Ballistic Ventures wants $300M for new cybersecurity fund

According to a regulatory filing, cybersecurity startup-focused venture capital firm Ballistic Ventures is seeking $300 million for a new fund.

Over a year after launching its first fund in May 2022, a San Francisco VC firm filed with the SEC on Wednesday to raise $300 million for its second fund.

Ballistic spokesperson Michelle Kincaid declined to comment on the filing.

Kleiner Perkins general partner Ted Schlein, Barmak Meftah, Jake Seid, Roger Thornton, and Kevin Mandia founded Ballistic Ventures to invest in early-stage cybersecurity and cyber-related startups. Derek Smith is a strategic advisor and Agnes So is VC finance and operations chief.

According to its website, Ballistic has backed 12 startups. Ballistic claims to have founded, run, and funded 90 cybersecurity firms. It invests in AuthMind, Oligo, and Nudge Security. Chris Inglis and Kiersten Todt, former National Cyber Director and CISA chief of staff, advised the firm.

Cybersecurity spending this year is far below record highs.

Cybersecurity spending in 2023 is far below record levels. Global cybersecurity startup venture funding fell 14% to $2.4 billion in the third quarter of 2023 from $2.8 billion, according to Pitchbook data.

The latest quarter had 198 deals, down from 248.

As the global digital economy grows, cyberattacks and online crimes have increased. Investors expect generative AI and cloud deployments to boost cybersecurity startups and investments.