March 14, 2024

Ballistic Ventures Closes $360 Million Oversubscribed Fund II to Fuel the Next Generation of Cybersecurity Innovation

SAN FRANCISCOMarch 14, 2024 – Ballistic Ventures today announced the close of its oversubscribed $360 million second fund. Fund II for Ballistic Ventures reinforces its commitment to exclusively fund and incubate entrepreneurs and innovations shaping the future of our cybersecurity.

The global cybersecurity total addressable market (TAM) is projected to reach $1.5 trillion to $2 trillion, approximately 10 times the vended market, according to a survey from McKinsey & Company. In a sector with promising tailwinds, Ballistic Ventures is set apart by the expertise of its team. Led by Founding Partners Kevin Mandia, Barmak Meftah, Ted Schlein, Jake Seid, and Roger Thornton, the group has collectively founded, funded or operated over 100 cybersecurity firms. Ballistic’s specialized focus gives founders access to leaders who not only comprehend the nuances of building and scaling cybersecurity startups, but can also provide the essential VC support to set them on the right trajectory.

Since Ballistic’s launch two years ago and the close of its inaugural $300 million fund, the firm has now invested in 18 revolutionary companies tackling challenges such as safeguarding the use of AI, mitigating disinformation, and securing applications, code, connected devices, data, identity, SaaS services, and more. In 2023, the VC firm was named by SC Media as “Investor of the Year.” Ballistic also supported the successful exit of portfolio company Talon Cyber Security, which was acquired by Palo Alto Networks in the largest venture-backed cybersecurity startup acquisition of 2023, according to PitchBook data.

“A record-paced technological evolution is happening right before our eyes. Coupled with the dynamics of an election year at home and conflicts unfolding across the world, the imperative for robust cybersecurity has never been more clear. Until we achieve global peace, cybersecurity is too important of an issue to ignore,” said General Partner Ted Schlein. “For us, closing a new fund further fuels our commitment to addressing cyber challenges head-on, and we’re looking for visionary entrepreneurs who share our passion and want to partner with us on this critical mission.”

Agnes So is Promoted to CFO

In addition to its new fund, Ballistic Ventures is also announcing the promotion of Agnes So to Chief Financial Officer. So has been instrumental in leading the firm’s finance and operations functions since its inception. Prior to Ballistic, she spent more than a decade at Kleiner Perkins and Westlake Village BioPartners, where she played a key role in financial management and investment strategies. She also brings a wealth of experience from her time as an auditor at Deloitte.

“With her extensive experience and a proven track record of financial acumen, we’re delighted to have Agnes as part of our team and deeply honored to announce her promotion,” added Schlein.

Founder Testimonials

“The Ballistic team has been everything Alethea could have asked for in a partner and more. They’ve been instrumental to our company’s growth and expertly understand the evolving digital and information environment that we live in. Ballistic shares our philosophy that the biggest security risks to organizations are external threats targeting key assets like shareholder value, brand and reputation, and employee safety. We built our product because we needed to create a technology that didn’t exist, and Ballistic’s support, willingness to leverage its network, and strategic guidance has been invaluable in our efforts to solve one of the world’s biggest challenges.” – Lisa Kaplan, Founder and CEO of Alethea

“With the deep cybersecurity roots that the Ballistic partners possess, the team has touched almost every major innovation in our field. Their blend of both operational and experienced venture backgrounds makes it hard to find a comparable set of investors in our space.” – Oliver Friedrichs, Co-founder and CEO of Pangea

“Ballistic has what many firms do not: the knowledge, experiences, and scars of founding and running cybersecurity companies. I’d argue this combination is near-impossible to find anywhere else, and each member of the Ballistic team continues to find ways to support us on our journey to building an enduring company.” – Garrett Hamilton, Co-founder and CEO of Reach Security

“Since day one of our collaboration with Ballistic, they’ve had an unwavering belief in our product and team, fueling our journey and matching our enthusiasm to build something great. We formed an invaluable partnership with Ballistic, and I’m excited to see fellow entrepreneurs get the chance to work with this incredible team to grow companies that will shape our industry for years to come.” – Ofer Ben-Noon, Co-founder and CEO of Talon

What’s Ahead for the VC Firm

Ballistic Ventures remains steadfast in its commitment to investing in new companies and nurturing its existing portfolio, including through BallisticX, its robust platform of services, support and an advisory network for founders and their teams. Learn more at


About Ballistic Ventures

Ballistic Ventures is a venture capital firm solely dedicated to early-stage cybersecurity and cyber-related companies. The partners have spent their entire careers defending against every cyber threat conceivable. Members of the firm have founded, operated, and funded over 90 successful cybersecurity firms – including Abnormal Security, AlienVault, ArcSight, Fortify, Mandiant, and Shape Security – led over 10,000 security professionals globally, and have 40+ years of experience in venture capital. The Ballistic portfolio includes Aembit, Alethea, ArmorCode, AuthMind, Codezero, Concentric AI, Nudge Security, Oligo Security, Pangea, Perygee, Reach Security, SpecterOps, Talon, and Veza. Our experience provides entrepreneurs impactful support from people focused on the same mission. Our networks and relationships open doors for our founders. Learn more at