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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Cyberstarts announced on August 24, 2022, that it had closed Seed Fund III with $60 million in committed capital to invest in early-stage cybersecurity companies. The announcement also introduced Sunpeak, a go-to-market advisory board chaired by former Splunk CEO Doug Merritt. This is a historical fund close, not a current fundraising update.
What Cyberstarts announced
The August 2022 announcement described Cyberstarts as a firm founded in 2018 that focuses on early-stage Israeli cybersecurity companies. Its stated support model went beyond providing capital, with founder- and operator-informed help on product-market fit, hiring and company building. Founder Gili Raanan summarized the firm’s early-stage philosophy as: “we invest in people, not ideas.”
Cyberstarts’ stated focus and approach are also reflected in its current firm website. That general firm information does not establish Seed Fund III’s performance.
How Seed Fund III differed from Cyberstarts’ other 2022 fund
The $60 million Seed Fund III close followed a separate $200 million opportunity-fund raise announced in February 2022. Cyberstarts said its assets under management stood at $374 million after the Seed Fund III close. The two vehicles were distinct; the announcement did not describe the opportunity fund as part of Seed Fund III.
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| Vehicle or figure | What Cyberstarts reported |
|---|---|
| Seed Fund III | $60 million in committed capital for early-stage cybersecurity companies; close announced August 24, 2022. |
| Opportunity fund | $200 million raised in February 2022; a separate vehicle. |
| Assets under management | $374 million after the Seed Fund III close, according to Cyberstarts’ 2022 announcement. |
What Sunpeak was intended to do
Cyberstarts named Doug Merritt, former president and CEO of Splunk, chair of Sunpeak, a new go-to-market advisory board. The announcement said Sunpeak would provide portfolio companies with hands-on guidance on go-to-market strategy and building repeatable sales cycles. It also cited Merritt’s senior roles at Cisco, SAP and PeopleSoft.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the performance and portfolio figures
The 2022 announcement cited a 300% weighted annual return for Cyberstarts’ first fund. Dark Reading and Globes reported the figure as a company claim; the cited sources do not independently verify its calculation. It should not be treated as an audited or independently confirmed return.
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Cyberstarts also said its portfolio companies raised $2 billion in 2021 and had a combined valuation of $20 billion. Those are figures reported in the 2022 announcement for the 2021 measurement period, not independently verified results or a fund-by-fund performance history.
The announcement was reproduced by Dark Reading on August 25, 2022 and covered by Globes on August 24, 2022.
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