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March 21, 2024 | Tom Ballard

VC News | Two firms raise big bucks in oversubscribed rounds

One firm invests exclusively in cybersecurity, while the other focuses on healthcare services and business-to-business companies.

From Ballistic Ventures:

Ballistic Ventures has announced the close of its oversubscribed $360 million second fund that reinforces the firm’s commitment to exclusively fund and incubate entrepreneurs and innovations shaping the future of our cybersecurity.

The global cybersecurity total addressable market (TAM) is projected to reach $1.5 trillion to $2 trillion, approximately 10 times the vended market, according to a survey from McKinsey & Company. Since Ballistic’s launch two years ago and the close of its inaugural $300 million fund, the firm has now invested in 18 revolutionary companies tackling challenges such as safeguarding the use of artificial intelligence; mitigating disinformation; and securing applications, code, connected devices, data, identity, and Software-as-a-Service. In 2023, the  firm was named by SC Media as “Investor of the Year.”

Ballistic also supported the successful exit of portfolio company Talon Cyber Security, which was acquired by Palo Alto Networks in the largest venture-backed cybersecurity start-up acquisition of 2023, according to PitchBook data.

From Fulcrum Equity Partners:

Hypepotamus reports that Fulcrum Equity Partners set out to raise $300 to $350 million for its Fund V. But it turns out that a lot of new and returning investors wanted into the limited partner (LP) pool . . . and Fulcrum has announced it has closed the round at an impressive $372 million.

“Raising an oversubscribed round in today’s macroeconomic environment is no small feat,” the article notes. “U.S. venture capital fundraising hit a six-year low in 2023, with the dollar amount raised dropping 60 percent year-over-year. But Fulcrum seems to be bucking that trend. Fund V has attracted insurance companies, endowments, registered investment advisors (RIAs), as well as a number of entrepreneurs and executives.”

Fulcrum expects to make 16 to 18 investments out of the new fund. The firm invests in healthcare services and business-to-business (B2B) companies across the country.

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