Ballistic Ventures, the VC firm co-founded by Ted Schlein (known for his years at Kleiner Perkins), is raising $100 million for a new fund, TechCrunch has learned through a regulatory filing.
This week, the San Francisco-based VC firm filed with the U.S. Securities and Exchange Commission to raise the new fund, just over a year after closing its second fund, sized at $360 million.
Founded in late 2021, Ballistic targets cybersecurity startups. In an earlier interview , Schlein (pictured above, fourth from left to right) told TechCrunch that the Ballistic crew, with its years of experience, is very hands-on. They take board seats, help with hiring and with landing the first 10 customers, talking to their portfolio founders “many times a week.” The team brings a large network of contacts to their portfolio companies, Schlein said.
Alongside Schlein, the firm has four other general partners: Kevin Mandia, Barmak Meftah, Jake Seid, and Roger Thornton. Last year, it appointed former USPS CISO Gregory Crabb as CISO-in-residence to fill the position of David Hahn, who was promoted to Ballistic’s CISO operating partner.
Ballistic has so far invested in 59 startups, per Crunchbase, with GetReal Labs’ $17.5 million Series A round being the latest — announced last week. The firm also made six exits.
Venture funding in cybersecurity grew 43% year-over-year to $11.6 billion in 2024, with 639 deals closed, compared to 821 in 2023, per a report by Crunchbase News.
Ballistic declined to comment on the fundraising.
