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Ten Eleven Ventures Launches $600M Cybersecurity Fund

June 6, 2022

Ten Eleven Ventures, the original cybersecurity-focused, global, stage-agnostic investment firm, has raised $600 million for its third generation fund to invest in the next wave of premier security companies, from seed to growth stages. This brings the firm's total assets under management to over $1 billion.

Digital transformation continues to accelerate across industries while breach activity remains high, bringing elevated risk levels to private enterprises, governments, and individuals. As a result, security is a top priority within global IT spending, presenting a myriad of opportunities for entrepreneurs.

"We have known since our founding that the cybersecurity industry would continue to accelerate. Cybersecurity is the essential layer to enable the adoption of innovative new technologies in every corner of our society. The speed at which the threat environment has grown over the last few years has also been remarkable," said Alex Doll, Managing General Partner and Co-Founder at Ten Eleven Ventures. "Our third generation fund is a continuation of the investment strategy we have pursued since the beginning: cyber-specific, stage-agnostic, and global in scope. We look forward to building upon our decades of expertise with a global lens to find, fund, and help grow the cybersecurity companies of tomorrow."

"The whole team at Ten Eleven is not only passionate about growing and advancing the cybersecurity industry, but also about supporting founders and their teams," added General Partner and Co-Founder Mark Hatfield. "We all take a practical and accessible approach to understand what exactly we can do to help each entrepreneur we back find success, and then get to work immediately after investment, making introductions, knocking down any roadblocks, and sharing our experiences and lessons from decades in the industry."

Since the firm's founding, Ten Eleven Ventures has made 40 cybersecurity investments across stages worldwide. The firm's portfolio includes ten acquisitions and IPOs, including Darktrace, KnowBe4, Ping Identity, Verodin, and Twistlock. Since the beginning of 2020, 40% of the firm's investments have been made outside the U.S. and Canada, including Europe, Israel, and Australia.

Ten Eleven Ventures has grown its team beyond co-founders Alex Doll and Mark Hatfield, now including Partner and COO Brian Draves, Operating Partner and CMO Megan Dubofsky and Principal Kaiti Delaney. The firm also hired Todd Weber, formerly Chief Technology Officer at Optiv, as Operating Partner and CTO last July. These additions position the firm to invest in and support the top cyber startups, founders, and their leadership teams from anywhere in the world with specific cybersecurity operating expertise and connections. The firm will continue to add more key leadership roles in the months ahead.

With its cyber and digital security investment thesis specialization cemented since its founding, Ten Eleven Ventures' global team members have an unparalleled ability to connect the dots between cyber companies, trends, and investments.

"When we were raising our funding, Ten Eleven Ventures was our top choice," said James Campbell, the co-founder and CEO of London-based Cado Security, recently selected as a Top 10 Finalist for the RSA Conference 2022 Innovation Sandbox Contest. "No other firm had the same track record of success in the security space. Alex, Mark, and the whole Ten Eleven team moves fast and helps us in every part of our business the doors they open and the day-to-day support they provide have been critical to the growth and success of our company."

"When considering investment partners, we knew we needed to select ones who had experience navigating the decisions of scaling a cybersecurity business on a global scale. The Ten Eleven partners have been through this journey many times before, are quick to share their experiences and connections, and work tirelessly to help ReliaQuest win," said Brian Murphy, founder and CEO of Tampa-based ReliaQuest. "We are pleased to have them by our side as we execute our ambitious plans ahead."

"Ping Identity would not be where it is today without Ten Eleven's trust in our vision and the support we received from the firm during a critical stage of our growth," said Andre Durand, founder and CEO of Denver-based Ping Identity and a member of Ten Eleven's advisory board. "I look forward to seeing the next generation of innovative cybersecurity companies that Ten Eleven backs with this new fund and celebrating their successes."

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