Ballistic Ventures Seeks $490 Million for Two New Cybersecurity Funds
Cybersecurity-focused venture firm Ballistic Ventures is seeking to raise $490 million across two new funds, according to regulatory filings reported by TechCrunch on November 3, 2026.
The larger component is a $360 million third flagship fund. That target matches the size of the second flagship fund the firm raised in 2024. The remaining $130 million is for a separate vehicle, Ballistic Ventures Fund B, which the firm filed with the U.S. Securities and Exchange Commission. Neither the flagship fund nor Fund B had recorded any sales at the time of the SEC filing.
The San Francisco-based firm was founded in late 2021 and co-founded by Ted Schlein, a former Kleiner Perkins partner. Its founding team also includes Barmak Meftah, former president of AT&T Cybersecurity, and Roger Thornton, co-founder of Fortify Software and AlienVault. Ballistic announced a $300 million debut fund in 2022 and raised $360 million for its second flagship fund in 2024.
A 2026 Form D filing on the SEC's EDGAR system identifies the issuer as Ballistic Ventures Fund. A Form D is the notice an issuer files with the SEC for an exempt securities offering, which is a sale of securities that does not go through the full public registration process. TechCrunch, which reported the raise, declined to comment on its fundraising plans when it contacted Ballistic. TechCrunch's headline ties the fundraising to what it describes as an AI-driven cybersecurity boom.
The structure of the request is the most telling detail for readers tracking the firm. The flagship target is flat against the prior fund, so the increase in the combined ask comes almost entirely from the side vehicle. Fund B's $130 million is the only component that represents growth over the earlier fund sizes.
The distinction between a filed target and a closed fund matters more here than the headline figure. A Form D records the offering the issuer intends to make, not capital in hand. Limited partners, the institutions and wealthy investors who supply a venture fund's money, will decide the outcome. The test for any venture firm is what it closes, how it deploys the capital, and what it returns.
The broader context here is the demand for security startups. Venture capital that concentrates on cybersecurity sits between enterprise buyers that must harden their infrastructure and founders building the tools to do it. If Ballistic closes both vehicles, it will add capital to that pipeline at a time when AI workloads are widening the attack surface that defenders must protect. Whether the raise closes at the sizes filed is the next thing to watch.
