Ballistic Ventures, the cybersecurity-focused VC firm co-founded by longtime investor Ted Schlein, is gearing up to raise a fresh $100 million fund, according to a recent filing with the U.S. Securities and Exchange Commission. This new fund comes just over a year after the San Francisco-based firm closed its second fund at $360 million.
Founded in late 2021, Ballistic Ventures has quickly become one of the most active players in cybersecurity venture capital. Schlein, known for his decades at Kleiner Perkins. Launched the firm with a mission to back early-stage companies that are building the next generation of cyber defense tools.
Unlike some firms that take a hands-off approach, Ballistic prides itself on being deeply involved with the startups it backs. Schlein has previously said that the firm regularly takes board seats. Helps founders hire top talent, supports early customer acquisition, and maintains weekly — sometimes daily — contact with founders. It’s this hands-on model that Ballistic believes gives them an edge in the competitive cybersecurity investment landscape.
Alongside Schlein, the general partner team includes high-profile names like Kevin Mandia (founder of Mandiant), Barmak Meftah (former CEO of AlienVault), Jake Seid (tech investor and former Lightspeed partner), and Roger Thornton (former CTO of AlienVault and early investor in security companies). The firm also brought on Gregory Crabb, the former Chief Information Security Officer at the United States Postal Service, as its CISO-in-residence. He succeeded David Hahn, who now serves as Ballistic’s full-time CISO operating partner.
To date, Ballistic has backed 59 startups, according to Crunchbase data. One of its most recent deals includes GetReal Labs. A deepfake detection startup that raised $17.5 million in a Series A round just last week. The firm has also recorded six exits in under three years. An impressive track record given the relatively young age of the firm.
Ballistic’s decision to raise another fund comes at a time when venture investment in cybersecurity is seeing renewed momentum. In 2024 alone, cybersecurity startups attracted $11.6 billion in funding, a 43% jump from the previous year. Even as overall deal volume dropped from 821 deals in 2023 to 639 in 2024, per data from Crunchbase News.
This fundraising move signals Ballistic’s confidence in the long-term growth of cybersecurity innovation. Particularly as generative AI and global digital threats raise the stakes for enterprises and governments alike.
As Ballistic looks to deploy this next $100 million, it’s likely the firm will double down on its approach: backing bold founders early, offering deep operational support, and tapping into a high-level network built from decades in the cyber trenches.
