Ballistic Ventures Targets $490 Million Across Two New Funds
The San Francisco firm's third flagship fund is set at $360 million, the same size as the vehicle it closed in 2024.
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Ballistic Ventures, a San Francisco investment firm that backs security startups, is looking to raise a combined $490 million across two vehicles, according to regulatory filings reported by TechCrunch on November 3, 2026.
Filings submitted to the U.S. Securities and Exchange Commission during the week of November 2 list a $360 million target for the firm's third main fund — equal to the fund it gathered in 2024 — plus $130 million for a pool named Ballistic Ventures Fund B. No sales had been recorded for either at the time of the filing, TechCrunch reported. The firm declined to comment.
The firm started in late 2021. Its founders include Ted Schlein, who spent more than 20 years at Kleiner Perkins; Barmak Meftah, previously president of AT&T Cybersecurity; and Roger Thornton, a co-founder of Fortify Software and AlienVault. Portfolio exits include Talon Cyber Security, purchased by Palo Alto Networks, and Pangea, purchased by CrowdStrike. Current holdings include Armadin, GetReal, Nudge Security and Oligo Security.
Its first fund, announced in 2022, totaled $300 million.
A JPMorgan Chase report cited by TechCrunch said U.S. security startups collected $11.5 billion in 2025, the largest total since 2022, and that AI-enabled firms made up roughly 72% of domestic cybersecurity deals through May 2026, up from 36% in 2019.
This story was first reported by TechCrunch.
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