Cybersecurity VC firm Ten Eleven Ventures raises new $600M fund

Cybersecurity VC firm Ten Eleven Ventures raises new $600M fund


Cybersecurity venture capital firm Ten Eleven Ventures announced today that it has raised $ 600 million for its third-generation fund to invest in security companies ranging from seed to growth stages.

Founded in 2014, Ten Eleven Ventures finds, invests and helps grow the leading cybersecurity companies that address critical digital security needs. He does this while leveraging his team, network and experience to help build successful businesses. The venture capital firm has made 40 investments in cybersecurity at various stages around the world, and since 2020, 40% of the company’s investments have been made outside the United States and Canada, including Europe. Israel and Australia.

Because of the digital transformation, Ten Eleven Ventures’ portfolio companies are looking to address the high levels of risk between businesses, governments, and individuals. The transformation has made security a top priority within global IT spending, presenting what Ten Eleven Ventures describes as a myriad of opportunities for entrepreneurs.

“We know from our foundation that the cybersecurity industry will continue to accelerate,” said Alex Doll (pictured above left), general partner and co-founder of Ten Eleven Ventures. “Cybersecurity is the key to enabling the adoption of innovative new technologies in every corner of our society.”

Doll added that the third-generation fund continues the investment strategy that Ten Eleven Ventures has followed from the beginning: cyberspecific, stage-independent and global in scope.

Ten Eleven Ventures success rate has been strong. Of their investments, ten cybersecurity companies have been acquired or have had initial public offerings. These include Darktrace plc which raised $ 240 million in an IPO in April 2021; KnowBe4 Inc. which also went public in April 2021; Ping Identity Corp. which raised $ 188 million in an IPO in September 2019; Verodin Inc .: Acquired by FireEye Inc. for $ 250 million in May 2019; and Twistlock Ltd., acquired by Palo Alto Networks Inc. for $ 410 million also in May 2019.

Other notable companies in Ten Eleven Ventures’ portfolio include Ordr Inc., which raised $ 40 million in Series C on June 1; Offensive security; Cyware Labs Inc: $ 43 million Series B in March; Reliaquest LLC .; and Digital Shadows Ltd. Reliaquest signed an agreement yesterday to acquire Digital Shadows for $ 160 million.

“The entire Ten Eleven team is not only passionate about growing and advancing the cybersecurity industry, but also about supporting the founders and their teams,” said general partner and co-founder Mark Hatfield. top right photo). “We all take a hands-on and accessible approach to understanding what exactly we can do to help each entrepreneur we support find success and then start working immediately after the investment, make presentations, remove any obstacles and share our experiences and lessons. decades in the industry ”.

With the new fund, Ten Eleven Ventures’ total assets under management exceed $ 1 billion.

Photo: Ten Eleven Ventures

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