Introduction to Ballistic Ventures

Ballistic Ventures, a venture capital firm co-founded by Ted Schlein, a veteran of Kleiner Perkins, is currently in the process of raising $100 million for a new fund, as revealed through a regulatory filing accessed by TechCrunch.

Recent Filing and Fundraising Efforts

This week, the San Francisco-based venture capital firm submitted a filing with the U.S. Securities and Exchange Commission, outlining its intention to raise this new fund. This development comes just over a year after the firm successfully closed its second fund, which was valued at $360 million.

Background and Investment Strategy

Ballistic Ventures was founded in late 2021 with a specific focus on investing in cybersecurity startups. In a previous interview with TechCrunch, Ted Schlein emphasized the hands-on approach of the Ballistic team, which includes taking board seats, assisting with hiring, and aiding in the acquisition of the first ten customers. Schlein also highlighted the frequent communication with portfolio founders, occurring “many times a week,” and the extensive network of contacts that the team brings to its portfolio companies.

Team Composition and Appointments

Alongside Ted Schlein, the firm’s leadership includes four other general partners: Kevin Mandia, Barmak Meftah, Jake Seid, and Roger Thornton. Notably, last year, Ballistic Ventures appointed former USPS CISO Gregory Crabb as its CISO-in-residence, a position that followed the promotion of David Hahn to the role of Ballistic’s CISO operating partner.

Investment Portfolio and Recent Activity

To date, Ballistic Ventures has invested in 59 startups, as per data from Crunchbase. The latest investment was in GetReal Labs’ $17.5 million Series A round, announced last week. Additionally, the firm has successfully made six exits from its investments. This level of activity underscores the firm’s engagement and commitment to the cybersecurity sector.

Market Context and Growth

The venture funding in cybersecurity has shown significant growth, increasing by 43% year-over-year to reach $11.6 billion in 2024, with 639 deals closed. This is in comparison to 821 deals in 2023, as reported by Crunchbase News. Such market trends indicate a robust and expanding landscape for cybersecurity investments.

Conclusion and Response to Inquiry

When approached for comment on the ongoing fundraising, Ballistic Ventures declined to provide a statement. This response is not uncommon in the venture capital sector, where firms often prefer to maintain confidentiality regarding their fundraising activities until they are formally announced or completed.