Funding
Ballistic Ventures Files for $490 Million Across Third Flagship Fund and Fund B
By News Desk ·
Key takeaways
- Ballistic Ventures filed SEC documents seeking $360 million for its third flagship fund and $130 million for Ballistic Ventures Fund B.
- Neither new fund had recorded any capital sales at the time of filing, so the $490 million represents fundraising targets.
- The firm's earlier vehicles include a $300 million inaugural fund announced in 2022 and a $360 million second flagship fund raised in 2024.
Ballistic Ventures is seeking $490 million across two new funds, filing with the U.S. Securities and Exchange Commission for a $360 million third flagship fund and a $130 million vehicle called Ballistic Ventures Fund B. Pulse 2.0 reported the filing, citing a TechCrunch report.
Ballistic Ventures' SEC Filing and Fund Sizes
The San Francisco-based firm's regulatory filings indicate that neither fund had recorded any capital sales at the time of submission, so the amounts are fundraising targets rather than completed commitments. The $360 million third flagship fund would match the size of the firm's previous flagship vehicle, and the $130 million Fund B would be a separate pool comparable in size to its earlier Fund A.
Ballistic Ventures previously raised a $300 million inaugural fund announced in 2022 and a $360 million second flagship fund in 2024. It also raised approximately $130 million for Ballistic Ventures Fund A, according to PitchBook data cited by TechCrunch. Ballistic Ventures declined to comment on the fundraising plans when contacted by TechCrunch.
The firm was founded in late 2021 by a team including Ted Schlein, a former Kleiner Perkins partner of more than two decades; Barmak Meftah, former President of AT&T Cybersecurity; and Roger Thornton, who co-founded Fortify Software and AlienVault. Its portfolio includes Talon Cyber Security, acquired by Palo Alto Networks, and Pangea, acquired by CrowdStrike, along with Armadin, GetReal, Nudge Security and Oligo Security.
Ballistic Ventures' Recent Cybersecurity Deals
According to akta.pro company records, Ballistic Ventures led WitnessAI's $58 million Series A in January 2026 to build enterprise AI security infrastructure. In March 2026 the firm led Above Security's $50 million Series A round for insider risk management and a $189.9 million combined seed and Series A round in Armadin, a cybersecurity company founded by Ballistic General Partner Kevin Mandia.
The same records describe Ballistic Ventures as a San Mateo-based firm founded in 2021 that invests exclusively in early- and growth-stage cybersecurity startups, with Kevin Mandia, Barmak Meftah, Ted Schlein and Jake Seid in its leadership.
Earlier Ballistic Ventures Coverage
On November 3, 2026, Startup Researcher reported that Ballistic Ventures had filed with the SEC to raise $490 million across the $360 million third flagship fund and the $130 million Fund B, and that the firm had not recorded sales for either fund. In July 2026, PR Newswire reported that Punit Minocha, former Executive Vice President of Business and Corporate Development at Zscaler, joined Ballistic Ventures and Decibel Partners as a Strategic Advisor. Citybiz reported the same month that the role covers support for portfolio companies building AI and cybersecurity businesses.