Ballistic Ventures, a San Francisco-based venture capital firm co-founded by Ted Schlein, is seeking to raise $100 million for a new fund focused on cybersecurity startups, according to a recent regulatory filing with the U.S. Securities and Exchange Commission. This move comes just over a year after the firm closed its second fund, which totaled $360 million.

The new fund is a testament to the growing demand for cybersecurity solutions, as venture funding in the industry surged 43% year-over-year to $11.6 billion in 2024, with 639 deals closed, according to a report by Crunchbase News. This growth is likely driven by the increasing importance of cybersecurity in today's digital landscape, as well as the rising number of cyber threats and attacks.

Ballistic Ventures, founded in late 2021, has established itself as a prominent player in the cybersecurity investment space. The firm's team, comprising five general partners, including Schlein, Kevin Mandia, Barmak Meftah, Jake Seid, and Roger Thornton, brings a wealth of experience and a hands-on approach to supporting its portfolio companies. In an earlier interview, Schlein highlighted the firm's active involvement in its startups, including taking board seats, assisting with hiring, and helping to secure early customers.

The firm has already invested in 59 startups, with its latest investment being a $17.5 million Series A round in GetReal Lab, announced last week. Ballistic has also seen six exits, demonstrating its ability to identify and nurture successful cybersecurity startups. The appointment of Gregory Crabb, former USPS CISO, as CISO-in-residence further underscores the firm's commitment to providing expert guidance to its portfolio companies.

While Ballistic Ventures declined to comment on the fundraising, the move is likely to be seen as a positive development in the cybersecurity industry, which continues to face significant challenges in the face of evolving threats. The new fund will likely provide a much-needed injection of capital into the sector, enabling innovative startups to develop and scale their solutions.

The growth of Ballistic Ventures and the broader cybersecurity industry is a clear indication of the importance of investing in this critical area. As the digital landscape continues to evolve, the need for robust cybersecurity solutions will only continue to grow, making firms like Ballistic Ventures well-positioned to capitalize on this trend.

In conclusion, Ballistic Ventures' new fund is a significant development in the cybersecurity investment space, and its timing couldn't be more opportune. With the industry continuing to grow at a rapid pace, the firm is well-positioned to identify and support the next generation of cybersecurity startups, ultimately helping to drive innovation and progress in this critical area.