Ballistic Ventures announced on March 14, 2024, that it had closed an oversubscribed $360 million second fund focused on cybersecurity. The close was completed in 2024; it is not a current fundraising round. The firm said Fund II would support and incubate cybersecurity entrepreneurs and innovations.
What Ballistic Ventures announced
In its March 14, 2024 announcement, Ballistic described Fund II as an oversubscribed $360 million fund. “Oversubscribed” is the firm’s characterization; the announcement does not provide independent verification of the fundraising demand.
Ballistic positioned itself as an early-stage investor focused exclusively on cybersecurity and cyber-related companies. Its stated approach was to provide funding and incubation to entrepreneurs developing cybersecurity innovations. The firm’s description of its focus and formation appears on its website.
Who leads the firm and what the fund targets
The announcement named five founding partners: Kevin Mandia, Barmak Meftah, Ted Schlein, Jake Seid, and Roger Thornton. Ballistic said the group had collectively founded, funded, or operated more than 100 cybersecurity firms. That total is the firm’s own account, not an independently audited figure.
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Ballistic said its inaugural fund was $300 million and that it had invested in 18 companies since launch as of the March 2024 announcement. It described investment areas spanning:
- Artificial intelligence use and disinformation
- Applications, code, and connected devices
- Data and identity
- Software-as-a-service (SaaS) security
The release also cited a McKinsey & Company survey as projecting a global cybersecurity total addressable market of $1.5 trillion to $2 trillion, approximately ten times the “vended market.” This was a projected market estimate cited by Ballistic, not realized revenue; the underlying survey was not separately reviewed here.
What has changed since the close
In June 2024, Ballistic announced that Kevin Mandia had moved to the role of General Partner. That later update should not be read as his title in the March fund announcement. The June announcement was distributed by Ballistic through PR Newswire.
On April 3, 2025, TechCrunch reported that Ballistic had filed to raise a separate $100 million fund and had declined to comment. That report concerns a subsequent filing, not Fund II’s completed $360 million close, and the available reporting does not establish whether the later fund ultimately closed.
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Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the announcement does—and does not—establish
The release documents Ballistic’s stated fund size, investment mandate, selected portfolio figures, and leadership at the time. It does not establish Fund II’s investment performance, returns to investors, or the outcome of the separate 2025 filing. Ted Schlein, a General Partner, framed the close as support for the firm’s mission, saying: “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.” That is a statement of intent, not an assessment of results.
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