The Pulse
Ballistic Ventures Seeks $490M for Two Cybersecurity Funds
Ballistic Ventures is seeking $490 million across a $360 million flagship fund and a separate $130 million vehicle. Its SEC filing covers the flagship offering, while the firm’s broader fundraising plans come amid heightened investor attent
AI.info Team · Written with AI · fact-checked ·
Ballistic’s fundraising plans span two vehicles
Ballistic Ventures is seeking to raise $490 million across two new funds, TechCrunch reported on Nov. 3, citing regulatory filings. The plan combines a $360 million third flagship fund with a separate $130 million vehicle called Ballistic Ventures Fund B. The SEC notice for Ballistic Ventures III, LP lists an offering amount of $360 million and does not cover the separate Fund B target.
The SEC notice is signed by Agnes So, the issuer’s chief financial officer, and dated Nov. 2, 2026. It says the first sale has yet to occur and reports that no investors have invested in the offering. The filing also cautions that the SEC may not have reviewed the information and has not determined whether it is accurate or complete.
Terms listed in the SEC notice
The filing describes the securities as pooled investment fund interests and marks Rule 506(b) as the claimed exemption. It also marks Section 3(c)(7) of the Investment Company Act. The issuer indicates that it does not intend the offering to last more than one year.
Ballistic Ventures III’s minimum investment from an outside investor is listed as $0. The filing reports $0 sold and $360 million remaining to be sold. Sales commissions and finder’s fees are both listed at $0, as are proposed payments to the people named as executive officers, directors or promoters.
The SEC notice names Kevin Mandia, Barmak Meftah, Theodore Schlein, Jacob Seid, Roger Thornton and Philip Venables as related persons. Each is identified as an executive officer, with the filing clarifying that they are managing members of the general partner of the general partner. TechCrunch describes Schlein, Meftah and Thornton as members of Ballistic’s founding team.
Earlier funds and cybersecurity context
TechCrunch reports that Ballistic announced a $300 million debut fund in 2022 and raised $360 million for its second flagship fund in 2024. The outlet also reports, citing PitchBook data, that the firm raised about $130 million for a separate vehicle called Ballistic Ventures Fund A. The new Fund B is targeting a similar amount.
The San Francisco-based firm was co-founded by former Kleiner Perkins partner Schlein. TechCrunch reports that its portfolio includes Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, bought by CrowdStrike, as well as Armadin, GetReal, Nudge Security and Oligo Security. Ballistic’s fundraising comes as investors weigh threats and opportunities related to artificial intelligence in cybersecurity. The firm declined to comment on its fundraising plans.
TechCrunch reported that a recent JPMorgan Chase report, citing PitchBook data, put U.S. cybersecurity startup fundraising at $11.5 billion in 2025, the highest total since 2022. The report said AI-enabled companies accounted for about 72% of U.S. cybersecurity venture deals through May 2026, compared with 36% in 2019. TechCrunch also reported that Microsoft’s annual Digital Defense Report, released the month before its article, warned that hackers increasingly use AI for phishing, social engineering and malware development.