Ballistic Ventures Seeks $490 Million in Two New Funds

TechCrunch reported that Ballistic Ventures filed with the U.S. Securities and Exchange Commission to seek $490 million across two new funds. The combined target exceeds the firm's $300 million debut fund by $190 million, or about 63%. That comparison pits two proposed vehicles against one prior fund, so it does not show like-for-like growth.

What is Ballistic Ventures seeking to raise?

Ballistic Ventures is seeking $360 million for its third flagship fund and $130 million for a separate vehicle, Ballistic Ventures Fund B, TechCrunch said. The San Francisco-based firm declined to comment on the filings.

TechCrunch described the filings as fundraising seeks rather than completed closings. Its report did not state a target closing date, named investors, committed capital, fund terms or how much money the firm had already secured.

Takeaway: Ballistic has put a $490 million target on the market, but the amount raised remains unconfirmed.

Why is cybersecurity attracting more capital?

A JPMorgan Chase report cited by TechCrunch said U.S. cybersecurity startups raised $11.5 billion in 2025. It also said AI-enabled companies represented 72% of cybersecurity venture deals through May 2025.

The report gives a 2025 fundraising total but does not specify whether the $11.5 billion is a full-year figure or a year-to-date total. The 72% share runs through May, so the two statistics are not directly comparable.

TechCrunch said hackers are increasingly using artificial intelligence to accelerate phishing, social engineering and malware development. The report did not tie that threat directly to Ballistic's fundraising or say that either new fund has an AI-specific mandate.

Takeaway: The market figures show substantial cybersecurity funding and heavy AI participation, not the reason for Ballistic's filings.

Who is behind Ballistic's specialist strategy?

Founded in 2021, Ballistic Ventures was established by industry veterans including Ted Schlein, Barmak Meftah and Roger Thornton, TechCrunch reported. The firm has previously backed Talon Cyber Security and Pangea.

TechCrunch also said Ballistic maintains ties to venture capital firm Kleiner Perkins. Its investment strategy resembles that of other specialized firms such as Forgepoint Capital, although the report offers no comparative returns or portfolio data.

Takeaway: Ballistic has experienced founders and prior cybersecurity investments, but those credentials are not evidence of investment performance.

How much larger is this raise?

Ballistic's prior vehicles were a $300 million debut fund in 2022 and a $360 million second fund in 2024, according to TechCrunch. The proposed $360 million third flagship matches the second fund's headline size, while the separate $130 million Fund B creates a $490 million combined target.

That combined target stands $190 million, or 63%, above the debut and $130 million, or 36%, above the second fund. The comparisons mix one target with two funds and therefore do not establish that either individual vehicle will grow.

If both raises succeed, the four vehicles would carry $1.15 billion in stated sizes, compared with $660 million across the first two. TechCrunch did not provide fund returns, portfolio valuations, deployment pace or the number of companies funded, so headline size cannot show investment performance.

Takeaway: Ballistic is seeking materially more capital in aggregate, though only completed raises would turn the targets into fund size.

What would make the raise meaningful?

The next test is whether Ballistic can convert the filings into closed funds and disclose the investors, terms and deployment plan. Ballistic's refusal to comment leaves those details unavailable in TechCrunch's report.

If the $490 million target is reached, it would give Ballistic greater capacity to invest in cybersecurity companies at a time when U.S. startups in the sector raised $11.5 billion in 2025 and AI-enabled companies held 72% of deal share through May. The source does not say whether either new vehicle will target AI-enabled cybersecurity companies at that market share.

Takeaway: The target is clear, but the secured amount, terms and investment focus will determine what the raise actually means.