Cybersecurity venture capital firm Ten Eleven Ventures today announced it has raised $600 million for its third-generation fund to invest in security companies ranging from seed to growth stage.
Found in 2014, Ten Eleven Ventures finds, invests and helps grow top cybersecurity companies that address critical digital security needs. The VC firm has made 40 cybersecurity investments across various stages worldwide and, since 2020, 40% of the firm’s investments have been made outside the U.S. and Canada, including Europe, Israel and Australia.
Thanks to digital transformation, Ten Eleven Ventures portfolio companies seek to address elevated risk levels among enterprises, governments and individuals. The transformation has made security a top priority within global information technology spending, presenting what Ten Eleven Ventures describes as myriad opportunities for entrepreneurs.
“We have known since our founding that the cybersecurity industry would continue to accelerate,” said co-founder and Managing General Partner Alex Doll (pictured, left, with founder and General Partner Mark Hatfield). “Cybersecurity is the essential layer to enable the adoption of innovative new technologies in every corner of our society.”
Doll added that the third-generation fund continues the investment strategy Ten Eleven Ventures has pursued since the beginning: cyber-specific, stage-agnostic and global in scope.
The Ten Eleven Ventures’ success rate has been strong. Of its investments, 10 cybersecurity companies have either been acquired or 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 Ten Eleven Ventures portfolio companies include Ordr Inc., which raised a $40 million Series C round yesterday; Offensive Security; Cyware Labs Inc. with a $43 million Series B in March; Reliaquest LLC; and Digital Shadows Ltd. Reliaquest entered an agreement to acquire Digital Shadows for $160 million yesterday.
With the new fund, Ten Eleven Ventures’ total assets under management come to more than $1 billion.