Ballistic Ventures files to raise $490M across two cybersecurity funds
The San Francisco firm, which backs only early-stage security startups, has filed with the SEC for a $360M flagship fund and a $130M second fund.
The 30-second read
- Ballistic Ventures is seeking $490 million across two new funds, based on regulatory filings.
- The third flagship fund targets $360 million, and Fund B targets $130 million.
- Neither fund had recorded any sales when the SEC filing was made this week.
IllustrationBallistic Ventures, a San Francisco venture firm that invests only in early-stage cybersecurity companies, is looking to bring in $490 million through two new funds. The news was first reported by TechCrunch, citing regulatory filings made with the SEC this week. Neither fund had recorded any sales yet, and the firm declined to comment on its fundraising plans.
The larger vehicle is the firm's third flagship fund, with a target of $360 million. That matches the size of the previous fund, raised in 2024. The second vehicle, Fund B, has a target of $130 million. Ballistic's debut fund was $300M in 2022, and the second flagship followed two years later at $360M. PitchBook puts its Fund A at about $130M.
Ted Schlein, co-founder and general partner, is a former Kleiner Perkins partner. Barmak Meftah, a former AT&T Cybersecurity president, and Roger Thornton, who co-founded Fortify Software and AlienVault, are on the founding team. Portfolio exits include Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, bought by CrowdStrike.
The timing tracks a shift in the sector. TechCrunch reported that US cybersecurity startups raised $11.5B in 2025. AI-enabled firms made up about 72% of deals through May, against 36% in 2019. Microsoft's Digital Defense Report has warned that hackers increasingly use AI for phishing, social engineering and malware development.
Why it matters
Specialist funds like this show where global security money is heading, as AI changes both attacks and defences. Indian founders and investors in cybersecurity can read it as a signal of continued investor appetite in the sector.
The data
| Fund | Size | Status |
|---|---|---|
| Debut fund (2022) | $300M | Raised |
| Second flagship (2024) | $360M | Raised |
| Third flagship | $360M | Target |
| Fund B | $130M | Target |
