidence to the ongoing expansion of the digital economy on a global scale, coupled with the increasing prevalence of cyberattacks and online crimes. Investors are particularly bullish on the growth prospects of cybersecurity startups, with a focus on advancements in generative AI and cloud deployments.
